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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2024

or

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _________ to _______

Commission File Number 1-134

CURTISS-WRIGHT CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware13-0612970
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
 130 Harbour Place Drive, Suite 300
Davidson,North Carolina28036
(Address of principal executive offices)(Zip Code)

(704) 869-4600
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCWNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period of time that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☒                        No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ☒                        No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).



Yes  ☐   No  ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, par value $1.00 per share: 38,299,338 shares as of July 31, 2024.


CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

TABLE of CONTENTS

PART I – FINANCIAL INFORMATIONPAGE
Item 1.
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



Page 3

PART 1- FINANCIAL INFORMATION
Item 1. Financial Statements

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands, except per share data)2024202320242023
Net sales
Product sales$661,407 $583,036 $1,257,111 $1,107,917 
Service sales123,384 121,360 240,847 227,339 
Total net sales784,791 704,396 1,497,958 1,335,256 
Cost of sales
Cost of product sales428,926 369,549 818,403 713,306 
Cost of service sales71,764 75,274 141,699 140,969 
Total cost of sales500,690 444,823 960,102 854,275 
Gross profit284,101 259,573 537,856 480,981 
Research and development expenses22,152 20,210 45,132 42,234 
Selling expenses35,126 34,273 71,891 66,698 
General and administrative expenses95,008 92,315 189,057 180,659 
Restructuring expenses2,918 — 2,918 — 
Operating income128,897 112,775 228,858 191,390 
Interest expense11,216 14,992 21,786 27,936 
Other income, net8,560 7,954 18,168 15,721 
Earnings before income taxes126,241 105,737 225,240 179,175 
Provision for income taxes(26,770)(24,738)(49,274)(41,330)
Net earnings$99,471 $80,999 $175,966 $137,845 
Net earnings per share:
Basic earnings per share$2.60 $2.11 $4.60 $3.60 
Diluted earnings per share$2.58 $2.10 $4.58 $3.58 
Dividends per share0.21 0.20 0.41 0.39 
Weighted-average shares outstanding:
Basic38,302 38,329 38,273 38,309 
Diluted38,501 38,555 38,460 38,528 
See notes to condensed consolidated financial statements

Page 4

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
(In thousands)

Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Net earnings$99,471 $80,999 $175,966 $137,845 
Other comprehensive income (loss)
Foreign currency translation adjustments, net of tax (1)
$(5,444)$19,298 $(21,023)$33,964 
Pension and postretirement adjustments, net of tax (1)
211 (231)758 (423)
Other comprehensive income (loss), net of tax(5,233)19,067 (20,265)33,541 
Comprehensive income$94,238 $100,066 $155,701 $171,386 

(1) The tax benefit (expense) included in foreign currency translation adjustments and pension and postretirement adjustments for the three and six months ended June 30, 2024 and June 30, 2023 was immaterial.

See notes to condensed consolidated financial statements
Page 5

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except per share data)
June 30, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents$382,564 $406,867 
Receivables, net817,135 732,678 
Inventories, net559,142 510,033 
Other current assets77,039 67,502 
Total current assets1,835,880 1,717,080 
Property, plant, and equipment, net326,969 332,796 
Goodwill1,571,004 1,558,826 
Other intangible assets, net545,448 557,612 
Operating lease right-of-use assets, net146,956 141,435 
Prepaid pension asset272,857 261,869 
Other assets49,080 51,351 
Total assets$4,748,194 $4,620,969 
Liabilities  
Current liabilities:
Current portion of long-term debt$90,000 $— 
Accounts payable224,778 243,833 
Accrued expenses158,505 188,039 
Deferred revenue341,601 303,872 
Other current liabilities81,632 70,800 
Total current liabilities896,516 806,544 
Long-term debt959,655 1,050,362 
Deferred tax liabilities, net128,277 132,319 
Accrued pension and other postretirement benefit costs67,650 66,875 
Long-term operating lease liability123,586 118,611 
Long-term portion of environmental reserves14,157 12,784 
Other liabilities99,933 105,061 
Total liabilities2,289,774 2,292,556 
Contingencies and commitments (Note 13)
Stockholders’ equity
Common stock, $1 par value, 100,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 49,187,378 shares issued as of June 30, 2024 and December 31, 2023; outstanding shares were 38,289,678 as of June 30, 2024 and 38,202,754 as of December 31, 2023
49,187 49,187 
Additional paid in capital135,574 140,182 
Retained earnings3,648,005 3,487,751 
Accumulated other comprehensive loss(233,488)(213,223)
Common treasury stock, at cost (10,897,700 shares as of June 30, 2024 and 10,984,624 shares as of December 31, 2023)
(1,140,858)(1,135,484)
Total stockholders’ equity2,458,420 2,328,413 
Total liabilities and stockholders’ equity$4,748,194 $4,620,969 
See notes to condensed consolidated financial statements

Page 6

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended
June 30,
(In thousands)20242023
Cash flows from operating activities:
Net earnings$175,966 $137,845 
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization54,151 57,975 
Loss on sale/disposal of long-lived assets85 16 
Deferred income taxes(7,823)(6,553)
Share-based compensation9,466 8,859 
Non-cash restructuring charges1,394 — 
Change in operating assets and liabilities, net of businesses acquired:
Receivables, net(85,914)(22,003)
Inventories, net(54,113)(56,094)
Accounts payable and accrued expenses(55,306)(72,019)
Deferred revenue36,573 21,586 
Pension and postretirement liabilities, net(9,528)(9,392)
Other current and long-term assets and liabilities751 (40,867)
Net cash provided by operating activities65,702 19,353 
Cash flows from investing activities:
Proceeds from sale/disposal of long-lived assets135 473 
Additions to property, plant, and equipment(23,119)(22,664)
Acquisition of business, net of cash acquired(33,756)— 
Net cash used for investing activities(56,740)(22,191)
Cash flows from financing activities:
Borrowings under revolving credit facilities8,893 481,099 
Payments of revolving credit facilities(8,893)(356,099)
Principal payments on debt— (202,500)
Repurchases of common stock(24,796)(24,365)
Proceeds from share-based compensation5,472 5,225 
Dividends paid(7,665)(7,290)
Other(579)(537)
Net cash used for financing activities(27,568)(104,467)
Effect of exchange-rate changes on cash(5,697)9,068 
Net decrease in cash and cash equivalents(24,303)(98,237)
Cash and cash equivalents at beginning of period406,867 256,974 
Cash and cash equivalents at end of period$382,564 $158,737 
See notes to condensed consolidated financial statements

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
(In thousands)
For the six months ended June 30, 2024
Common StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock
December 31, 2023$49,187 $140,182 $3,487,751 $(213,223)$(1,135,484)
Net earnings— — 175,966 — — 
Other comprehensive loss, net of tax— — — (20,265)— 
Dividends declared— — (15,712)— — 
Restricted stock— (13,879)— — 13,879 
Employee stock purchase plan— 2,484 — — 2,988 
Share-based compensation— 9,251 — — 215 
Repurchase of common stock (1)
— — — — (24,796)
Other— (2,464)— — 2,340 
June 30, 2024$49,187 $135,574 $3,648,005 $(233,488)$(1,140,858)

For the three months ended June 30, 2024
Common StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock
March 31, 2024$49,187 $133,166 $3,556,572 $(228,255)$(1,130,491)
Net earnings— — 99,471 — — 
Other comprehensive loss, net of tax— — — (5,233)— 
Dividends declared— — (8,038)— — 
Restricted stock— — — — — 
Share-based compensation— 4,689 — — 82 
Repurchase of common stock (1)
— — — — (12,606)
Other— (2,281)— — 2,157 
June 30, 2024$49,187 $135,574 $3,648,005 $(233,488)$(1,140,858)
Page 8


CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(UNAUDITED)
(In thousands)
For the six months ended June 30, 2023
Common StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock
December 31, 2022$49,187 $134,553 $3,163,491 $(258,916)$(1,107,101)
Net earnings— — 137,845 — — 
Other comprehensive income, net of tax— — — 33,541 — 
Dividends declared— — (14,960)— — 
Restricted stock— (13,878)— — 13,878 
Employee stock purchase plan— 1,483 — — 3,742 
Share-based compensation— 8,949 — — (90)
Repurchase of common stock (1)
— — — — (24,365)
Other— (261)— — 261 
June 30, 2023$49,187 $130,846 $3,286,376 $(225,375)$(1,113,675)

For the three months ended June 30, 2023
Common StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury Stock
March 31, 2023$49,187 $126,909 $3,213,039 $(244,442)$(1,101,439)
Net earnings— — 80,999 — — 
Other comprehensive income, net of tax— — — 19,067 — 
Dividends declared— — (7,662)— — 
Restricted stock— (73)— — 73 
Share-based compensation— 4,010 — — (330)
Repurchase of common stock (1)
— — — — (11,979)
June 30, 2023$49,187 $130,846 $3,286,376 $(225,375)$(1,113,675)
See notes to condensed consolidated financial statements
(1) For the three and six months ended June 30, 2024, the Corporation repurchased approximately 47,000 and 100,000 shares of its common stock, respectively. For the three and six months ended June 30, 2023, the Corporation repurchased approximately 73,000 and 146,000 shares of its common stock, respectively.

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)


1.           BASIS OF PRESENTATION

Curtiss-Wright Corporation along with its subsidiaries ("we," the "Corporation," or the "Company") is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets.

The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated.

The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations.

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three and six months ended June 30, 2024 and 2023, there were no significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2023 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.

New Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of significant reportable segment expenses that are regularly provided to the chief operating decision-maker ("CODM") and included within the Corporation's measure of segment profit or loss. ASU 2023-07 also requires that all disclosures around segment profit or loss and assets be provided on both an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 is required to be applied on a retrospective basis for all periods presented. The Corporation is currently evaluating the impact of adopting this standard on its financial statements, but does not expect it to have a material impact on its consolidated financial position, results of operations, or cash flows.

2.           REVENUE

The Corporation recognizes revenue when control of a promised good and/or service is transferred to a customer in an amount that reflects the consideration that the Corporation expects to be entitled to in exchange for that good and/or service.

Performance Obligations

The Corporation identifies a performance obligation for each promise in a contract to transfer a distinct good or service to the customer. As part of its assessment, the Corporation considers all goods and/or services promised in the contract, regardless of whether they are explicitly stated or implied by customary business practices. The Corporation’s contracts may contain either a single performance obligation, including the promise to transfer individual goods or services that are not separately distinct within the context of the respective contracts, or multiple performance obligations. For contracts with multiple performance obligations, the Corporation allocates the overall transaction price to each performance obligation using standalone selling prices, where available, or utilizes estimates for each distinct good or service in the contract where standalone prices are not available.
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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)


The Corporation’s performance obligations are satisfied either at a point-in-time or on an over-time basis. Typically, over-time revenue recognition is based on the utilization of an input measure used to measure progress, such as costs incurred to date relative to total estimated costs. If a performance obligation does not qualify for over-time revenue recognition, revenue is then recognized at the point-in-time in which control of the distinct good or service is transferred to the customer, typically based upon the terms of delivery.

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and six months ended June 30, 2024 and 2023:

Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Over-time50 %46 %50 %47 %
Point-in-time50 %54 %50 %53 %

Contract backlog represents the remaining performance obligations that have not yet been recognized as revenue. Backlog includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Total backlog was approximately $3.2 billion as of June 30, 2024, of which the Corporation expects to recognize approximately 88% as net sales over the next 36 months. The remainder will be recognized thereafter.

Disaggregation of Revenue

The following table presents the Corporation’s total net sales disaggregated by end market and customer type:

Total Net Sales by End Market and Customer TypeThree Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Aerospace & Defense
Aerospace Defense$154,104 $132,192 $286,178 $232,071 
Ground Defense84,939 70,875 175,700 137,132 
Naval Defense209,847 180,956 387,494 352,912 
Commercial Aerospace93,316 82,033 183,091 152,523 
Total Aerospace & Defense$542,206 $466,056 $1,032,463 $874,638 
Commercial
Power & Process$138,601 $131,000 $262,639 $251,338 
General Industrial103,984 107,340 202,856 209,280 
Total Commercial$242,585 $238,340 $465,495 $460,618 
Total$784,791 $704,396 $1,497,958 $1,335,256 

Contract Balances

Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. The Corporation’s contract assets primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenue recognized during the three and six months ended June 30, 2024 included in the contract liabilities balance as of January 1, 2024 was approximately $71 million and $161 million, respectively. Revenue recognized during the three and six months ended June 30, 2023 included in the contract liabilities balance as of January 1, 2023 was approximately $58 million
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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

and $147 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.

3. ACQUISITIONS

The Corporation continually evaluates potential acquisitions that either strategically fit within the Corporation’s existing portfolio or expand the Corporation’s portfolio into new product lines or adjacent markets.  The Corporation has completed numerous acquisitions that have been accounted for as business combinations and have resulted in the recognition of goodwill in the Corporation's financial statements.  This goodwill arises because the acquisition purchase price reflects the future earnings and cash flow potential in excess of the earnings and cash flows attributable to the current product and customer set at the time of acquisition.  Thus, goodwill inherently includes the know-how of the assembled workforce, the ability of the workforce to further improve the technology and product offerings, and the expected cash flows resulting from these efforts. Goodwill may also include expected synergies resulting from the complementary strategic fit these businesses bring to existing operations.

The Corporation allocates the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. In the months after closing, as the Corporation obtains additional information about these assets and liabilities, including through tangible and intangible asset appraisals, and as the Corporation learns more about the newly acquired business, it is able to refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment.  The Corporation will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required.

During the six months ended June 30, 2024, the Corporation acquired one business for an aggregate purchase price of $34 million. The Condensed Consolidated Statement of Earnings for the six months ended June 30, 2024 includes $2 million of total net sales and $1 million of net losses from the Corporation's 2024 acquisition. During the six months ended June 30, 2023, the Corporation did not complete any acquisitions.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the acquisition consummated during the six months ended June 30, 2024.

(In thousands)2024
Accounts receivable$3,203 
Other current and non-current assets200 
Intangible assets17,900 
Operating lease right-of-use assets, net1,516 
Current and non-current liabilities(4,918)
Deferred income taxes(4,116)
Net tangible and intangible assets13,785 
Goodwill19,971 
Total purchase price$33,756 
Goodwill deductible for tax purposes$— 

2024 Acquisition

WSC Inc. (WSC)

On April 1, 2024, the Corporation completed the acquisition of WSC for $34 million. The Share Purchase Agreement contains representations and warranties customary for a transaction of this type, including a portion of the purchase price deposited in escrow as security for potential indemnification claims against seller. The acquired business, which operates within the Naval & Power segment, is a provider of simulation technology that supports the design, commissioning, and reliable operation of commercial nuclear power generation and process plants. The acquisition is subject to post-closing adjustments with the purchase price allocation not yet complete.

2024 Acquisition to be completed
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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)


Ultra Nuclear Limited and Weed Instrument Co., Inc. (Ultra Energy)

On June 3, 2024, the Corporation announced that it entered into an agreement to acquire the stock of Ultra Energy, a subsidiary of Ultra Electronics, for $200 million in cash. Ultra Energy is a designer and manufacturer of reactor protection systems, neutron monitoring systems, radiation monitoring systems, and temperature and pressure sensors. The acquisition is expected to close in the third quarter of 2024, subject to UK regulatory approval, with the acquired business to operate within the Naval & Power segment.

4.           RECEIVABLES

Receivables primarily include amounts billed to customers, unbilled charges on long-term contracts consisting of amounts recognized as sales but not billed, and other receivables. Substantially all amounts of unbilled receivables are expected to be billed and collected within one year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial.

The composition of receivables is as follows:
(In thousands)June 30, 2024December 31, 2023
Billed receivables:
Trade and other receivables$474,989 $427,830 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed347,622 309,561 
Less: Progress payments applied
— (687)
Net unbilled receivables347,622 308,874 
Less: Allowance for doubtful accounts
(5,476)(4,026)
Receivables, net$817,135 $732,678 

5.           INVENTORIES

Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. Long-term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or net realizable value.

The composition of inventories is as follows:

(In thousands)June 30, 2024December 31, 2023
Raw materials$261,010 $239,313 
Work-in-process120,540 103,750 
Finished goods135,776 126,174 
Inventoried costs related to U.S. Government and other long-term contracts
42,553 43,255 
Inventories, net of reserves559,879 512,492 
Less:  Progress payments applied(737)(2,459)
Inventories, net$559,142 $510,033 

6.           GOODWILL

The Corporation accounts for acquisitions by assigning the purchase price to acquired tangible and intangible assets and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts assigned is recorded as goodwill.

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

The changes in the carrying amount of goodwill for the six months ended June 30, 2024 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2023$325,131 $710,378 $523,317 $1,558,826 
Acquisitions— — 19,971 19,971 
Foreign currency translation adjustment(764)(4,690)(2,339)(7,793)
June 30, 2024$324,367 $705,688 $540,949 $1,571,004 

7.           OTHER INTANGIBLE ASSETS, NET

Intangible assets are generally the result of acquisitions and consist primarily of purchased technology and customer related intangibles. Intangible assets are amortized over useful lives that range between 1 to 20 years.  

The following tables present the cumulative composition of the Corporation’s intangible assets:

June 30, 2024December 31, 2023
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$311,884 $(202,231)$109,653 $308,256 $(195,446)$112,810 
Customer related intangibles680,466 (353,942)326,524 670,966 (339,325)331,641 
Programs (1)
144,000 (45,000)99,000 144,000 (41,400)102,600 
Other intangible assets54,879 (44,608)10,271 54,227 (43,666)10,561 
Total$1,191,229 $(645,781)$545,448 $1,177,449 $(619,837)$557,612 
(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program. 

During the six months ended June 30, 2024, the Corporation acquired intangible assets of $18 million. The Corporation acquired Customer-related intangibles of $12 million, Technology of $5 million, and Other intangible assets of $1 million, which have weighted average amortization periods of 18 years, 15 years, and 4 years, respectively.

Total intangible amortization expense for the six months ended June 30, 2024 was $29 million, as compared to $33 million in the comparable prior year period. The estimated future amortization expense of intangible assets over the next five years is as follows:

(In millions)
2024$57 
2025$55 
2026$54 
2027$51 
2028$45 

8.           FAIR VALUE OF FINANCIAL INSTRUMENTS
 
Interest Rate Risks and Related Strategies
 
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt.

Debt

The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of June 30, 2024. Accordingly, all of the Corporation’s debt
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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

is valued as a Level 2 financial instrument. The fair values described below may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

June 30, 2024December 31, 2023
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.85% Senior notes due 2025
$90,000 $88,979 $90,000 $88,243 
4.24% Senior notes due 2026
200,000 194,089 200,000 195,556 
4.05% Senior notes due 2028
67,500 64,108 67,500 64,801 
4.11% Senior notes due 2028
90,000 84,874 90,000 85,999 
3.10% Senior notes due 2030
150,000 129,919 150,000 131,942 
3.20% Senior notes due 2032
150,000 124,759 150,000 127,649 
4.49% Senior notes due 2032
200,000 182,491 200,000 187,584 
4.64% Senior notes due 2034
100,000 90,311 100,000 92,961 
Total debt1,047,500 959,530 1,047,500 974,735 
Debt issuance costs, net(1,434)(1,434)(1,541)(1,541)
Unamortized interest rate swap proceeds3,589 3,589 4,403 4,403 
Total debt, net$1,049,655 $961,685 $1,050,362 $977,597 

9.           PENSION PLANS

Defined Benefit Pension Plans

The following table is a consolidated disclosure of all domestic and foreign defined benefit pension plans as described in the Corporation’s 2023 Annual Report on Form 10-K filed with the SEC.  

The components of net periodic pension cost for the three and six months ended June 30, 2024 and 2023 were as follows:

Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Service cost$4,270 $4,137 $8,552 $8,264 
Interest cost8,585 8,811 17,178 17,601 
Expected return on plan assets(16,538)(15,858)(33,091)(31,678)
Amortization of prior service cost(7)(33)(15)(66)
Amortization of unrecognized actuarial loss266 76 532 153 
Net periodic pension cost$(3,424)$(2,867)$(6,844)$(5,726)

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the six months ended June 30, 2024, and does not expect to do so throughout the remainder of the year. Contributions to the foreign benefit plans are not expected to be material in 2024.

Defined Contribution Retirement Plan

The Company also maintains a defined contribution plan for all non-union employees who are not currently receiving final or career average pay benefits for its U.S. subsidiaries. The employer contributions include both employer match and non-elective contribution components up to a maximum employer contribution of 7% of eligible compensation. During the three and six months ended June 30, 2024, the expense relating to the plan was $6.7 million and $14.3 million, respectively. During the three and six months ended June 30, 2023, the expense relating to the plan was $6.1 million and $12.2 million, respectively.

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

10.           EARNINGS PER SHARE
 
Diluted earnings per share was computed based on the weighted-average number of shares outstanding plus all potentially dilutive common shares. A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:

 
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Basic weighted-average shares outstanding38,302 38,329 38,273 38,309 
Dilutive effect of deferred stock compensation199 226 187 219 
Diluted weighted-average shares outstanding38,501 38,555 38,460 38,528 

For the three and six months ended June 30, 2024, there were approximately 39,000 and 49,000 shares, respectively, issuable under equity-based awards that were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period. There were approximately 20,000 and 22,000 anti-dilutive equity-based awards for the three and six months ended June 30, 2023, respectively.

11.           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 EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Net sales
Aerospace & Industrial$233,591 $226,766 $453,138 $430,352 
Defense Electronics229,210 198,407 441,693 361,477 
Naval & Power323,206 280,731 605,419 547,545 
Less: Intersegment revenues(1,216)(1,508)(2,292)(4,118)
Total consolidated$784,791 $704,396 $1,497,958 $1,335,256 
Operating income (expense)
Aerospace & Industrial$35,246 $35,665 $62,712 $62,210 
Defense Electronics58,244 43,180 106,325 66,548 
Naval & Power46,283 46,782 81,474 84,719 
Corporate and other (1)
(10,876)(12,852)(21,653)(22,087)
Total consolidated$128,897 $112,775 $228,858 $191,390 
(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:
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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Total operating income$128,897 $112,775 $228,858 $191,390 
Interest expense11,216 14,992 21,786 27,936 
Other income, net8,560 7,954 18,168 15,721 
Earnings before income taxes$126,241 $105,737 $225,240 $179,175 

(In thousands)June 30, 2024December 31, 2023
Identifiable assets
Aerospace & Industrial$1,074,812 $1,077,808 
Defense Electronics1,534,578 1,517,877 
Naval & Power1,612,588 1,496,063 
Corporate and Other526,216 529,221 
Total consolidated$4,748,194 $4,620,969 

12.           ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 
The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:
 
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2022$(160,807)$(98,109)$(258,916)
Other comprehensive income before reclassifications (1)
37,519 8,218 45,737 
Amounts reclassified from accumulated other comprehensive income (1)
— (44)(44)
Net current period other comprehensive income 37,519 8,174 45,693 
December 31, 2023$(123,288)$(89,935)$(213,223)
Other comprehensive income (loss) before reclassifications (1)
(21,023)363 (20,660)
Amounts reclassified from accumulated other comprehensive income (1)
— 395 395 
Net current period other comprehensive income (loss)(21,023)758 (20,265)
June 30, 2024$(144,311)$(89,177)$(233,488)
(1) All amounts are after tax.

13.           CONTINGENCIES AND COMMITMENTS

From time to time, the Corporation and its subsidiaries are involved in legal proceedings that are incidental to the operation of our business. Some of these proceedings allege damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues, commercial or contractual disputes, and acquisitions or divestitures. The Corporation continues to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals and insurance coverage, the Corporation does not expect that such legal proceedings will have a material adverse impact on its condensed consolidated financial statements.

Legal Proceedings

The Corporation has been named in a number of lawsuits that allege injury from exposure to asbestos. To date, the Corporation has not been found liable for or paid any material sum of money in settlement in any asbestos-related case. The Corporation believes its minimal use of asbestos in its past operations as well as its acquired businesses’ operations and the relatively non-
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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

friable condition of asbestos in its historical products makes it unlikely that it will face material liability in any asbestos litigation, whether individually or in the aggregate. The Corporation maintains insurance coverage and indemnification agreements for these potential liabilities and believes adequate coverage exists to cover any unanticipated asbestos liability.

Letters of Credit and Other Financial Arrangements

The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. As of June 30, 2024 and December 31, 2023, there were $18 million and $20 million of stand-by letters of credit outstanding, respectively, and $11 million and $16 million of bank guarantees outstanding, respectively. In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility. The Corporation has provided this financial assurance in the form of a $35 million surety bond.

14. RESTRUCTURING COSTS

During the quarter ended June 30, 2024, the Corporation executed restructuring activities across all of its segments to support its ongoing effort of improving operating efficiency ("2024 Restructuring Program"). These activities, which primarily include workforce reductions, consolidation of facilities, and costs related to legal entity restructuring, resulted in pre-tax charges of approximately $4 million for the three and six months ended June 30, 2024. The Company anticipates that these actions will be substantially completed by June 30, 2025.

The following tables summarize the respective balances related to these restructuring activities by both reportable segment as well as on a consolidated basis:

In thousandsRestructuring Liability as of December 31, 2023ProvisionCash PaymentsRestructuring Liability as of June 30, 2024
Aerospace & Industrial
Severance$— $835 $(770)$65 
Facility closure and other costs— 392 (92)300 
Total Aerospace & Industrial$— $1,227 $(862)$365 
Defense Electronics
Severance$— $526 $(368)$158 
Facility closure and other costs— — — — 
Total Defense Electronics$— $526 $(368)$158 
Naval & Power
Severance$— $198 $(198)$— 
Facility closure and other costs— — — — 
Total Naval & Power$— $198 $(198)$— 
Consolidated (including Corporate)
Severance$— $1,776 $(1,345)$431 
Facility closure and other costs— 1,142 (124)1,018 
Total consolidated$— $2,918 $(1,469)$1,449 
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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

A reconciliation of total pre-tax restructuring charges is as follows:
Affected line item in the Condensed Consolidated Statement of Earnings
Six months ended
(In thousands)June 30, 2024
Inventory write-downsCost of product sales$1,394 
Severance, facility closure, and other costsRestructuring expenses2,918 
Total restructuring chargesEarnings before income taxes$4,312 

There were no such comparable charges for the three or six months ended June 30, 2023.

******
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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
PART I - ITEM 2
MANAGEMENT’S DISCUSSION and ANALYSIS of
FINANCIAL CONDITION and RESULTS OF OPERATIONS


FORWARD-LOOKING STATEMENTS

Except for historical information, this Quarterly Report on Form 10-Q may be deemed to contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to: (a) projections of or statements regarding return on investment, future earnings, interest income, sales, volume, other income, earnings or loss per share, growth prospects, capital structure, liquidity requirements, and other financial terms, (b) statements of plans and objectives of management, (c) statements of future economic performance, (d) impacts on our business relating to ongoing supply chain delivery disruptions, significant inflation, higher interest rates or deflation, and measures taken by governments and private industry in response, as well as related to the conflict between Russia and Ukraine and the Israel and Hamas War, and the related sanctions, (e) the effect of laws, rules, regulations, tax reform, new accounting pronouncements, and outstanding litigation on our business and future performance, and (f) statements of assumptions, such as economic conditions underlying other statements. Such forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates,” “believes,” “continue,” “could,” “estimate,” “expects,” “intend,” “may,” “might,” “outlook,” “potential,” “predict,” “should,” “will,” as well as the negative of any of the foregoing or variations of such terms or comparable terminology, or by discussion of strategy. No assurance may be given that the future results described by the forward-looking statements will be achieved. While we believe these forward-looking statements are reasonable, they are only predictions and are subject to known and unknown risks, uncertainties, and other factors, many of which are beyond our control, which could cause actual results, performance, or achievement to differ materially from anticipated future results, performance, or achievement expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those described in “Item 1A. Risk Factors” of our 2023 Annual Report on Form 10-K filed with the SEC, and elsewhere in that report, those described in this Quarterly Report on Form 10-Q, and those described from time to time in our future reports filed with the Securities and Exchange Commission and other written or oral statements made or released by us. Such forward-looking statements in this Quarterly Report on Form 10-Q include, without limitation, those contained in Item 1. Financial Statements (including the Notes to Condensed Consolidated Financial Statements) and Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements.  These forward-looking statements speak only as of the date they were made, and we assume no obligation to update forward-looking statements to reflect actual results or changes in or additions to the factors affecting such forward-looking statements.


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COMPANY ORGANIZATION
 
Curtiss-Wright Corporation along with its subsidiaries is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense markets, as well as critical technologies in demanding commercial power, process, and industrial markets. We report our operations through our Aerospace & Industrial, Defense Electronics, and Naval & Power segments. We operate across a diversified array of niche markets through engineering and technological leadership, precision manufacturing, and strong relationships with our customers. Approximately 68% of our 2024 revenues are expected to be generated from A&D-related markets.

RESULTS OF OPERATIONS
 
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand the results of operations and financial condition of the Corporation for the three and six month periods ended June 30, 2024. The financial information as of June 30, 2024 should be read in conjunction with the financial statements for the year ended December 31, 2023 contained in our Form 10-K.

The MD&A is organized into the following sections: Condensed Consolidated Statements of Earnings, Results by Business Segment, and Liquidity and Capital Resources. Our discussion will be focused on the overall results of operations followed by a more detailed discussion of those results within each of our reportable segments.

Our three reportable segments are generally concentrated in a few end markets; however, each may have sales across several end markets. An end market is defined as an area of demand for products and services.  The sales for the relevant markets will be discussed throughout the MD&A.

During the quarter ended June 30, 2024, we commenced our 2024 Restructuring Program across all of our segments in an effort to improve operating efficiency. These actions, which primarily include workforce reductions, consolidation of facilities, and costs related to legal entity restructuring, resulted in pre-tax charges of approximately $4 million for the quarter and six months ended June 30, 2024. The Company anticipates that these actions, which are expected to be substantially completed by June 30, 2025, will result in annual operating cost savings of approximately $10 million.

Analytical Definitions

Throughout management’s discussion and analysis of financial condition and results of operations, the terms “incremental” and “organic” are used to explain changes from period to period. The term “incremental” is used to highlight the impact that acquisitions and divestitures had on the current year results. The results of operations for acquisitions are incremental for the first twelve months from the date of acquisition. The definition of “organic” excludes the effects of costs associated with our 2024 Restructuring Program and foreign currency translation.
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FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued
Condensed Consolidated Statements of Earnings
 Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)20242023% change20242023% change
Sales      
Aerospace & Industrial$233,232 $226,260 3 %$452,557 $428,707 6 %
Defense Electronics228,461 197,722 16 %440,202 359,876 22 %
Naval & Power323,098 280,414 15 %605,199 546,673 11 %
Total sales$784,791 $704,396 11 %$1,497,958 $1,335,256 12 %
Operating income      
Aerospace & Industrial$35,246 $35,665 (1 %)$62,712 $62,210 1 %
Defense Electronics58,244 43,180 35 %106,325 66,548 60 %
Naval & Power46,283 46,782 (1 %)81,474 84,719 (4 %)
Corporate and other(10,876)(12,852)15 %(21,653)(22,087)2 %
Total operating income$128,897 $112,775 14 %$228,858 $191,390 20 %
Interest expense11,216 14,992 25 %21,786 27,936 22 %
Other income, net8,560 7,954 8 %18,168 15,721 16 %
Earnings before income taxes126,241 105,737 19 %225,240 179,175 26 %
Provision for income taxes(26,770)(24,738)(8 %)(49,274)(41,330)(19 %)
Net earnings$99,471 $80,999 23 %$175,966 $137,845 28 %
New orders$995,416 $841,602 18 %$1,896,760 $1,559,418 22 %

Components of sales and operating income increase (decrease):
Three Months EndedSix Months Ended
June 30,June 30,
2024 vs. 20232024 vs. 2023
SalesOperating IncomeSalesOperating Income
Organic11 %18 %12 %22 %
Acquisitions— %(1 %)— %— %
Restructuring— %(4 %)— %(2 %)
Foreign currency— %1 %— %— %
Total11 %14 %12 %20 %

Sales in the second quarter increased $80 million, or 11%, to $785 million, compared with the prior year period. On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $7 million, $31 million, and $42 million, respectively.

Sales during the six months ended June 30, 2024 increased $163 million, or 12%, to $1,498 million, compared with the prior year period. On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $24 million, $80 million, and $59 million, respectively. Changes in sales by segment are discussed in further detail in the results by business segment section below.

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Operating income in the second quarter increased $16 million, or 14%, to $129 million, while operating margin increased 40 basis points to 16.4% compared with the same period in 2023. Operating income and operating margin in the Defense Electronics segment benefited from favorable overhead absorption on higher sales, favorable mix on defense electronics and tactical communications products, as well as the benefit of cost containment initiatives. In the Aerospace & Industrial segment, operating income was essentially flat while operating margin decreased, as favorable overhead absorption on higher sales was essentially offset by current period restructuring costs. In the Naval & Power segment, both operating income and operating margin decreased, as favorable overhead absorption on higher sales as well as the absence of first year purchase accounting costs from our arresting systems acquisition was more than offset by unfavorable product mix and the timing of development programs.

Operating income during the six months ended June 30, 2024 increased $37 million, or 20%, to $229 million, and operating margin increased 100 basis points to 15.3%, compared with the same period in 2023. In the Defense Electronics segment, increases in operating income and operating margin were primarily due to favorable overhead absorption on higher sales, favorable mix on defense electronics and tactical communications products, as well as the benefit of cost containment initiatives. In the Aerospace & Industrial segment, operating income increased while operating margin decreased, as favorable overhead absorption on higher sales was essentially offset by current period restructuring costs as well as unfavorable mix on actuation products. Both operating income and operating margin in the Naval & Power segment decreased, as favorable overhead absorption on higher sales as well as the absence of first year purchase accounting costs from our arresting systems acquisition was more than offset by an unfavorable naval contract adjustment as well as unfavorable product mix.

Non-segment operating expense in the second quarter decreased $2 million, or 15%, to $11 million, primarily due to lower foreign currency losses in the current period. Non-segment operating expense during the six months ended June 30, 2024 of $22 million was essentially flat against the comparable prior year period.

Interest expense in the second quarter and six months ended June 30, 2024 decreased $4 million, or 25% to $11 million and $6 million, or 22%, to $22 million, respectively, primarily due to lower borrowings under our revolving Credit Agreement (the “Credit Agreement” or “credit facility”). Interest expense for the six months ended June 30, 2024 also benefited from the repayment of our 2013 Notes in February 2023.

Other income, net in the second quarter and six months ended June 30, 2024 increased $1 million, or 8%, to $9 million, and $2 million, or 16%, to $18 million, respectively, primarily due to lower overall pension costs against the comparable prior year periods.

The effective tax rate of 21.2% in the second quarter decreased compared to an effective tax rate of 23.4% in the prior year period. The effective tax rate of 21.9% for the six months ended June 30, 2024 decreased as compared to an effective tax rate of 23.1% in the prior year period. Decreases in both of the comparable periods were primarily due to the benefits of a legal entity restructuring as well as lower provisional tax expense associated with foreign withholding taxes in the current year.

Comprehensive income in the second quarter was $94 million, compared to comprehensive income of $100 million in the prior year period. The change was primarily due to the following:

•Foreign currency translation adjustments in the second quarter resulted in a $5 million comprehensive loss, compared to a $19 million comprehensive gain in the prior year period. The comprehensive loss during the current period was primarily attributed to decreases in the Canadian dollar and British Pound.
•Net earnings increased $18 million, primarily due to higher operating income and lower interest expense.

Comprehensive income during the six months ended June 30, 2024 was $156 million, compared to comprehensive income of $171 million in the prior year period. The change was primarily due to the following:

•Foreign currency translation adjustments for the six months ended June 30, 2024 resulted in a $21 million comprehensive loss, compared to a $34 million comprehensive gain in the prior period. The comprehensive loss during the current period was primarily attributed to decreases in the Canadian dollar and British Pound.
•Net earnings increased $38 million, primarily due to higher operating income and lower interest expense.

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MANAGEMENT’S DISCUSSION and ANALYSIS of
FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued
New orders in the second quarter increased $154 million from the comparable prior year period, primarily due to an increase in naval defense orders in the Naval & Power segment, as well as an increase in orders in the Aerospace & Industrial segment for sensors products and surface treatment services within our A&D markets. These increases were partially offset by the timing of orders within our A&D markets in the Defense Electronics segment.

New orders during the six months ended June 30, 2024 increased $337 million from the comparable prior year period, primarily due to an increase in naval defense orders in the Naval & Power segment. New orders also benefited from an increase in orders for defense electronics equipment in the Defense Electronics segment as well as increase in orders for sensors products and surface treatment services within our A&D markets in the Aerospace & Industrial segment. Changes in new orders by segment are discussed in further detail in the "Results by Business Segment" section below.

RESULTS BY BUSINESS SEGMENT

Aerospace & Industrial

The following tables summarize sales, operating income and margin, and new orders within the Aerospace & Industrial segment.

Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)20242023% change20242023% change
Sales$233,232 $226,260 3%$452,557 $428,707 6%
Operating income35,246 35,665 (1%)62,712 62,210 1%
Operating margin15.1 %15.8 %(70 bps)13.9 %14.5 %(60 bps)
New orders$223,349 $192,670 16%$475,567 $451,313 5%

Components of sales and operating income increase (decrease):
Three Months EndedSix Months Ended
June 30,June 30,
2024 vs. 20232024 vs. 2023
SalesOperating IncomeSalesOperating Income
Organic3 %6 %5 %6 %
Restructuring— %(7 %)— %(4 %)
Foreign currency— %— %1 %(1 %)
Total3 %(1 %)6 %1 %

Sales in the Aerospace & Industrial segment are primarily generated from the general industrial and aerospace & defense markets, and, to a lesser extent, the power & process markets.

Sales in the second quarter increased $7 million, or 3%, to $233 million from the prior year period. Sales in the commercial aerospace market benefited $9 million from higher OEM sales of sensors and actuation products, as well as surface treatment services, on narrowbody and widebody platforms. In the general industrial market, higher sales of surface treatment services were more than offset by reduced sales of industrial vehicle products to off-highway vehicle platforms.

Sales during the six months ended June 30, 2024 increased $24 million, or 6%, to $453 million from the prior year period. In the commercial aerospace market, sales increased $24 million primarily due to higher OEM sales of sensors and actuation products, as well as surface treatment services, on narrowbody and widebody platforms. Sales in the aerospace defense market benefited from higher actuation development on various fighter jet programs. These increases were partially offset by lower sales in the general industrial market, primarily due to reduced sales of industrial vehicle products to off-highway vehicle platforms.

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Operating income in the second quarter of $35 million was essentially flat compared to the prior year period, while operating margin decreased 70 basis points to 15.1%, as favorable overhead absorption on higher sales was essentially offset by current period restructuring costs. Operating income during the six months ended June 30, 2024 increased $1 million, or 1%, to $63 million from the prior year period, while operating margin decreased 60 basis points to 13.9%, as favorable overhead absorption on higher sales was essentially offset by current period restructuring costs.

New orders in the second quarter and six months ended June 30, 2024 increased $31 million and $24 million, respectively, primarily due to an increase in orders for sensors products and surface treatment services within our A&D markets.

Defense Electronics

The following tables summarize sales, operating income and margin, and new orders within the Defense Electronics segment.

Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)20242023% change20242023% change
Sales$228,461 $197,722 16%$440,202 $359,876 22%
Operating income58,244 43,180 35%106,325 66,548 60%
Operating margin25.5 %21.8 %370 bps24.2 %18.5 %570 bps
New orders$222,390 $229,555 (3%)$509,670 $463,670 10%

Components of sales and operating income increase (decrease):
Three Months EndedSix Months Ended
June 30,June 30,
2024 vs. 20232024 vs. 2023
SalesOperating IncomeSalesOperating Income
Organic16 %36 %22 %60 %
Restructuring— %(1 %)— %— %
Total16 %35 %22 %60 %

Sales in the Defense Electronics segment are primarily to the defense markets and, to a lesser extent, the commercial aerospace market.

Sales in the second quarter increased $31 million, or 16%, to $228 million from the prior year period. In the ground defense market, sales increased $15 million primarily due to higher demand for tactical battlefield communications equipment. Sales in the aerospace defense market benefited $14 million primarily due to higher demand for embedded computing equipment on various domestic and international helicopter programs. In the commercial aerospace market, sales increased primarily due to higher OEM sales of avionics and electronics on various platforms.

Sales during the six months ended June 30, 2024 increased $80 million, or 22%, to $440 million from the prior year period. In the ground defense market, sales increased $40 million primarily due to higher demand for tactical battlefield communications equipment. Sales in the aerospace defense market increased $32 million primarily due to higher demand for embedded computing equipment on various helicopter, fighter jet, and unmanned aerial vehicle programs. In the commercial aerospace market, sales benefited from higher OEM demand for avionics and electronics on various platforms.

Operating income in the second quarter increased $15 million, or 35%, to $58 million compared to the prior year period, and operating margin increased 370 basis points from the prior year period to 25.5%. Operating income during the six months ended June 30, 2024 increased $40 million, or 60%, to $106 million, and operating margin increased 570 basis points from the prior year period to 24.2%. Increases in operating income and operating margin in both respective periods were primarily due to favorable overhead absorption on higher sales, favorable mix on defense electronics and tactical communications products, as well as the benefit of our cost containment initiatives.
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New orders in the second quarter decreased $7 million primarily due to the timing of orders within our A&D markets.

New orders during the six months ended June 30, 2024 increased $46 million primarily due to an increase in orders for defense
electronics equipment, including embedded computing and tactical communications products.


Naval & Power

The following tables summarize sales, operating income and margin, and new orders within the Naval & Power segment.

Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)20242023% change20242023% change
Sales$323,098 $280,414 15%$605,199 $546,673 11%
Operating income46,283 46,782 (1%)81,474 84,719 (4%)
Operating margin14.3 %16.7 %(240 bps)13.5 %15.5 %(200 bps)
New orders$549,677 $419,377 31%$911,523 $644,435 41%

Components of sales and operating income increase (decrease):
Three Months EndedSix Months Ended
June 30,June 30,
2024 vs. 20232024 vs. 2023
SalesOperating IncomeSalesOperating Income
Organic14 %— %10 %(3 %)
Acquisitions1 %(1 %)1 %(1 %)
Total15 %(1 %)11 %(4 %)

Sales in the Naval & Power segment are primarily to the naval defense and power & process markets, and, to a lesser extent, the aerospace defense market.

Sales in the second quarter increased $42 million, or 15%, to $323 million from the prior year period. In the naval defense market, sales increased $26 million primarily due to higher demand on various submarine programs, partially offset by the timing of sales on the CVN-80 aircraft carrier program. Sales in the power & process market benefited $9 million primarily due to higher commercial nuclear aftermarket sales supporting the maintenance of operating reactors in the United States. In the aerospace defense market, sales increases were primarily due to higher demand for arresting systems equipment supporting various domestic and international customers.

Sales during the six months ended June 30, 2024 increased $59 million, or 11%, to $605 million from the prior year period. In the naval defense market, sales increased $28 million primarily due to higher demand on various submarine programs. Sales in the aerospace defense market benefited $16 million primarily due to higher demand for arresting systems equipment supporting various domestic and international customers. In the power & process market, sales increased $14 million primarily due to higher commercial nuclear aftermarket sales supporting the maintenance of operating reactors in North America, partially offset by the wind-down on the China Direct AP1000 program.

Operating income in the second quarter decreased $1 million, or 1%, to $46 million, and operating margin decreased 240 basis points from the prior year period to 14.3%, as favorable overhead absorption on higher sales as well as the absence of first year purchase accounting costs from our arresting systems acquisition was more than offset by unfavorable product mix and the timing of development programs.

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Operating income during the six months ended June 30, 2024 decreased $3 million, or 4%, to $81 million, and operating margin decreased 200 basis points from the prior year period to 13.5%, as favorable overhead absorption on higher sales as well as the absence of first year purchase accounting costs from our arresting systems acquisition was more than offset by an unfavorable naval contract adjustment as well as unfavorable product mix.

New orders in the second quarter and six months ended June 30, 2024 increased $130 million and $267 million, respectively, primarily due to an increase in naval defense orders.

SUPPLEMENTARY INFORMATION

The table below depicts sales by end market and customer type, as it helps provide an enhanced understanding of our businesses and the markets in which we operate. The table has been included to supplement the discussion of our consolidated operating results.

Total Net Sales by End Market and Customer TypeThree Months EndedSix Months Ended
June 30,June 30,
(In thousands)20242023% change20242023% change
Aerospace & Defense markets:
Aerospace Defense$154,104 $132,192 17 %$286,178 $232,071 23 %
Ground Defense84,939 70,875 20 %175,700 137,132 28 %
Naval Defense209,847 180,956 16 %387,494 352,912 10 %
Commercial Aerospace93,316 82,033 14 %183,091 152,523 20 %
Total Aerospace & Defense$542,206 $466,056 16 %$1,032,463 $874,638 18 %
Commercial markets:
Power & Process$138,601 $131,000 6 %$262,639 $251,338 4 %
General Industrial103,984 107,340 (3 %)202,856 209,280 (3 %)
Total Commercial$242,585 $238,340 2 %$465,495 $460,618 1 %
Total Curtiss-Wright$784,791 $704,396 11 %$1,497,958 $1,335,256 12 %

Aerospace & Defense markets
Sales in the second quarter increased $76 million, or 16%, to $542 million against the comparable prior year period, primarily due to higher sales across all markets. Sales in the aerospace defense market increased primarily due to higher demand for both arresting systems equipment supporting various domestic and international customers as well as embedded computing equipment on various domestic and international helicopter programs. In the ground defense market, sales increased primarily due to higher demand for tactical battlefield communications equipment. Sales increases in the naval defense market were primarily due to higher demand on various submarine programs. In the commercial aerospace market, sales increased primarily due to higher demand for OEM sensors and actuation products, as well as surface treatment services, on narrowbody and widebody platforms.

Sales during the six months ended June 30, 2024 increased $158 million, or 18%, to $1,032 million, primarily due to higher sales across all markets. Sales in the aerospace defense market increased primarily due to higher demand for both arresting systems equipment supporting various domestic and international customers as well as embedded computing equipment on various helicopter, fighter jet, and unmanned aerial vehicle programs. Sales in the ground defense market increased primarily due to higher demand for tactical battlefield communications equipment. Sales increases in the naval defense market were primarily due to higher demand on various submarine programs. Sales in the commercial aerospace market primarily benefited from higher demand for OEM sensors and actuation products, surface treatment services on narrowbody and widebody platforms, as well as OEM avionics and electronics on various platforms.

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Commercial markets
Sales in the second quarter increased $4 million, or 2%, to $243 million. Sales in the power & process market primarily benefited from higher commercial nuclear aftermarket sales supporting the maintenance of operating reactors in the United States. In the general industrial market, higher sales of surface treatment services were more than offset by reduced sales of industrial vehicle products to off-highway vehicle platforms.

Sales during the six months ended June 30, 2024 increased $5 million, or 1%, to $465 million. Sales in the power & process market primarily benefited from higher commercial nuclear aftermarket sales supporting the maintenance of operating reactors in North America, partially offset by the wind-down on the China Direct AP1000 program. The general industrial market was negatively impacted by lower sales of industrial vehicle products to off-highway vehicle platforms.

LIQUIDITY AND CAPITAL RESOURCES

Sources and Use of Cash

We derive the majority of our operating cash inflow from receipts on the sale of goods and services and cash outflow for the procurement of materials and labor; cash flow is therefore subject to market fluctuations and conditions. Most of our long-term contracts allow for several billing points (progress or milestone) that provide us with cash receipts as costs are incurred throughout the project rather than upon contract completion, thereby reducing working capital requirements. In some cases, these payments can exceed the costs incurred on a project. 

Condensed Consolidated Statements of Cash FlowsSix Months Ended
(In thousands)June 30, 2024June 30, 2023
Cash provided by (used for):
Operating activities
$65,702 $19,353 
Investing activities
(56,740)(22,191)
Financing activities
(27,568)(104,467)
Effect of exchange-rate changes on cash(5,697)9,068 
Net decrease in cash and cash equivalents(24,303)(98,237)

Net cash provided by operating activities increased $46 million from the prior year period, primarily due to higher cash earnings and improved working capital.

Net cash used for investing activities increased $35 million from the prior year period, primarily due to our acquisition of WSC.

Net cash used for financing activities decreased $77 million from the prior year period, primarily due to the repayment of our 2013 Notes in February 2023. This decrease was partially offset by lower current period net borrowings under our credit facility. Refer to the "Financing Activities" section below for further details.

Financing Activities

Debt

The Corporation’s debt outstanding had an average interest rate of 3.8% for both the three and six months ended June 30, 2024, respectively, and 4.1% and 4.0% for the three and six months ended June 30, 2023, respectively. The Corporation’s average debt outstanding was $1.0 billion for both the three and six months ended June 30, 2024, respectively, and $1.3 billion and $1.2 billion for the three and six months ended June 30, 2023, respectively.

Credit Agreement

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MANAGEMENT’S DISCUSSION and ANALYSIS of
FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued
As of June 30, 2024, the Corporation had approximately $18 million in letters of credit supported by the Credit Agreement. The unused credit available under the Credit Agreement as of June 30, 2024 was $732 million, which could be borrowed without violating any of our debt covenants.

Repurchase of common stock

During the six months ended June 30, 2024, the Corporation used $25 million of cash to repurchase approximately 0.1 million outstanding shares under its share repurchase program. During the six months ended June 30, 2023, the Corporation used $24 million of cash to repurchase approximately 0.1 million outstanding shares under its share repurchase program.

Cash Utilization

Management continually evaluates cash utilization alternatives, including share repurchases, acquisitions, and increased dividends to determine the most beneficial use of available capital resources. We believe that our cash and cash equivalents, cash flow from operations, available borrowings under the credit facility, and ability to raise additional capital through the credit markets are sufficient to meet both the short-term and long-term capital needs of the organization.

Dividends

The Corporation made dividend payments of $8 million and $7 million during the six months ended June 30, 2024 and June 30, 2023, respectively. Additionally, beginning in the second quarter, the Corporation increased its quarterly dividend to $0.21 per share.

Debt Compliance

As of the date of this report, we were in compliance with all debt agreements and credit facility covenants, including our most restrictive covenant, which is our debt to capitalization limit of 60%. The debt to capitalization limit is a measure of our indebtedness (as defined per the notes purchase agreement and credit facility) to capitalization, where capitalization equals debt plus equity, and is the same for and applies to all of our debt agreements and credit facility.

As of June 30, 2024, we had the ability to borrow additional debt of $2.6 billion without violating our debt to capitalization covenant.

Page 29
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
PART I - ITEM 2
MANAGEMENT’S DISCUSSION and ANALYSIS of
FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued



CRITICAL ACCOUNTING POLICIES

Our condensed consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. Preparation of these statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates and assumptions are affected by the application of our accounting policies. Critical accounting policies are those that require application of management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain and may change in subsequent periods. A summary of significant accounting policies and a description of accounting policies that are considered critical may be found in our 2023 Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission on February 20, 2024, in the Notes to the Consolidated Financial Statements, Note 1, and the Critical Accounting Policies section of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Page 30


Item 3.                      QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
There have been no material changes in our market risk during the six months ended June 30, 2024.  Information regarding market risk and market risk management policies is more fully described in "Item 7A. Quantitative and Qualitative Disclosures about Market Risk" of our 2023 Annual Report on Form 10-K.
 
Item 4.                      CONTROLS AND PROCEDURES
 
As of June 30, 2024, our management, including our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective as of June 30, 2024 insofar as they are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms, and they include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
 
During the quarter ended June 30, 2024, there have been no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Page 31


PART II - OTHER INFORMATION

Item 1.                     LEGAL PROCEEDINGS
 
From time to time, we are involved in legal proceedings that are incidental to the operation of our business. Some of these proceedings allege damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues, commercial or contractual disputes, and acquisitions or divestitures. We continue to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals and insurance coverage, we do not believe that the disposition of any of these matters, individually or in the aggregate, will have a material adverse effect on our condensed consolidated financial condition, results of operations, and cash flows.

We have been named in pending lawsuits that allege injury from exposure to asbestos. To date, we have not been found liable or paid any material sum of money in settlement in any asbestos-related case. We believe that the minimal use of asbestos in our past operations and the relatively non-friable condition of asbestos in our products make it unlikely that we will face material liability in any asbestos litigation, whether individually or in the aggregate. We maintain insurance coverage for these potential liabilities and we believe adequate coverage exists to cover any unanticipated asbestos liability.

Item 1A.          RISK FACTORS
 
There have been no material changes in our Risk Factors during the six months ended June 30, 2024. Information regarding our Risk Factors is more fully described in "Item 1A. Risk Factors" of our 2023 Annual Report on Form 10-K.

 Item 2.            UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 
The following table provides information about our repurchase of equity securities pertaining to the 2021 Share Repurchase Authorization, as defined below, that are registered by us pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, during the quarter ended June 30, 2024.

 Total Number of shares purchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of a Publicly Announced ProgramMaximum Dollar amount of shares that may yet be Purchased Under the Program
April 1 - April 3017,364 $254.0569,976 $133,537,266 
May 1 - May 3115,953 $275.6385,929 $129,140,068 
June 1 - June 3013,857 $274.0199,786 $125,343,055 
For the quarter ended June 30, 202447,174 $267.2199,786 $125,343,055 

In November 2023, the Corporation adopted two written trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The first trading plan includes share repurchases of $50 million, to be executed equally throughout the 2024 calendar year. The second trading plan includes opportunistic share repurchases up to $100 million during 2024 to be executed through a 10b5-1 program. The Corporation implemented these written trading plans in connection with its previously authorized $550 million share repurchase program on September 16, 2021, of which $100 million remains available for repurchase (the “2021 Share Repurchase Authorization”). The terms of these trading plans can be found in the Corporation’s Form 8-K filed with U.S. Securities and Exchange Commission on November 28, 2023.

On May 9, 2024, our Board of Directors authorized the Corporation to repurchase up to an additional $300 million of its common stock (the “2024 Share Repurchase Authorization”). As of June 30, 2024, the Corporation has not executed against the 2024 Share Repurchase Authorization. The total available authorization under the 2021 Share Repurchase Authorization and the 2024 Share Repurchase Authorization is $400 million.

Page 32


The repurchase of the Corporation’s common stock under the 2021 Share Repurchase Authorization and the 2024 Share Repurchase Authorization (together, the “Share Repurchase Programs”) may be made through a variety of methods, which could include open market purchases, accelerated share repurchase transactions, negotiated block transactions, 10b5-1 plans, other transactions that may be structured through investment banking institutions or privately negotiated, or a combination of the foregoing. The Share Repurchase Programs do not have an expiration date and may be amended, discontinued, or terminated by the Corporation’s Board of Directors at any time without prior notice. The timing, price, and volume of share repurchases will depend on market conditions, relevant securities laws, and corporate, tax, regulatory and other relevant considerations.

Item 3.                      DEFAULTS UPON SENIOR SECURITIES

None.

Item 4.                      MINE SAFETY DISCLOSURES
 
Not applicable.

Item 5.                      OTHER INFORMATION
 
Director Nomination Process

There have been no material changes in our procedures by which our security holders may recommend nominees to our board of directors during the six months ended June 30, 2024. Information regarding security holder recommendations and nominations for directors is more fully described in the section entitled “Stockholder Nominations for Directors” of our 2024 Proxy Statement on Schedule 14A, which is incorporated by reference to our 2023 Annual Report on Form 10-K.

Insider Adoption or Termination of Trading Arrangements

During the six months ended June 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K, except as described in the table below:

Name
Title
Action
Character of Trading Arrangement(1)
Adoption Date
Earliest Sale Date
Expiration Date(2)
Aggregate # of securities to be purchased or sold(3)
Kevin M. Rayment
Vice President and Chief Operating Officer
Adoption
Rule 10b5-1 Trading Arrangement
March 3, 2024
June 3, 2024
December 31, 2024
Up to 8,415 shares to be sold

1.Except as indicated by footnote, the trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended.

2.The Rule 10b5-1 trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all purchases or sales, (b) the date listed in the table, or (c) such date the trading arrangement is otherwise terminated according to its terms. The trading arrangements also provide for automatic expiration in the event of death, dissolution, bankruptcy, or insolvency of the adopting person.

3.The volume of sales is based on pricing triggers outlined in the Rule 10b5-1 trading Arrangement.

The 10b5-1 Trading Arrangement in the above table included a representation from the officer to the broker administering the plan that such individual (i) was not in possession of any material nonpublic information regarding the Company or the securities subject to the plan and (ii) the plan was entered into good faith and not as part of a plan or scheme to evade securities law. A similar representation was made to the Company in connection with the adoption of the plan. Those representations were made as of the date of adoption of the 10b5-1 plan and speak only as of that date. In making those representations, there is no assurance with respect to any material nonpublic information of which the officer was unaware, or with respect to any
Page 33


material nonpublic information acquired by the officer or the Company after the date of the representation. Actual sale transactions will be disclosed publicly through Form 144 and Form 4 filings with the SEC, as required.
Page 34

Item 6.                      EXHIBITS
Incorporated by ReferenceFiled
Exhibit No.Exhibit DescriptionFormFiling DateHerewith
3.18-A12B/AMay 24, 2005
3.28-KMay 18, 2015
31.1X
31.2X
32X
* Indicates contract or compensatory plan or arrangement
101.INSXBRL Instance DocumentX
101.SCHXBRL Taxonomy Extension Schema DocumentX
101.CALXBRL Taxonomy Extension Calculation Linkbase DocumentX
101.DEFXBRL Taxonomy Extension Definition Linkbase DocumentX
101.LABXBRL Taxonomy Extension Label Linkbase DocumentX
101.PREXBRL Taxonomy Extension Presentation Linkbase DocumentX


Page 35

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

CURTISS-WRIGHT CORPORATION
(Registrant)

By:     /s/ K. Christopher Farkas
K. Christopher Farkas
Vice President and Chief Financial Officer
Dated: August 8, 2024



Page 36

Exhibit 31.1

Certifications

I, Lynn M. Bamford, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Curtiss-Wright Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date: August 8, 2024

/s/ Lynn M. Bamford
Lynn M. Bamford
Chair and Chief Executive Officer



Exhibit 31.2

Certifications

I, K. Christopher Farkas, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Curtiss-Wright Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date: August 8, 2024

/s/ K. Christopher Farkas
K. Christopher Farkas
Vice President and Chief Financial Officer


Exhibit 32

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350

In connection with the Quarterly Report of Curtiss-Wright Corporation (the "Company") on Form 10-Q for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Lynn M. Bamford, as Chair and Chief Executive Officer of the Company, and K. Christopher Farkas, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. section 1350, that to the best of their knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Lynn M. Bamford

Lynn M. Bamford
Chair and Chief Executive Officer
August 8, 2024

/s/ K. Christopher Farkas

K. Christopher Farkas
Vice President and Chief Financial Officer
August 8, 2024


v3.24.2.u1
Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 1-134  
Entity Registrant Name CURTISS-WRIGHT CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-0612970  
Entity Address, Address Line One 130 Harbour Place Drive, Suite 300  
Entity Address, City or Town Davidson,  
Entity Address, State or Province NC  
Entity Address, Postal Zip Code 28036  
City Area Code 704  
Local Phone Number 869-4600  
Title of 12(b) Security Common Stock  
Trading Symbol CW  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Small Business false  
Emerging Company false  
Entity Shell Company false  
Entity common stock shares outstanding   38,299,338
Entity Central Index Key 0000026324  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net Sales        
Sales $ 784,791 $ 704,396 $ 1,497,958 $ 1,335,256
Cost of sales        
Total cost of sales 500,690 444,823 960,102 854,275
Gross profit 284,101 259,573 537,856 480,981
Research and development expenses 22,152 20,210 45,132 42,234
Selling expenses 35,126 34,273 71,891 66,698
General and administrative expenses 95,008 92,315 189,057 180,659
Restructuring expenses 2,918   2,918 0
Operating income 128,897 112,775 228,858 191,390
Interest expense (11,216) (14,992) (21,786) (27,936)
Other income, net 8,560 7,954 18,168 15,721
Earnings before income taxes 126,241 105,737 225,240 179,175
Provision for income taxes (26,770) (24,738) (49,274) (41,330)
Net earnings $ 99,471 $ 80,999 $ 175,966 $ 137,845
Basic earnings per share        
Basic earnings per share (usd per share) $ 2.60 $ 2.11 $ 4.60 $ 3.60
Diluted earnings per share        
Diluted earnings per share (usd per share) 2.58 2.10 4.58 3.58
Dividends per share $ 0.21 $ 0.20 $ 0.41 $ 0.39
Weighted average shares outstanding:        
Basic (shares) 38,302 38,329 38,273 38,309
Diluted (shares) 38,501 38,555 38,460 38,528
Product        
Net Sales        
Sales $ 661,407 $ 583,036 $ 1,257,111 $ 1,107,917
Cost of sales        
Cost of Goods and Services Sold 428,926 369,549 818,403 713,306
Service        
Net Sales        
Sales 123,384 121,360 240,847 227,339
Cost of sales        
Cost of Goods and Services Sold $ 71,764 $ 75,274 $ 141,699 $ 140,969
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net earnings $ 99,471 $ 80,999 $ 175,966 $ 137,845
Other comprehensive income        
Foreign currency translation, net of tax [1] (5,444) 19,298 (21,023) 33,964
Pension and postretirement adjustments, net of tax [1] 211 (231) 758 (423)
Other comprehensive income (loss), net of tax (5,233) 19,067 (20,265) 33,541
Comprehensive income $ 94,238 $ 100,066 $ 155,701 $ 171,386
[1] The tax benefit (expense) included in foreign currency translation adjustments and pension and postretirement adjustments for the three and six months ended June 30, 2024 and June 30, 2023 was immaterial.
v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current Assets:    
Cash and cash equivalents $ 382,564 $ 406,867
Receivables, net 817,135 732,678
Inventories, net 559,142 510,033
Other current assets 77,039 67,502
Total current assets 1,835,880 1,717,080
Property, plant, and equipment, net 326,969 332,796
Goodwill 1,571,004 1,558,826
Other intangible assets, net 545,448 557,612
Operating lease right-of-use assets, net 146,956 141,435
Prepaid pension asset 272,857 261,869
Other assets 49,080 51,351
Total assets 4,748,194 4,620,969
Current liabilities:    
Current portion of long-term debt 90,000 0
Accounts payable 224,778 243,833
Accrued expenses 158,505 188,039
Deferred revenue 341,601 303,872
Other current liabilities 81,632 70,800
Total current liabilities 896,516 806,544
Long-term debt 959,655 1,050,362
Deferred tax liabilities, net 128,277 132,319
Accrued pension and other postretirement benefit costs 67,650 66,875
Long-term operating lease liability 123,586 118,611
Long-term portion of environmental reserves 14,157 12,784
Other liabilities 99,933 105,061
Total liabilities 2,289,774 2,292,556
Stockholders' Equity    
Common stock, $1 par value, 100,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 49,187,378 shares issued as of June 30, 2024 and December 31, 2023; outstanding shares were 38,289,678 as of June 30, 2024 and 38,202,754 as of December 31, 2023 49,187 49,187
Additional paid in capital 135,574 140,182
Retained earnings 3,648,005 3,487,751
Accumulated other comprehensive loss (233,488) (213,223)
Common treasury stock, at cost (10,897,700 shares as of June 30, 2024 and 10,984,624 shares as of December 31, 2023) (1,140,858) (1,135,484)
Total stockholders’ equity 2,458,420 2,328,413
Total liabilities and stockholders’ equity $ 4,748,194 $ 4,620,969
v3.24.2.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common stock, par value (usd per share) $ 1 $ 1
Common Stock, Shares Authorized (in shares) 100,000,000 100,000,000
Common Stock, Shares, Issued (in shares) 49,187,378 49,187,378
Common Stock, Shares, Outstanding (in shares) 38,289,678 38,202,754
Treasury Stock, Common, Shares (in shares) 10,897,700 10,984,624
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net earnings $ 175,966 $ 137,845
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation and amortization 54,151 57,975
Loss on sale/disposal of long-lived assets 85 16
Deferred income taxes (7,823) (6,553)
Share-based compensation 9,466 8,859
Non-cash restructuring charges 1,394 0
Change in operating assets and liabilities, net of businesses acquired and divested:    
Accounts receivable, net (85,914) (22,003)
Inventories, net (54,113) (56,094)
Accounts payable and accrued expenses (55,306) (72,019)
Deferred revenue 36,573 21,586
Net pension and postretirement liabilities (9,528) (9,392)
Other current and long-term assets and liabilities 751 (40,867)
Net cash provided by operating activities 65,702 19,353
Cash flows from investing activities:    
Proceeds from sale/disposal of long-lived assets 135 473
Additions to property, plant, and equipment (23,119) (22,664)
Acquisition of businesses, net of cash acquired (33,756) 0
Net cash used for investing activities (56,740) (22,191)
Cash flows from financing activities:    
Borrowings under revolving credit facility 8,893 481,099
Payments of revolving credit facilities (8,893) (356,099)
Principal payments on debt 0 (202,500)
Repurchases of common stock (24,796) (24,365)
Proceeds from share-based compensation 5,472 5,225
Dividends paid (7,665) (7,290)
Proceeds from (Payments for) Other Financing Activities (579) (537)
Net cash used for financing activities (27,568) (104,467)
Effect of exchange-rate changes on cash (5,697) 9,068
Net decrease in cash and cash equivalents (24,303) (98,237)
Cash and cash equivalents at beginning of period 406,867 256,974
Cash and cash equivalents at end of period $ 382,564 $ 158,737
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Beginning Balance at Dec. 31, 2022   $ 49,187 $ 134,553 $ 3,163,491 $ (258,916) $ (1,107,101)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings $ 137,845     137,845    
Other Comprehensive Income (Loss), Net of Tax 33,541       33,541  
Dividends paid       (14,960)    
Restricted stock     (13,878)     13,878
Employee stock purchase plan     1,483     3,742
Share-based compensation     8,949     (90)
Repurchases of common stock [1]           (24,365)
Other     (261)     261
Ending Balance at Jun. 30, 2023   49,187 130,846 3,286,376 (225,375) (1,113,675)
Beginning Balance at Dec. 31, 2022   49,187 134,553 3,163,491 (258,916) (1,107,101)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Other Comprehensive Income (Loss), Net of Tax 45,693          
Ending Balance at Dec. 31, 2023 2,328,413 49,187 140,182 3,487,751 (213,223) (1,135,484)
Beginning Balance at Mar. 31, 2023   49,187 126,909 3,213,039 (244,442) (1,101,439)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 80,999     80,999    
Other Comprehensive Income (Loss), Net of Tax 19,067       19,067  
Dividends paid       (7,662)    
Restricted stock     (73)     73
Share-based compensation     4,010     (330)
Repurchases of common stock [1]           (11,979)
Ending Balance at Jun. 30, 2023   49,187 130,846 3,286,376 (225,375) (1,113,675)
Beginning Balance at Dec. 31, 2023 2,328,413 49,187 140,182 3,487,751 (213,223) (1,135,484)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 175,966     175,966    
Other Comprehensive Income (Loss), Net of Tax (20,265)       (20,265)  
Dividends paid       (15,712)    
Restricted stock     (13,879)     13,879
Employee stock purchase plan     2,484     2,988
Share-based compensation     9,251     215
Repurchases of common stock           (24,796)
Other     (2,464)     2,340
Ending Balance at Jun. 30, 2024 2,458,420 49,187 135,574 3,648,005 (233,488) (1,140,858)
Beginning Balance at Mar. 31, 2024   49,187 133,166 3,556,572 (228,255) (1,130,491)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 99,471     99,471    
Other Comprehensive Income (Loss), Net of Tax (5,233)       (5,233)  
Dividends paid       (8,038)    
Restricted stock     0     0
Share-based compensation     4,689     82
Repurchases of common stock           (12,606)
Other     (2,281)     2,157
Ending Balance at Jun. 30, 2024 $ 2,458,420 $ 49,187 $ 135,574 $ 3,648,005 $ (233,488) $ (1,140,858)
[1] For the three and six months ended June 30, 2024, the Corporation repurchased approximately 47,000 and 100,000 shares of its common stock, respectively. For the three and six months ended June 30, 2023, the Corporation repurchased approximately 73,000 and 146,000 shares of its common stock, respectively.
v3.24.2.u1
STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Treasury Stock, Shares, Acquired 47 73 100 146
v3.24.2.u1
BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Curtiss-Wright Corporation along with its subsidiaries ("we," the "Corporation," or the "Company") is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets.

The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated.

The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations.

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three and six months ended June 30, 2024 and 2023, there were no significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2023 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.

New Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of significant reportable segment expenses that are regularly provided to the chief operating decision-maker ("CODM") and included within the Corporation's measure of segment profit or loss. ASU 2023-07 also requires that all disclosures around segment profit or loss and assets be provided on both an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 is required to be applied on a retrospective basis for all periods presented. The Corporation is currently evaluating the impact of adopting this standard on its financial statements, but does not expect it to have a material impact on its consolidated financial position, results of operations, or cash flows.
v3.24.2.u1
REVENUE
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The Corporation recognizes revenue when control of a promised good and/or service is transferred to a customer in an amount that reflects the consideration that the Corporation expects to be entitled to in exchange for that good and/or service.

Performance Obligations

The Corporation identifies a performance obligation for each promise in a contract to transfer a distinct good or service to the customer. As part of its assessment, the Corporation considers all goods and/or services promised in the contract, regardless of whether they are explicitly stated or implied by customary business practices. The Corporation’s contracts may contain either a single performance obligation, including the promise to transfer individual goods or services that are not separately distinct within the context of the respective contracts, or multiple performance obligations. For contracts with multiple performance obligations, the Corporation allocates the overall transaction price to each performance obligation using standalone selling prices, where available, or utilizes estimates for each distinct good or service in the contract where standalone prices are not available.
The Corporation’s performance obligations are satisfied either at a point-in-time or on an over-time basis. Typically, over-time revenue recognition is based on the utilization of an input measure used to measure progress, such as costs incurred to date relative to total estimated costs. If a performance obligation does not qualify for over-time revenue recognition, revenue is then recognized at the point-in-time in which control of the distinct good or service is transferred to the customer, typically based upon the terms of delivery.

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and six months ended June 30, 2024 and 2023:

Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Over-time50 %46 %50 %47 %
Point-in-time50 %54 %50 %53 %

Contract backlog represents the remaining performance obligations that have not yet been recognized as revenue. Backlog includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Total backlog was approximately $3.2 billion as of June 30, 2024, of which the Corporation expects to recognize approximately 88% as net sales over the next 36 months. The remainder will be recognized thereafter.

Disaggregation of Revenue

The following table presents the Corporation’s total net sales disaggregated by end market and customer type:

Total Net Sales by End Market and Customer TypeThree Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Aerospace & Defense
Aerospace Defense$154,104 $132,192 $286,178 $232,071 
Ground Defense84,939 70,875 175,700 137,132 
Naval Defense209,847 180,956 387,494 352,912 
Commercial Aerospace93,316 82,033 183,091 152,523 
Total Aerospace & Defense$542,206 $466,056 $1,032,463 $874,638 
Commercial
Power & Process$138,601 $131,000 $262,639 $251,338 
General Industrial103,984 107,340 202,856 209,280 
Total Commercial$242,585 $238,340 $465,495 $460,618 
Total$784,791 $704,396 $1,497,958 $1,335,256 

Contract Balances

Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. The Corporation’s contract assets primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenue recognized during the three and six months ended June 30, 2024 included in the contract liabilities balance as of January 1, 2024 was approximately $71 million and $161 million, respectively. Revenue recognized during the three and six months ended June 30, 2023 included in the contract liabilities balance as of January 1, 2023 was approximately $58 million
and $147 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.
v3.24.2.u1
ACQUISITIONS
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
The Corporation continually evaluates potential acquisitions that either strategically fit within the Corporation’s existing portfolio or expand the Corporation’s portfolio into new product lines or adjacent markets.  The Corporation has completed numerous acquisitions that have been accounted for as business combinations and have resulted in the recognition of goodwill in the Corporation's financial statements.  This goodwill arises because the acquisition purchase price reflects the future earnings and cash flow potential in excess of the earnings and cash flows attributable to the current product and customer set at the time of acquisition.  Thus, goodwill inherently includes the know-how of the assembled workforce, the ability of the workforce to further improve the technology and product offerings, and the expected cash flows resulting from these efforts. Goodwill may also include expected synergies resulting from the complementary strategic fit these businesses bring to existing operations.

The Corporation allocates the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. In the months after closing, as the Corporation obtains additional information about these assets and liabilities, including through tangible and intangible asset appraisals, and as the Corporation learns more about the newly acquired business, it is able to refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment.  The Corporation will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required.

During the six months ended June 30, 2024, the Corporation acquired one business for an aggregate purchase price of $34 million. The Condensed Consolidated Statement of Earnings for the six months ended June 30, 2024 includes $2 million of total net sales and $1 million of net losses from the Corporation's 2024 acquisition. During the six months ended June 30, 2023, the Corporation did not complete any acquisitions.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the acquisition consummated during the six months ended June 30, 2024.

(In thousands)2024
Accounts receivable$3,203 
Other current and non-current assets200 
Intangible assets17,900 
Operating lease right-of-use assets, net1,516 
Current and non-current liabilities(4,918)
Deferred income taxes(4,116)
Net tangible and intangible assets13,785 
Goodwill19,971 
Total purchase price$33,756 
Goodwill deductible for tax purposes$— 

2024 Acquisition

WSC Inc. (WSC)

On April 1, 2024, the Corporation completed the acquisition of WSC for $34 million. The Share Purchase Agreement contains representations and warranties customary for a transaction of this type, including a portion of the purchase price deposited in escrow as security for potential indemnification claims against seller. The acquired business, which operates within the Naval & Power segment, is a provider of simulation technology that supports the design, commissioning, and reliable operation of commercial nuclear power generation and process plants. The acquisition is subject to post-closing adjustments with the purchase price allocation not yet complete.

2024 Acquisition to be completed
Ultra Nuclear Limited and Weed Instrument Co., Inc. (Ultra Energy)

On June 3, 2024, the Corporation announced that it entered into an agreement to acquire the stock of Ultra Energy, a subsidiary of Ultra Electronics, for $200 million in cash. Ultra Energy is a designer and manufacturer of reactor protection systems, neutron monitoring systems, radiation monitoring systems, and temperature and pressure sensors. The acquisition is expected to close in the third quarter of 2024, subject to UK regulatory approval, with the acquired business to operate within the Naval & Power segment.
v3.24.2.u1
RECEIVABLES
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
RECEIVABLES RECEIVABLES
Receivables primarily include amounts billed to customers, unbilled charges on long-term contracts consisting of amounts recognized as sales but not billed, and other receivables. Substantially all amounts of unbilled receivables are expected to be billed and collected within one year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial.

The composition of receivables is as follows:
(In thousands)June 30, 2024December 31, 2023
Billed receivables:
Trade and other receivables$474,989 $427,830 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed347,622 309,561 
Less: Progress payments applied
— (687)
Net unbilled receivables347,622 308,874 
Less: Allowance for doubtful accounts
(5,476)(4,026)
Receivables, net$817,135 $732,678 
v3.24.2.u1
INVENTORIES
 6 Months Ended
Jun. 30, 2024
Inventory, Net [Abstract]  
INVENTORIES INVENTORIES
Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. Long-term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or net realizable value.

The composition of inventories is as follows:

(In thousands)June 30, 2024December 31, 2023
Raw materials$261,010 $239,313 
Work-in-process120,540 103,750 
Finished goods135,776 126,174 
Inventoried costs related to U.S. Government and other long-term contracts
42,553 43,255 
Inventories, net of reserves559,879 512,492 
Less:  Progress payments applied(737)(2,459)
Inventories, net$559,142 $510,033 
v3.24.2.u1
GOODWILL
 6 Months Ended
Jun. 30, 2024
Goodwill [Abstract]  
GOODWILL GOODWILL
The Corporation accounts for acquisitions by assigning the purchase price to acquired tangible and intangible assets and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts assigned is recorded as goodwill.
The changes in the carrying amount of goodwill for the six months ended June 30, 2024 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2023$325,131 $710,378 $523,317 $1,558,826 
Acquisitions— — 19,971 19,971 
Foreign currency translation adjustment(764)(4,690)(2,339)(7,793)
June 30, 2024$324,367 $705,688 $540,949 $1,571,004 
v3.24.2.u1
OTHER INTANGIBLE ASSETS, NET
 6 Months Ended
Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
OTHER INTANGIBLE ASSETS, NET OTHER INTANGIBLE ASSETS, NET
Intangible assets are generally the result of acquisitions and consist primarily of purchased technology and customer related intangibles. Intangible assets are amortized over useful lives that range between 1 to 20 years.  

The following tables present the cumulative composition of the Corporation’s intangible assets:

June 30, 2024December 31, 2023
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$311,884 $(202,231)$109,653 $308,256 $(195,446)$112,810 
Customer related intangibles680,466 (353,942)326,524 670,966 (339,325)331,641 
Programs (1)
144,000 (45,000)99,000 144,000 (41,400)102,600 
Other intangible assets54,879 (44,608)10,271 54,227 (43,666)10,561 
Total$1,191,229 $(645,781)$545,448 $1,177,449 $(619,837)$557,612 
(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program. 

During the six months ended June 30, 2024, the Corporation acquired intangible assets of $18 million. The Corporation acquired Customer-related intangibles of $12 million, Technology of $5 million, and Other intangible assets of $1 million, which have weighted average amortization periods of 18 years, 15 years, and 4 years, respectively.

Total intangible amortization expense for the six months ended June 30, 2024 was $29 million, as compared to $33 million in the comparable prior year period. The estimated future amortization expense of intangible assets over the next five years is as follows:

(In millions)
2024$57 
2025$55 
2026$54 
2027$51 
2028$45 
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
 
Interest Rate Risks and Related Strategies
 
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt.

Debt

The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of June 30, 2024. Accordingly, all of the Corporation’s debt
is valued as a Level 2 financial instrument. The fair values described below may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

June 30, 2024December 31, 2023
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.85% Senior notes due 2025
$90,000 $88,979 $90,000 $88,243 
4.24% Senior notes due 2026
200,000 194,089 200,000 195,556 
4.05% Senior notes due 2028
67,500 64,108 67,500 64,801 
4.11% Senior notes due 2028
90,000 84,874 90,000 85,999 
3.10% Senior notes due 2030
150,000 129,919 150,000 131,942 
3.20% Senior notes due 2032
150,000 124,759 150,000 127,649 
4.49% Senior notes due 2032
200,000 182,491 200,000 187,584 
4.64% Senior notes due 2034
100,000 90,311 100,000 92,961 
Total debt1,047,500 959,530 1,047,500 974,735 
Debt issuance costs, net(1,434)(1,434)(1,541)(1,541)
Unamortized interest rate swap proceeds3,589 3,589 4,403 4,403 
Total debt, net$1,049,655 $961,685 $1,050,362 $977,597 
v3.24.2.u1
PENSION PLANS
 6 Months Ended
Jun. 30, 2024
Retirement Benefits, Description [Abstract]  
PENSION PLANS PENSION PLANS
Defined Benefit Pension Plans

The following table is a consolidated disclosure of all domestic and foreign defined benefit pension plans as described in the Corporation’s 2023 Annual Report on Form 10-K filed with the SEC.  

The components of net periodic pension cost for the three and six months ended June 30, 2024 and 2023 were as follows:

Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Service cost$4,270 $4,137 $8,552 $8,264 
Interest cost8,585 8,811 17,178 17,601 
Expected return on plan assets(16,538)(15,858)(33,091)(31,678)
Amortization of prior service cost(7)(33)(15)(66)
Amortization of unrecognized actuarial loss266 76 532 153 
Net periodic pension cost$(3,424)$(2,867)$(6,844)$(5,726)

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the six months ended June 30, 2024, and does not expect to do so throughout the remainder of the year. Contributions to the foreign benefit plans are not expected to be material in 2024.

Defined Contribution Retirement Plan

The Company also maintains a defined contribution plan for all non-union employees who are not currently receiving final or career average pay benefits for its U.S. subsidiaries. The employer contributions include both employer match and non-elective contribution components up to a maximum employer contribution of 7% of eligible compensation. During the three and six months ended June 30, 2024, the expense relating to the plan was $6.7 million and $14.3 million, respectively. During the three and six months ended June 30, 2023, the expense relating to the plan was $6.1 million and $12.2 million, respectively.
v3.24.2.u1
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
 
Diluted earnings per share was computed based on the weighted-average number of shares outstanding plus all potentially dilutive common shares. A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:

 
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Basic weighted-average shares outstanding38,302 38,329 38,273 38,309 
Dilutive effect of deferred stock compensation199 226 187 219 
Diluted weighted-average shares outstanding38,501 38,555 38,460 38,528 

For the three and six months ended June 30, 2024, there were approximately 39,000 and 49,000 shares, respectively, issuable under equity-based awards that were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period. There were approximately 20,000 and 22,000 anti-dilutive equity-based awards for the three and six months ended June 30, 2023, respectively.
v3.24.2.u1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 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 EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Net sales
Aerospace & Industrial$233,591 $226,766 $453,138 $430,352 
Defense Electronics229,210 198,407 441,693 361,477 
Naval & Power323,206 280,731 605,419 547,545 
Less: Intersegment revenues(1,216)(1,508)(2,292)(4,118)
Total consolidated$784,791 $704,396 $1,497,958 $1,335,256 
Operating income (expense)
Aerospace & Industrial$35,246 $35,665 $62,712 $62,210 
Defense Electronics58,244 43,180 106,325 66,548 
Naval & Power46,283 46,782 81,474 84,719 
Corporate and other (1)
(10,876)(12,852)(21,653)(22,087)
Total consolidated$128,897 $112,775 $228,858 $191,390 
(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 EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Total operating income$128,897 $112,775 $228,858 $191,390 
Interest expense11,216 14,992 21,786 27,936 
Other income, net8,560 7,954 18,168 15,721 
Earnings before income taxes$126,241 $105,737 $225,240 $179,175 

(In thousands)June 30, 2024December 31, 2023
Identifiable assets
Aerospace & Industrial$1,074,812 $1,077,808 
Defense Electronics1,534,578 1,517,877 
Naval & Power1,612,588 1,496,063 
Corporate and Other526,216 529,221 
Total consolidated$4,748,194 $4,620,969 
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 
The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:
 
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2022$(160,807)$(98,109)$(258,916)
Other comprehensive income before reclassifications (1)
37,519 8,218 45,737 
Amounts reclassified from accumulated other comprehensive income (1)
— (44)(44)
Net current period other comprehensive income 37,519 8,174 45,693 
December 31, 2023$(123,288)$(89,935)$(213,223)
Other comprehensive income (loss) before reclassifications (1)
(21,023)363 (20,660)
Amounts reclassified from accumulated other comprehensive income (1)
— 395 395 
Net current period other comprehensive income (loss)(21,023)758 (20,265)
June 30, 2024$(144,311)$(89,177)$(233,488)
(1) All amounts are after tax.
v3.24.2.u1
CONTINGENCIES AND COMMITMENTS
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES AND COMMITMENTS CONTINGENCIES AND COMMITMENTS
From time to time, the Corporation and its subsidiaries are involved in legal proceedings that are incidental to the operation of our business. Some of these proceedings allege damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues, commercial or contractual disputes, and acquisitions or divestitures. The Corporation continues to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals and insurance coverage, the Corporation does not expect that such legal proceedings will have a material adverse impact on its condensed consolidated financial statements.

Legal Proceedings

The Corporation has been named in a number of lawsuits that allege injury from exposure to asbestos. To date, the Corporation has not been found liable for or paid any material sum of money in settlement in any asbestos-related case. The Corporation believes its minimal use of asbestos in its past operations as well as its acquired businesses’ operations and the relatively non-
friable condition of asbestos in its historical products makes it unlikely that it will face material liability in any asbestos litigation, whether individually or in the aggregate. The Corporation maintains insurance coverage and indemnification agreements for these potential liabilities and believes adequate coverage exists to cover any unanticipated asbestos liability.

Letters of Credit and Other Financial Arrangements

The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. As of June 30, 2024 and December 31, 2023, there were $18 million and $20 million of stand-by letters of credit outstanding, respectively, and $11 million and $16 million of bank guarantees outstanding, respectively. In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility. The Corporation has provided this financial assurance in the form of a $35 million surety bond.
v3.24.2.u1
RESTRUCTURING COSTS
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING COSTS RESTRUCTURING COSTS
During the quarter ended June 30, 2024, the Corporation executed restructuring activities across all of its segments to support its ongoing effort of improving operating efficiency ("2024 Restructuring Program"). These activities, which primarily include workforce reductions, consolidation of facilities, and costs related to legal entity restructuring, resulted in pre-tax charges of approximately $4 million for the three and six months ended June 30, 2024. The Company anticipates that these actions will be substantially completed by June 30, 2025.

The following tables summarize the respective balances related to these restructuring activities by both reportable segment as well as on a consolidated basis:

In thousandsRestructuring Liability as of December 31, 2023ProvisionCash PaymentsRestructuring Liability as of June 30, 2024
Aerospace & Industrial
Severance$— $835 $(770)$65 
Facility closure and other costs— 392 (92)300 
Total Aerospace & Industrial$— $1,227 $(862)$365 
Defense Electronics
Severance$— $526 $(368)$158 
Facility closure and other costs— — — — 
Total Defense Electronics$— $526 $(368)$158 
Naval & Power
Severance$— $198 $(198)$— 
Facility closure and other costs— — — — 
Total Naval & Power$— $198 $(198)$— 
Consolidated (including Corporate)
Severance$— $1,776 $(1,345)$431 
Facility closure and other costs— 1,142 (124)1,018 
Total consolidated$— $2,918 $(1,469)$1,449 
A reconciliation of total pre-tax restructuring charges is as follows:
Affected line item in the Condensed Consolidated Statement of Earnings
Six months ended
(In thousands)June 30, 2024
Inventory write-downsCost of product sales$1,394 
Severance, facility closure, and other costsRestructuring expenses2,918 
Total restructuring chargesEarnings before income taxes$4,312 

There were no such comparable charges for the three or six months ended June 30, 2023.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net earnings $ 99,471 $ 80,999 $ 175,966 $ 137,845
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Jun. 30, 2024
shares
Jun. 30, 2024
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
During the six months ended June 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K, except as described in the table below:

Name
Title
Action
Character of Trading Arrangement(1)
Adoption Date
Earliest Sale Date
Expiration Date(2)
Aggregate # of securities to be purchased or sold(3)
Kevin M. Rayment
Vice President and Chief Operating Officer
Adoption
Rule 10b5-1 Trading Arrangement
March 3, 2024
June 3, 2024
December 31, 2024
Up to 8,415 shares to be sold

1.Except as indicated by footnote, the trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended.

2.The Rule 10b5-1 trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all purchases or sales, (b) the date listed in the table, or (c) such date the trading arrangement is otherwise terminated according to its terms. The trading arrangements also provide for automatic expiration in the event of death, dissolution, bankruptcy, or insolvency of the adopting person.

3.The volume of sales is based on pricing triggers outlined in the Rule 10b5-1 trading Arrangement.

The 10b5-1 Trading Arrangement in the above table included a representation from the officer to the broker administering the plan that such individual (i) was not in possession of any material nonpublic information regarding the Company or the securities subject to the plan and (ii) the plan was entered into good faith and not as part of a plan or scheme to evade securities law. A similar representation was made to the Company in connection with the adoption of the plan. Those representations were made as of the date of adoption of the 10b5-1 plan and speak only as of that date. In making those representations, there is no assurance with respect to any material nonpublic information of which the officer was unaware, or with respect to any
material nonpublic information acquired by the officer or the Company after the date of the representation. Actual sale transactions will be disclosed publicly through Form 144 and Form 4 filings with the SEC, as required.
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Kevin M. Rayment [Member]    
Trading Arrangements, by Individual    
Name Kevin M. Rayment  
Title Vice President and Chief Operating Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date March 3, 2024  
Expiration Date December 31, 2024  
Arrangement Duration 211 days  
Aggregate Available 8,415 8,415
v3.24.2.u1
BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis Of Accounting
Curtiss-Wright Corporation along with its subsidiaries ("we," the "Corporation," or the "Company") is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets.

The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated.

The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations.

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three and six months ended June 30, 2024 and 2023, there were no significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements.
The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2023 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.
New Accounting Pronouncements Not Yet Adopted
New Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of significant reportable segment expenses that are regularly provided to the chief operating decision-maker ("CODM") and included within the Corporation's measure of segment profit or loss. ASU 2023-07 also requires that all disclosures around segment profit or loss and assets be provided on both an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 is required to be applied on a retrospective basis for all periods presented. The Corporation is currently evaluating the impact of adopting this standard on its financial statements, but does not expect it to have a material impact on its consolidated financial position, results of operations, or cash flows.
v3.24.2.u1
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and six months ended June 30, 2024 and 2023:

Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Over-time50 %46 %50 %47 %
Point-in-time50 %54 %50 %53 %
The following table presents the Corporation’s total net sales disaggregated by end market and customer type:

Total Net Sales by End Market and Customer TypeThree Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Aerospace & Defense
Aerospace Defense$154,104 $132,192 $286,178 $232,071 
Ground Defense84,939 70,875 175,700 137,132 
Naval Defense209,847 180,956 387,494 352,912 
Commercial Aerospace93,316 82,033 183,091 152,523 
Total Aerospace & Defense$542,206 $466,056 $1,032,463 $874,638 
Commercial
Power & Process$138,601 $131,000 $262,639 $251,338 
General Industrial103,984 107,340 202,856 209,280 
Total Commercial$242,585 $238,340 $465,495 $460,618 
Total$784,791 $704,396 $1,497,958 $1,335,256 
v3.24.2.u1
ACQUISITIONS (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the acquisition consummated during the six months ended June 30, 2024.

(In thousands)2024
Accounts receivable$3,203 
Other current and non-current assets200 
Intangible assets17,900 
Operating lease right-of-use assets, net1,516 
Current and non-current liabilities(4,918)
Deferred income taxes(4,116)
Net tangible and intangible assets13,785 
Goodwill19,971 
Total purchase price$33,756 
Goodwill deductible for tax purposes$— 
v3.24.2.u1
RECEIVABLES (Table)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule Of Accounts Notes Loans And Financing Receivable
The composition of receivables is as follows:
(In thousands)June 30, 2024December 31, 2023
Billed receivables:
Trade and other receivables$474,989 $427,830 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed347,622 309,561 
Less: Progress payments applied
— (687)
Net unbilled receivables347,622 308,874 
Less: Allowance for doubtful accounts
(5,476)(4,026)
Receivables, net$817,135 $732,678 
v3.24.2.u1
INVENTORIES (Table)
 6 Months Ended
Jun. 30, 2024
Inventory, Net [Abstract]  
Schedule Of Inventory
The composition of inventories is as follows:

(In thousands)June 30, 2024December 31, 2023
Raw materials$261,010 $239,313 
Work-in-process120,540 103,750 
Finished goods135,776 126,174 
Inventoried costs related to U.S. Government and other long-term contracts
42,553 43,255 
Inventories, net of reserves559,879 512,492 
Less:  Progress payments applied(737)(2,459)
Inventories, net$559,142 $510,033 
v3.24.2.u1
GOODWILL (Table)
 6 Months Ended
Jun. 30, 2024
Goodwill [Abstract]  
Schedule Of Goodwill
The changes in the carrying amount of goodwill for the six months ended June 30, 2024 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2023$325,131 $710,378 $523,317 $1,558,826 
Acquisitions— — 19,971 19,971 
Foreign currency translation adjustment(764)(4,690)(2,339)(7,793)
June 30, 2024$324,367 $705,688 $540,949 $1,571,004 
v3.24.2.u1
OTHER INTANGIBLE ASSETS, NET (Table)
 6 Months Ended
Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule Of Intangible Assets By Major Class
The following tables present the cumulative composition of the Corporation’s intangible assets:

June 30, 2024December 31, 2023
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$311,884 $(202,231)$109,653 $308,256 $(195,446)$112,810 
Customer related intangibles680,466 (353,942)326,524 670,966 (339,325)331,641 
Programs (1)
144,000 (45,000)99,000 144,000 (41,400)102,600 
Other intangible assets54,879 (44,608)10,271 54,227 (43,666)10,561 
Total$1,191,229 $(645,781)$545,448 $1,177,449 $(619,837)$557,612 
(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] The estimated future amortization expense of intangible assets over the next five years is as follows:
(In millions)
2024$57 
2025$55 
2026$54 
2027$51 
2028$45 
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
June 30, 2024December 31, 2023
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.85% Senior notes due 2025
$90,000 $88,979 $90,000 $88,243 
4.24% Senior notes due 2026
200,000 194,089 200,000 195,556 
4.05% Senior notes due 2028
67,500 64,108 67,500 64,801 
4.11% Senior notes due 2028
90,000 84,874 90,000 85,999 
3.10% Senior notes due 2030
150,000 129,919 150,000 131,942 
3.20% Senior notes due 2032
150,000 124,759 150,000 127,649 
4.49% Senior notes due 2032
200,000 182,491 200,000 187,584 
4.64% Senior notes due 2034
100,000 90,311 100,000 92,961 
Total debt1,047,500 959,530 1,047,500 974,735 
Debt issuance costs, net(1,434)(1,434)(1,541)(1,541)
Unamortized interest rate swap proceeds3,589 3,589 4,403 4,403 
Total debt, net$1,049,655 $961,685 $1,050,362 $977,597 
v3.24.2.u1
PENSION PLANS (Table)
 6 Months Ended
Jun. 30, 2024
Retirement Benefits, Description [Abstract]  
Schedule Of Defined Benefit Plans Disclosures
The components of net periodic pension cost for the three and six months ended June 30, 2024 and 2023 were as follows:

Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Service cost$4,270 $4,137 $8,552 $8,264 
Interest cost8,585 8,811 17,178 17,601 
Expected return on plan assets(16,538)(15,858)(33,091)(31,678)
Amortization of prior service cost(7)(33)(15)(66)
Amortization of unrecognized actuarial loss266 76 532 153 
Net periodic pension cost$(3,424)$(2,867)$(6,844)$(5,726)
v3.24.2.u1
EARNINGS PER SHARE (Table)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Reconciliation A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:
 
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Basic weighted-average shares outstanding38,302 38,329 38,273 38,309 
Dilutive effect of deferred stock compensation199 226 187 219 
Diluted weighted-average shares outstanding38,501 38,555 38,460 38,528 
v3.24.2.u1
SEGMENT INFORMATION (Table)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment
Net sales and operating income by reportable segment were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Net sales
Aerospace & Industrial$233,591 $226,766 $453,138 $430,352 
Defense Electronics229,210 198,407 441,693 361,477 
Naval & Power323,206 280,731 605,419 547,545 
Less: Intersegment revenues(1,216)(1,508)(2,292)(4,118)
Total consolidated$784,791 $704,396 $1,497,958 $1,335,256 
Operating income (expense)
Aerospace & Industrial$35,246 $35,665 $62,712 $62,210 
Defense Electronics58,244 43,180 106,325 66,548 
Naval & Power46,283 46,782 81,474 84,719 
Corporate and other (1)
(10,876)(12,852)(21,653)(22,087)
Total consolidated$128,897 $112,775 $228,858 $191,390 
(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, and certain other expenses.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Adjustments to reconcile operating income to earnings before income taxes are as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Total operating income$128,897 $112,775 $228,858 $191,390 
Interest expense11,216 14,992 21,786 27,936 
Other income, net8,560 7,954 18,168 15,721 
Earnings before income taxes$126,241 $105,737 $225,240 $179,175 
Reconciliation Of Assets From Segment To Consolidated
(In thousands)June 30, 2024December 31, 2023
Identifiable assets
Aerospace & Industrial$1,074,812 $1,077,808 
Defense Electronics1,534,578 1,517,877 
Naval & Power1,612,588 1,496,063 
Corporate and Other526,216 529,221 
Total consolidated$4,748,194 $4,620,969 
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Comprehensive Income (Loss)
The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:
 
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2022$(160,807)$(98,109)$(258,916)
Other comprehensive income before reclassifications (1)
37,519 8,218 45,737 
Amounts reclassified from accumulated other comprehensive income (1)
— (44)(44)
Net current period other comprehensive income 37,519 8,174 45,693 
December 31, 2023$(123,288)$(89,935)$(213,223)
Other comprehensive income (loss) before reclassifications (1)
(21,023)363 (20,660)
Amounts reclassified from accumulated other comprehensive income (1)
— 395 395 
Net current period other comprehensive income (loss)(21,023)758 (20,265)
June 30, 2024$(144,311)$(89,177)$(233,488)
(1) All amounts are after tax.
v3.24.2.u1
RESTRUCTURING COSTS (Tables)
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Reserve Activities
The following tables summarize the respective balances related to these restructuring activities by both reportable segment as well as on a consolidated basis:

In thousandsRestructuring Liability as of December 31, 2023ProvisionCash PaymentsRestructuring Liability as of June 30, 2024
Aerospace & Industrial
Severance$— $835 $(770)$65 
Facility closure and other costs— 392 (92)300 
Total Aerospace & Industrial$— $1,227 $(862)$365 
Defense Electronics
Severance$— $526 $(368)$158 
Facility closure and other costs— — — — 
Total Defense Electronics$— $526 $(368)$158 
Naval & Power
Severance$— $198 $(198)$— 
Facility closure and other costs— — — — 
Total Naval & Power$— $198 $(198)$— 
Consolidated (including Corporate)
Severance$— $1,776 $(1,345)$431 
Facility closure and other costs— 1,142 (124)1,018 
Total consolidated$— $2,918 $(1,469)$1,449 
Schedule of Pre-tax Restructuring Charges
A reconciliation of total pre-tax restructuring charges is as follows:
Affected line item in the Condensed Consolidated Statement of Earnings
Six months ended
(In thousands)June 30, 2024
Inventory write-downsCost of product sales$1,394 
Severance, facility closure, and other costsRestructuring expenses2,918 
Total restructuring chargesEarnings before income taxes$4,312 
v3.24.2.u1
REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Sales $ 784,791 $ 704,396 $ 1,497,958 $ 1,335,256
Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 542,206 466,056 1,032,463 874,638
Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales 242,585 238,340 465,495 460,618
Aerospace Defense [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 154,104 132,192 286,178 232,071
Ground Defense [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 84,939 70,875 175,700 137,132
Naval Defense [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 209,847 180,956 387,494 352,912
Commercial Aerospace [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 93,316 82,033 183,091 152,523
Power & Process [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales 138,601 131,000 262,639 251,338
General Industrial [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales $ 103,984 $ 107,340 $ 202,856 $ 209,280
Transferred over Time [Member]        
Disaggregation of Revenue [Line Items]        
Net Sales, Net, Percent 50.00% 46.00% 50.00% 47.00%
Transferred at Point in Time [Member]        
Disaggregation of Revenue [Line Items]        
Net Sales, Net, Percent 50.00% 54.00% 50.00% 53.00%
v3.24.2.u1
REVENUE (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]        
Contract with Customer, Liability, Revenue Recognized $ 71 $ 58 $ 161 $ 147
Revenue, Remaining Performance Obligation, Amount $ 3,200   $ 3,200  
Revenue, Remaining Performance Obligation, Percentage 88.00%   88.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation     36 months  
v3.24.2.u1
ACQUISITIONS (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Business Acquisition [Line Items]    
Goodwill $ 1,571,004 $ 1,558,826
WSC    
Business Acquisition [Line Items]    
Accounts receivable 3,203  
Other current and non-current assets 200  
Intangible assets 17,900  
Operating lease right-of-use assets, net 1,516  
Current and non-current liabilities (4,918)  
Deferred income taxes (4,116)  
Net tangible and intangible assets 13,785  
Goodwill 19,971  
Total purchase price 33,756  
Goodwill deductible for tax purposes $ 0  
v3.24.2.u1
ACQUISITIONS - (Narrative) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 03, 2024
USD ($)
Apr. 01, 2024
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
NumberAcquisitions
Jun. 30, 2023
USD ($)
Business Acquisition [Line Items]            
Net loss     $ (99,471) $ (80,999) $ (175,966) $ (137,845)
WSC            
Business Acquisition [Line Items]            
Number of Businesses Acquired | NumberAcquisitions         1  
Consideration for acquisition   $ 34,000        
Revenues         $ 2,000  
Net loss         $ 1,000  
Ultra Energy            
Business Acquisition [Line Items]            
Consideration for acquisition $ 200,000          
v3.24.2.u1
RECEIVABLES (Detail) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Billed receivables:    
Trade and other receivables $ 474,989 $ 427,830
Unbilled receivables:    
Recoverable costs and estimated earnings not billed 347,622 309,561
Less: Progress payments applied 0 (687)
Net unbilled receivables 347,622 308,874
Less: Allowance for doubtful accounts (5,476) (4,026)
Receivables, net $ 817,135 $ 732,678
v3.24.2.u1
INVENTORIES (Detail) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Inventory, Net [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 261,010 $ 239,313
Inventory, Work in Process, Net of Reserves 120,540 103,750
Inventory, Finished Goods, Net of Reserves 135,776 126,174
Inventory For Long-term Contracts Or Programs, Net Of Reserves 42,553 43,255
Inventories, Net of Reserves 559,879 512,492
Progress Payments Netted Against Inventory for Long-term Contracts or Programs (737) (2,459)
Inventory, Net, Total $ 559,142 $ 510,033
v3.24.2.u1
GOODWILL (Detail)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Goodwill [Roll Forward]  
December 31, 2023 $ 1,558,826
Acquisitions 19,971
Foreign currency translation adjustment (7,793)
June 30, 2024 1,571,004
Aerospace & Industrial  
Goodwill [Roll Forward]  
December 31, 2023 325,131
Acquisitions 0
Foreign currency translation adjustment (764)
June 30, 2024 324,367
Defense Electronics  
Goodwill [Roll Forward]  
December 31, 2023 710,378
Acquisitions 0
Foreign currency translation adjustment (4,690)
June 30, 2024 705,688
Naval & Power  
Goodwill [Roll Forward]  
December 31, 2023 523,317
Acquisitions 19,971
Foreign currency translation adjustment (2,339)
June 30, 2024 $ 540,949
v3.24.2.u1
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]    
Gross $ 1,191,229 $ 1,177,449
Accumulated Amortization (645,781) (619,837)
Net 545,448 557,612
Technology    
Finite Lived Intangible Assets [Line Items]    
Gross 311,884 308,256
Accumulated Amortization (202,231) (195,446)
Net 109,653 112,810
Customer related intangibles    
Finite Lived Intangible Assets [Line Items]    
Gross 680,466 670,966
Accumulated Amortization (353,942) (339,325)
Net 326,524 331,641
Programs (1)    
Finite Lived Intangible Assets [Line Items]    
Gross 144,000 144,000
Accumulated Amortization (45,000) (41,400)
Net 99,000 102,600
Other intangible assets    
Finite Lived Intangible Assets [Line Items]    
Gross 54,879 54,227
Accumulated Amortization (44,608) (43,666)
Net $ 10,271 $ 10,561
v3.24.2.u1
OTHER INTANGIBLE ASSETS, NET - Estimated Future Amortization (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Finite Lived Intangible Assets [Line Items]    
Amortization expense $ 29.0 $ 33.0
Future amortization expense in remainder of fiscal year 57.0  
Future amortization expense in year one 55.0  
Future amortization expense in year two 54.0  
Future amortization expense in year three 51.0  
Future amortization expense in year four $ 45.0  
v3.24.2.u1
OTHER INTANGIBLE ASSETS, NET - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Finite Lived Intangible Assets [Line Items]  
Finite-lived Intangible Assets Acquired $ 18
Customer related intangibles  
Finite Lived Intangible Assets [Line Items]  
Finite-lived Intangible Assets Acquired $ 12
Finite-Lived Intangible Asset, Useful Life 18 years
Technology  
Finite Lived Intangible Assets [Line Items]  
Finite-lived Intangible Assets Acquired $ 5
Finite-Lived Intangible Asset, Useful Life 15 years
Other intangible assets  
Finite Lived Intangible Assets [Line Items]  
Finite-lived Intangible Assets Acquired $ 1
Finite-Lived Intangible Asset, Useful Life 4 years
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 1,049,655 $ 1,050,362
Long-term Debt, Gross 1,047,500 1,047,500
Debt Issuance Costs, Net (1,434) (1,541)
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge 3,589 4,403
Estimated Fair Value 961,685 977,597
3.85% Senior notes due 2025    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value 90,000 90,000
Estimated Fair Value $ 88,979 88,243
Debt Instrument, Interest Rate, Stated Percentage 3.85%  
4.24% Senior notes due 2026    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 200,000 200,000
Estimated Fair Value $ 194,089 195,556
Debt Instrument, Interest Rate, Stated Percentage 4.24%  
4.05% Senior notes due 2028    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 67,500 67,500
Estimated Fair Value $ 64,108 64,801
Debt Instrument, Interest Rate, Stated Percentage 4.05%  
4.11% Senior notes due 2028    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 90,000 90,000
Estimated Fair Value $ 84,874 85,999
Debt Instrument, Interest Rate, Stated Percentage 4.11%  
3.10% Senior notes due 2030    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 150,000 150,000
Estimated Fair Value $ 129,919 131,942
Debt Instrument, Interest Rate, Stated Percentage 3.10%  
3.20% Senior notes due 2032    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 150,000 150,000
Estimated Fair Value $ 124,759 127,649
Debt Instrument, Interest Rate, Stated Percentage 3.20%  
4.49% Senior notes due 2032    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 200,000 200,000
Estimated Fair Value $ 182,491 187,584
Debt Instrument, Interest Rate, Stated Percentage 4.49%  
4.64% Senior notes due 2034    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 100,000 100,000
Estimated Fair Value $ 90,311 92,961
Debt Instrument, Interest Rate, Stated Percentage 4.64%  
Long-term Debt, Gross    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Estimated Fair Value $ 959,530 $ 974,735
v3.24.2.u1
PENSION PLANS (Detail) - Pension Plans Defined Benefit [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 4,270 $ 4,137 $ 8,552 $ 8,264
Interest cost 8,585 8,811 17,178 17,601
Expected return on plan assets (16,538) (15,858) (33,091) (31,678)
Amortization of prior service cost (7) (33) (15) (66)
Amortization of unrecognized actuarial loss 266 76 532 153
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total $ (3,424) $ (2,867) $ (6,844) $ (5,726)
v3.24.2.u1
PENSION PLANS (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Defined Contribution Plan Disclosure [Line Items]        
Defined Contribution Plan, Employer Contribution, Percentage, Maximum     7.00%  
Defined Contribution Plan, Cost $ 6.7 $ 6.1 $ 14.3 $ 12.2
v3.24.2.u1
EARNINGS PER SHARE (Detail) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share Reconciliation [Abstract]        
Basic weighted-average shares outstanding (shares) 38,302 38,329 38,273 38,309
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 199 226 187 219
Diluted weighted-average shares outstanding (shares) 38,501 38,555 38,460 38,528
v3.24.2.u1
EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 39,000 20,000 49,000 22,000
v3.24.2.u1
SEGMENT INFORMATION (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Net sales $ 784,791 $ 704,396 $ 1,497,958 $ 1,335,256  
Operating income (expense) 128,897 112,775 228,858 191,390  
Identifiable assets 4,748,194   4,748,194   $ 4,620,969
Operating Segments | Aerospace & Industrial          
Segment Reporting Information [Line Items]          
Net sales 233,591 226,766 453,138 430,352  
Operating income (expense) 35,246 35,665 62,712 62,210  
Identifiable assets 1,074,812   1,074,812   1,077,808
Operating Segments | Defense Electronics          
Segment Reporting Information [Line Items]          
Net sales 229,210 198,407 441,693 361,477  
Operating income (expense) 58,244 43,180 106,325 66,548  
Identifiable assets 1,534,578   1,534,578   1,517,877
Operating Segments | Naval & Power          
Segment Reporting Information [Line Items]          
Net sales 323,206 280,731 605,419 547,545  
Operating income (expense) 46,283 46,782 81,474 84,719  
Identifiable assets 1,612,588   1,612,588   1,496,063
Intersegment Eliminations [Member]          
Segment Reporting Information [Line Items]          
Net sales (1,216) (1,508) (2,292) (4,118)  
Corporate, Non-Segment [Member]          
Segment Reporting Information [Line Items]          
Operating income (expense) (10,876) $ (12,852) (21,653) $ (22,087)  
Identifiable assets $ 526,216   $ 526,216   $ 529,221
v3.24.2.u1
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting [Abstract]        
Total operating income $ 128,897 $ 112,775 $ 228,858 $ 191,390
Interest expense (11,216) (14,992) (21,786) (27,936)
Other income, net 8,560 7,954 18,168 15,721
Earnings before income taxes $ 126,241 $ 105,737 $ 225,240 $ 179,175
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     $ (213,223) $ (258,916) $ (258,916)
Other comprehensive income (loss) before reclassifications     (20,660)   45,737
Amounts reclassified from accumulated other comprehensive loss     395   (44)
Other comprehensive income (loss), net of tax $ (5,233) $ 19,067 (20,265) 33,541 45,693
Ending balance (233,488)   (233,488)   (213,223)
Foreign Currency Translation Adjustments, Net [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     (123,288) (160,807) (160,807)
Other comprehensive income (loss) before reclassifications     (21,023)   37,519
Amounts reclassified from accumulated other comprehensive loss     0   0
Other comprehensive income (loss), net of tax     (21,023)   37,519
Ending balance (144,311)   (144,311)   (123,288)
Total Pension and Postretirement Adjustments, Net [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     (89,935) $ (98,109) (98,109)
Other comprehensive income (loss) before reclassifications     363   8,218
Amounts reclassified from accumulated other comprehensive loss     395   (44)
Other comprehensive income (loss), net of tax     758   8,174
Ending balance $ (89,177)   $ (89,177)   $ (89,935)
v3.24.2.u1
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Standby Letters Of Credit [Member]    
Loss Contingencies [Line Items]    
Letters of credit, outstanding $ 18.0 $ 20.0
FinancialStandbyLetterOfCreditMember    
Loss Contingencies [Line Items]    
Letters of credit, outstanding 11.0 $ 16.0
Surety Bond [Member]    
Loss Contingencies [Line Items]    
Surety Bond Outstanding $ 35.0  
v3.24.2.u1
RESTRUCTURING COSTS - Schedule of Restructuring Reserve Activities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Jun. 30, 2023
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   $ 0  
Provision $ 2,918 2,918 $ 0
Cash Payments   (1,469)  
Restructuring Liability, Ending Balance 1,449 1,449  
Aerospace & Industrial      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   1,227  
Cash Payments   (862)  
Restructuring Liability, Ending Balance 365 365  
Defense Electronics      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   526  
Cash Payments   (368)  
Restructuring Liability, Ending Balance 158 158  
Naval & Power      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   198  
Cash Payments   (198)  
Restructuring Liability, Ending Balance 0 0  
Severance      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   1,776  
Cash Payments   (1,345)  
Restructuring Liability, Ending Balance 431 431  
Severance | Aerospace & Industrial      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   835  
Cash Payments   (770)  
Restructuring Liability, Ending Balance 65 65  
Severance | Defense Electronics      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   526  
Cash Payments   (368)  
Restructuring Liability, Ending Balance 158 158  
Severance | Naval & Power      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   198  
Cash Payments   (198)  
Restructuring Liability, Ending Balance 0 0  
Facility closure and other costs      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   1,142  
Cash Payments   (124)  
Restructuring Liability, Ending Balance 1,018 1,018  
Facility closure and other costs | Aerospace & Industrial      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   392  
Cash Payments   (92)  
Restructuring Liability, Ending Balance 300 300  
Facility closure and other costs | Defense Electronics      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   0  
Cash Payments   0  
Restructuring Liability, Ending Balance 0 0  
Facility closure and other costs | Naval & Power      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   0  
Cash Payments   0  
Restructuring Liability, Ending Balance $ 0 $ 0  
v3.24.2.u1
RESTRUCTURING COSTS - Schedule of Pre-tax Restructuring Charges (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Restructuring and Related Activities [Abstract]  
Inventory write-downs $ 1,394
Severance, facility closure, and other costs 2,918
Total restructuring charges $ 4,312
v3.24.2.u1
RESTRUCTURING COSTS - Narrative (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Restructuring and Related Activities [Abstract]  
Total restructuring charges $ 4,312
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