Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Security Exchange Name | NYSE | |
Title of 12(b) Security | Common Stock | |
Entity Interactive Data Current | Yes | |
City Area Code | 704 | |
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 | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 1-134 | |
Entity Registrant Name | CURTISS WRIGHT CORP | |
Entity Central Index Key | 0000026324 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity common stock shares outstanding | 40,938,233 | |
Trading Symbol | CW | |
Entity Current Reporting Status | Yes | |
Emerging Company | false | |
Small Business | false | |
Entity Tax Identification Number | 13-0612970 | |
Local Phone Number | 869-4600 | |
Entity Shell Company | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net Sales | ||
Net sales | $ 597,059 | $ 601,231 |
Cost of sales | ||
Cost of sales | 387,302 | 400,652 |
Gross profit | 209,757 | 200,579 |
Research and development expenses | 21,863 | 18,307 |
Selling expenses | 29,596 | 31,588 |
General and administrative expenses | 73,232 | 76,658 |
Restructuring expenses | 0 | 1,580 |
Operating income | 85,066 | 72,446 |
Interest expense | (9,959) | (7,489) |
Other income, net | 4,843 | 5,532 |
Earnings from continuing operations before income taxes | 79,950 | 70,489 |
Provision for income taxes | (20,481) | (18,728) |
Net earnings | $ 59,469 | $ 51,761 |
Basic earnings per share | ||
Basic earnings per share (usd per share) | $ 1.45 | $ 1.22 |
Diluted earnings per share | ||
Diluted earnings per share (usd per share) | 1.45 | 1.21 |
Dividends per share | $ 0.17 | $ 0.17 |
Weighted average shares outstanding: | ||
Basic (shares) | 40,933 | 42,456 |
Diluted (shares) | 41,103 | 42,770 |
Product | ||
Net Sales | ||
Net sales | $ 508,975 | $ 497,929 |
Cost of sales | ||
Cost of sales | 329,454 | 330,813 |
Service | ||
Net Sales | ||
Net sales | 88,084 | 103,302 |
Cost of sales | ||
Cost of sales | $ 57,848 | $ 69,839 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 59,469 | $ 51,761 | |
Other comprehensive income | |||
Foreign currency translation, net of tax | [1] | (3,960) | (50,275) |
Pension and postretirement adjustments, net of tax | [2] | 5,600 | 4,681 |
Other comprehensive income (loss), net of tax | 1,640 | (45,594) | |
Comprehensive income | $ 61,109 | $ 6,167 | |
[1] | The tax benefit (expense) included in foreign currency translation adjustments for the three months ended March 31, 2021 and 2020 was immaterial. | ||
[2] | The tax expense included in pension and postretirement adjustments for the three months ended March 31, 2021 and 2020 was $1.7 million and $1.3 million, respectively. |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | [1] | $ 1.7 | $ 1.3 |
[1] | The tax expense included in pension and postretirement adjustments for the three months ended March 31, 2021 and 2020 was $1.7 million and $1.3 million, respectively. |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 147,069 | $ 198,248 |
Receivables, net | 617,499 | 588,718 |
Inventories, net | 446,632 | 428,879 |
Assets held for sale | 27,055 | 27,584 |
Other current assets | 48,484 | 57,395 |
Total current assets | 1,286,739 | 1,300,824 |
Property, plant, and equipment, net | 369,970 | 378,200 |
Goodwill | 1,465,224 | 1,455,137 |
Other intangible assets, net | 583,195 | 609,630 |
Operating Lease, Right-of-Use Asset | 143,969 | 150,898 |
Prepaid pension asset | 99,087 | 92,531 |
Other assets | 32,866 | 34,114 |
Total assets | 3,981,050 | 4,021,334 |
Current liabilities: | ||
Current portion of long-term debt and short-term debt | 100,000 | 100,000 |
Accounts payable | 160,765 | 201,237 |
Accrued expenses | 108,486 | 140,200 |
Income taxes payable | 18,399 | 6,633 |
Deferred revenue | 238,742 | 253,411 |
Total liabilities held for sale, current | 9,132 | 10,141 |
Other current liabilities | 99,278 | 98,755 |
Total current liabilities | 734,802 | 810,377 |
Long-term debt | 957,907 | 958,292 |
Deferred tax liabilities, net | 114,791 | 115,007 |
Accrued pension and other postretirement benefit costs | 98,645 | 98,345 |
Long-term operating lease liability | 126,454 | 133,069 |
Long-term portion of environmental reserves | 15,305 | 15,422 |
Other liabilities | 94,982 | 103,248 |
Total liabilities | 2,142,886 | 2,233,760 |
Stockholders' Equity | ||
Common stock, $1 par value,100,000,000 shares authorized as of March 31, 2021 and December 31, 2020; 49,187,378 shares issued as of March 31, 2021 and December 31, 2020; outstanding shares were 40,943,314 as of March 31, 2021 and 40,916,429 as of December 31, 2020 | 49,187 | 49,187 |
Additional paid in capital | 119,172 | 122,535 |
Retained earnings | 2,722,829 | 2,670,328 |
Accumulated other comprehensive loss | (309,216) | (310,856) |
Common treasury stock, at cost (8,244,064 shares as of March 31, 2021 and 8,270,949 shares as of December 31, 2020) | (743,808) | (743,620) |
Total stockholders' equity | 1,838,164 | 1,787,574 |
Total liabilities and stockholders' equity | $ 3,981,050 | $ 4,021,334 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 1 | $ 1 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 49,187,378 | 49,187,378 |
Common Stock, Shares, Outstanding | 40,943,314 | 40,916,429 |
Treasury Stock, Shares | 8,244,064 | 8,270,949 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net earnings | $ 59,469 | $ 51,761 |
Adjustments to reconcile net earnings to net cash used for operating activities | ||
Depreciation and amortization | 28,595 | 28,142 |
Gain on sale/disposal of long-lived assets | (349) | (387) |
Deferred income taxes | 3,629 | 2,809 |
Share-based compensation | 3,327 | 3,340 |
Inventory Write-down | 0 | 1,205 |
Change in operating assets and liabilities, net of businesses acquired and divested: | ||
Accounts receivable, net | (27,593) | (1,614) |
Inventories, net | (18,059) | (24,099) |
Progress payments | (1,114) | (1,906) |
Accounts payable and accrued expenses | (71,528) | (98,179) |
Deferred revenue | (14,836) | (23,298) |
Income taxes payable | 16,247 | 22,783 |
Net pension and postretirement liabilities | 1,182 | (149,468) |
Other current and long-term assets and liabilities | (5,573) | (3,665) |
Net cash used for operating activities | (26,603) | (192,576) |
Cash flows from investing activities: | ||
Proceeds from sale/disposal of long-lived assets | 1,022 | 2,006 |
Additions to property, plant, and equipment | (8,537) | (18,637) |
Acquisition of business, net of cash acquired | 0 | 51,043 |
Additional consideration paid on prior year acquisitions | 5,340 | 0 |
Net cash used for investing activities | (12,855) | (67,674) |
Cash flows from financing activities: | ||
Borrowings under revolving credit facility | 65,301 | 188,724 |
Payment of revolving credit facility | 65,301 | 42,297 |
Repurchases of common stock | (11,797) | (112,013) |
Proceeds from share-based compensation | 4,919 | 5,066 |
Proceeds from (Payments for) Other Financing Activities | (229) | (212) |
Net cash provided by (used for) financing activities | (7,107) | 39,268 |
Effect of exchange-rate changes on cash | (4,614) | (12,294) |
Net decrease in cash and cash equivalents | (51,179) | (233,276) |
Cash and cash equivalents at beginning of period | 198,248 | 391,033 |
Cash and cash equivalents at end of period | $ 147,069 | $ 157,757 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Common Stock Member | Additional Paid In Capital Member | Retained Earnings Member | Accumulated Other Comprehensive Loss Member | Treasury Stock Member |
Beginning Balance at Dec. 31, 2019 | $ 49,187 | $ 116,070 | $ 2,497,111 | $ (325,274) | $ (562,722) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | $ 51,761 | 51,761 | ||||
Other Comprehensive Income (Loss), Net of Tax | (45,594) | (45,594) | ||||
Dividends paid/declared | (7,095) | |||||
Restricted stock | (4,115) | 4,115 | ||||
Employee stock purchase plan and stock options exercised | 350 | 4,716 | ||||
Share-based compensation | 3,123 | 217 | ||||
Repurchases of common stock | (112,013) | |||||
Other | (517) | 517 | ||||
Ending Balance at Mar. 31, 2020 | 49,187 | 114,911 | 2,541,777 | (370,868) | (665,170) | |
Beginning Balance at Dec. 31, 2019 | 49,187 | 116,070 | 2,497,111 | (325,274) | (562,722) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Other Comprehensive Income (Loss), Net of Tax | 14,418 | |||||
Ending Balance at Dec. 31, 2020 | 1,787,574 | 49,187 | 122,535 | 2,670,328 | (310,856) | (743,620) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net earnings | 59,469 | 59,469 | ||||
Other Comprehensive Income (Loss), Net of Tax | 1,640 | 1,640 | ||||
Dividends paid/declared | (6,968) | |||||
Restricted stock | (6,407) | 6,407 | ||||
Employee stock purchase plan and stock options exercised | 411 | 4,508 | ||||
Share-based compensation | 3,230 | 97 | ||||
Repurchases of common stock | (11,797) | |||||
Other | (597) | 597 | ||||
Ending Balance at Mar. 31, 2021 | $ 1,838,164 | $ 49,187 | $ 119,172 | $ 2,722,829 | $ (309,216) | $ (743,808) |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Treasury Stock, Shares, Acquired | 0.1 | 1.1 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global, diversified manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power & process, and general 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. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of these financial statements. 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 months ended March 31, 2021 and 2020, 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 2020 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. |
REVENUE
REVENUE | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | 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 months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Over-time 52 % 52 % Point-in-time 48 % 48 % 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 $2.1 billion as of March 31, 2021, 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 Type Three Months Ended March 31, (In thousands) 2021 2020 Aerospace & Defense Aerospace Defense $ 111,016 $ 101,827 Ground Defense 55,746 22,657 Naval Defense 177,905 165,693 Commercial Aerospace 57,269 100,680 Total Aerospace & Defense $ 401,936 $ 390,857 Commercial Power & Process 105,504 123,926 General Industrial 89,619 86,448 Total Commercial $ 195,123 $ 210,374 Total $ 597,059 $ 601,231 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 months ended March 31, 2021 and 2020 included in contract liabilities at the beginning of the respective years was approximately $77 million and $89 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet. |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [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 three months ended March 31, 2021, the Corporation paid $5 million in regard to prior period acquisitions, which included a working capital adjustment on the acquisition of Pacific Star Communications, Inc. (PacStar), as well as a portion of the purchase price on the acquisition of Dyna-Flo Control Valve Services Ltd. (Dyna-Flo), which was initially held back in accordance with the terms of the Purchase Agreement. During the three months ended March 31, 2020, the Corporation acquired one business for an aggregate purchase price of $60 million, which is described in more detail below. 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 three months ended March 31, 2020. (In thousands) 2020 Accounts receivable $ 2,696 Inventory 10,233 Property, plant, and equipment 1,316 Other current and non-current assets 185 Intangible assets 24,734 Operating lease right-of-use assets, net 1,992 Current and non-current liabilities (9,387) Net tangible and intangible assets 31,769 Goodwill 28,442 Total purchase price $ 60,211 Goodwill deductible for tax purposes 23,800 2020 Acquisition Dyna-Flo On February 28, 2020, the Corporati on acquired 100% of the issued and outstanding share capital of Dyna- Flo for $60 million, net of cash acquired. The Purchase Agreement contains representations and warranties customary for a transaction of this type, including a portion of the purchase price held back as security for potential indemnification claims against the seller. Dyna-Flo specializes in control valves, actuators, and control systems for the chemical, petrochemical, and oil and gas markets. The acquired business operates within the Naval & Power segment. |
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
ASSETS HELD FOR SALE | ASSETS HELD FOR SALE During the fourth quarter of 2020, the Corporation committed to a plan to sell its industrial valve business in Germany, which is reported within its Naval & Power segment. The business met the criteria to be classified as held for sale in the fourth quarter of 2020. Accordingly, the assets and liabilities of the business are presented as held for sale in the Corporation's Condensed Consolidated Balance Sheet. The aforementioned assets and liabilities classified as held for sale have been measured at the lower of carrying value or fair value less costs to sell, which resulted in an impairment loss of $33 million in the fourth quarter of 2020. No impairment loss was recorded on the assets or liabilities held for sale during the three months ended March 31, 2021. The aggregate components of assets and liabilities classified as held for sale are as follows: (In thousands) March 31, 2021 December 31, 2020 Assets held for sale: Receivables, net $ 8,871 $ 9,902 Inventories, net 16,807 16,401 Other current assets 1,829 1,798 Property, plant, and equipment, net 4,673 4,821 Reserve for assets held for sale (5,125) (5,338) Total assets held for sale, current $ 27,055 $ 27,584 Liabilities held for sale: Accounts payable $ (2,219) $ (2,654) Accrued expenses (1,309) (1,375) Other current liabilities (173) (748) Accrued pension and other postretirement benefit costs (5,431) (5,364) Total liabilities held for sale, current $ (9,132) $ (10,141) |
RECEIVABLES
RECEIVABLES | 3 Months Ended |
Mar. 31, 2021 | |
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) March 31, 2021 December 31, 2020 Billed receivables: Trade and other receivables $ 365,874 $ 361,460 Unbilled receivables (contract assets): Recoverable costs and estimated earnings not billed 261,495 238,309 Less: Progress payments applied (2,294) (3,291) Net unbilled receivables 259,201 235,018 Less: Allowance for doubtful accounts (7,576) (7,760) Receivables, net $ 617,499 $ 588,718 |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2021 | |
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) March 31, 2021 December 31, 2020 Raw materials $ 190,874 $ 177,828 Work-in-process 86,760 80,729 Finished goods 120,594 120,767 Inventoried costs related to U.S. Government and other long-term contracts (1) 55,195 56,599 Inventories, net of reserves 453,423 435,923 Less: Progress payments applied (6,791) (7,044) Inventories, net $ 446,632 $ 428,879 (1) As of March 31, 2021 and December 31, 2020, this caption also includes capitalized development costs of $28.5 million and $29.7 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of March 31, 2021 and December 31, 2020, capitalized development costs of $12.6 million and $13.0 million, respectively, are not currently supported by existing firm orders. |
GOODWILL
GOODWILL | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill [Abstract] | |
GOODWILL | GOODWILL In connection with the change in reportable segments, the Corporation recast its previously reported goodwill balances as of December 31, 2020 on a relative fair value basis. As a result, the Corporation performed an interim quantitative impairment assessment of each of its reporting units, and concluded that no impairment existed as of March 31, 2021. Refer to Note 12 to the Condensed Consolidated Financial Statements for additional information on the Corporation’s reportable segments. The changes in the carrying amount of goodwill for the three months ended March 31, 2021 are as follows: (In thousands) Aerospace & Industrial Defense Electronics Naval & Power Consolidated December 31, 2020 $ 316,921 $ 703,915 $ 434,301 $ 1,455,137 Adjustments (1) — 11,228 — 11,228 Foreign currency translation adjustment 432 (1,320) (253) (1,141) March 31, 2021 $ 317,353 $ 713,823 $ 434,048 $ 1,465,224 |
OTHER INTANGIBLE ASSETS, NET
OTHER INTANGIBLE ASSETS, NET | 3 Months Ended |
Mar. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
OTHER INTANGIBLE ASSETS, NET | OTHER INTANGIBLE ASSETS, NET The following tables present the cumulative composition of the Corporation’s intangible assets: March 31, 2021 December 31, 2020 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Technology $ 275,291 $ (152,570) $ 122,721 $ 280,595 $ (148,064) $ 132,531 Customer related intangibles 569,959 (247,900) 322,059 573,722 (239,798) 333,924 Programs (1) 144,000 (21,600) 122,400 144,000 (19,800) 124,200 Other intangible assets 49,664 (33,649) 16,015 51,493 (32,518) 18,975 Total $ 1,038,914 $ (455,719) $ 583,195 $ 1,049,810 $ (440,180) $ 609,630 (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. Total intangible amortization expense for the three months ended March 31, 2021 was $14.9 million as compared to $14.1 million in the comparable prior year period. The estimated amortization expense for the five years ending December 31, 2021 through 2025 is $59.5 million, $55.3 million, $51.5 million, $48.1 million, and $45.5 million, respectively. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS Forward Foreign Exchange and Currency Option Contracts The Corporation has foreign currency exposure primarily in the United Kingdom, Europe, and Canada. The Corporation uses financial instruments, such as forward and option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. Guidance on accounting for derivative instruments and hedging activities requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the Condensed Consolidated Balance Sheets based upon quoted market prices for comparable 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. Effects on Condensed Consolidated Balance Sheets As of March 31, 2021 and December 31, 2020, the fair values of the asset and liability derivative instruments were immaterial. Effects on Condensed Consolidated Statements of Earnings Undesignated hedges The gains and losses on forward exchange derivative contracts not designated for hedge accounting are recognized to general and administrative expenses within the Condensed Consolidated Statements of Earnings. The gain for the three months ended March 31, 2021 was immaterial. The loss for the three months ended March 31, 2020 was $8.1 million. 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 March 31, 2021. 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. March 31, 2021 December 31, 2020 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 3.84% Senior notes due 2021 $ 100,000 $ 101,796 $ 100,000 $ 102,173 3.70% Senior notes due 2023 202,500 211,611 202,500 211,790 3.85% Senior notes due 2025 90,000 96,673 90,000 97,429 4.24% Senior notes due 2026 200,000 219,392 200,000 224,390 4.05% Senior notes due 2028 67,500 72,994 67,500 75,440 4.11% Senior notes due 2028 90,000 97,438 90,000 101,047 3.10% Senior notes due 2030 150,000 148,971 150,000 155,805 3.20% Senior notes due 2032 150,000 146,813 150,000 155,048 Total debt 1,050,000 1,095,688 1,050,000 1,123,122 Debt issuance costs, net (1,084) (1,084) (1,147) (1,147) Unamortized interest rate swap proceeds 8,991 8,991 9,439 9,439 Total debt, net $ 1,057,907 $ 1,103,595 $ 1,058,292 $ 1,131,414 |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits, Description [Abstract] | |
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | PENSION PLANSDefined Benefit Pension Plans The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2020 Annual Report on Form 10-K. The components of net periodic pension cost for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, (In thousands) 2021 2020 Service cost $ 6,870 $ 6,611 Interest cost 4,306 6,058 Expected return on plan assets (15,180) (16,896) Amortization of prior service cost (63) (71) Amortization of unrecognized actuarial loss 7,143 5,749 Net periodic pension cost $ 3,076 $ 1,451 The Corporation does not expect to make any contributions to the Curtiss-Wright Pension Plan in 2021. Contributions to the foreign benefit plans are not expected to be material in 2021. During the three months ended March 31, 2020, the Corporation made a $150 million voluntary contribution to the Curtiss-Wright Pension Plan. 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 o f 7% of eligible compensation. During the three months ended March 31, 2021 and 2020, the expense relating to the plan was $5.3 million and $6.0 million, respectively. The Corporation made $11.8 million in contributions to the plan during the three months ended March 31, 2021 and expects to make total contributions of $19.0 million in 2021. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2021 | |
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 Ended March 31, (In thousands) 2021 2020 Basic weighted-average shares outstanding 40,933 42,456 Dilutive effect of stock options and deferred stock compensation 170 314 Diluted weighted-average shares outstanding 41,103 42,770 For the three months ended March 31, 2021, approximately 88,000 shares issuable under equity-based awards 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 no anti-dilutive equity-based awards for three months ended March 31, 2020. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Prior to the first quarter of 2021, the Corporation reported its results of operations through three reportable segments: Commercial/Industrial, Defense, and Power. On January 1, 2021, the Corporation implemented an organizational change to simplify its reportable segments and align its product sales with its end market structure. As a result, the Corporation now reports its results of operations through the following reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. While this organizational change resulted in the recasting of previously reported amounts across all reportable segments, it did not impact the Corporation’s previously reported consolidated financial statements. The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer. Net sales and operating income by reportable segment were as follows: Three Months Ended March 31, (In thousands) 2021 2020 Net sales Aerospace & Industrial $ 181,138 $ 227,021 Defense Electronics 182,298 140,311 Naval & Power 235,580 235,014 Less: Intersegment revenues (1,957) (1,115) Total consolidated $ 597,059 $ 601,231 Operating income (expense) Aerospace & Industrial $ 19,025 $ 32,140 Defense Electronics 36,623 24,063 Naval & Power 38,057 28,110 Corporate and other (1) (8,639) (11,867) Total consolidated $ 85,066 $ 72,446 (1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses. Adjustments to reconcile operating income to earnings before income taxes are as follows: Three Months Ended March 31, (In thousands) 2021 2020 Total operating income $ 85,066 $ 72,446 Interest expense 9,959 7,489 Other income, net 4,843 5,532 Earnings before income taxes $ 79,950 $ 70,489 (In thousands) March 31, 2021 December 31, 2020 Identifiable assets Aerospace & Industrial $ 1,017,236 $ 1,020,294 Defense Electronics 1,544,100 1,542,686 Naval & Power 1,256,745 1,255,325 Corporate and Other 135,914 175,445 Assets held for sale 27,055 27,584 Total consolidated $ 3,981,050 $ 4,021,334 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2021 | |
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, net Total pension and postretirement adjustments, net Accumulated other comprehensive income (loss) December 31, 2019 $ (130,019) $ (195,255) $ (325,274) Other comprehensive income (loss) before reclassifications (1) 41,282 (44,513) (3,231) Amounts reclassified from accumulated other comprehensive loss (1) — 17,649 17,649 Net current period other comprehensive income (loss) 41,282 (26,864) 14,418 December 31, 2020 $ (88,737) $ (222,119) $ (310,856) Other comprehensive income (loss) before reclassifications (1) (3,960) 350 (3,610) Amounts reclassified from accumulated other comprehensive income (loss) (1) — 5,250 5,250 Net current period other comprehensive income (loss) (3,960) 5,600 1,640 March 31, 2021 $ (92,697) $ (216,519) $ (309,216) (1) All amounts are after tax. Details of amounts reclassified from accumulated other comprehensive income (loss) are below: (In thousands) Amount reclassified from AOCI Affected line item in the statement where net earnings is presented Defined benefit pension and other postretirement benefit plans Amortization of prior service costs $ 216 Other income, net Amortization of actuarial losses (7,143) Other income, net (6,927) Earnings before income taxes 1,677 Provision for income taxes Total reclassifications $ (5,250) Net earnings |
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES AND COMMITMENTS | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES AND COMMITMENTS | CONTINGENCIES AND COMMITMENTS In the ordinary course of business, the Corporation and its subsidiaries are subject to various pending claims, lawsuits, and contingent liabilities. The Corporation does not believe that the disposition of any of these matters, individually or in the aggregate, will have a material adverse effect on its consolidated financial condition, results of operations, and cash flows. 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 March 31, 2021 and December 31, 2020, there were $19.7 million and $21.1 million of stand-by letters of credit outstanding, respectively. As of both March 31, 2021 and December 31, 2020, there were $5.6 million of bank guarantees outstanding. 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 $45.6 million surety bond. AP1000 Program Within the Corporation’s Naval & Power segment, Electro-Mechanical Division (EMD) is the RCP supplier for the Westinghouse Electric Company (WEC) AP1000 nuclear power plants in China and the United States. The terms of the AP1000 China and U.S. contracts include liquidated damage provisions for failure to meet contractual delivery dates if the Corporation caused the delay and the delay was not excusable. The Corporation would be liable for liquidated damages if the Corporation was deemed responsible for not meeting the delivery dates. The Corporation did not meet certain contractual delivery dates under its AP1000 U.S. and China contracts; however, there are significant counterclaims and uncertainties as to which parties are responsible for the delay. In January 2021, the Corporation and WEC agreed to participate in formal non-binding mediation to settle all open disputes under both contracts. The mediation is tentatively scheduled to start late in the second quarter of 2021. As of March 31, 2021, the range of possible loss for liquidated damages on these two contracts is $0 to $55.5 million , consisting of $0 to $25 million on the China contract and $0 to $31 million on the U.S. contract. The Corporation believes that the ultimate resolution of these two matters will not have a material impact on its consolidated financial statements. |
RESTRUCTURING COSTS
RESTRUCTURING COSTS | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | RESTRUCTURING COSTS During the year ended December 31, 2020, the Corporation executed restructuring activities across all of its segments to support its ongoing effort of improving capacity utilization and operating efficiency. These restructuring activities, which included workforce reductions and consolidation of facilities, were substantially completed as of December 31, 2020. As of March 31, 2021 and December 31, 2020, the restructuring liability associated with these restructuring activities was $4.1 million and $6.9 million, respectively, with such liability expected to be substantially settled as of December 31, 2021. These balances are reported within Other Current Liabilities on the Condensed Consolidated Balance Sheet. ****** |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Accounting | BASIS OF PRESENTATION Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global, diversified manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power & process, and general 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. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of these financial statements. 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 months ended March 31, 2021 and 2020, 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 2020 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. |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Over-time 52 % 52 % Point-in-time 48 % 48 % 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 Type Three Months Ended March 31, (In thousands) 2021 2020 Aerospace & Defense Aerospace Defense $ 111,016 $ 101,827 Ground Defense 55,746 22,657 Naval Defense 177,905 165,693 Commercial Aerospace 57,269 100,680 Total Aerospace & Defense $ 401,936 $ 390,857 Commercial Power & Process 105,504 123,926 General Industrial 89,619 86,448 Total Commercial $ 195,123 $ 210,374 Total $ 597,059 $ 601,231 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | (In thousands) 2020 Accounts receivable $ 2,696 Inventory 10,233 Property, plant, and equipment 1,316 Other current and non-current assets 185 Intangible assets 24,734 Operating lease right-of-use assets, net 1,992 Current and non-current liabilities (9,387) Net tangible and intangible assets 31,769 Goodwill 28,442 Total purchase price $ 60,211 Goodwill deductible for tax purposes 23,800 |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Aggregate Components of Assets and Liabilities Held for Sale | The aggregate components of assets and liabilities classified as held for sale are as follows: (In thousands) March 31, 2021 December 31, 2020 Assets held for sale: Receivables, net $ 8,871 $ 9,902 Inventories, net 16,807 16,401 Other current assets 1,829 1,798 Property, plant, and equipment, net 4,673 4,821 Reserve for assets held for sale (5,125) (5,338) Total assets held for sale, current $ 27,055 $ 27,584 Liabilities held for sale: Accounts payable $ (2,219) $ (2,654) Accrued expenses (1,309) (1,375) Other current liabilities (173) (748) Accrued pension and other postretirement benefit costs (5,431) (5,364) Total liabilities held for sale, current $ (9,132) $ (10,141) |
RECEIVABLES (Table)
RECEIVABLES (Table) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule Of Accounts Notes Loans And Financing Receivable | The composition of receivables is as follows: (In thousands) March 31, 2021 December 31, 2020 Billed receivables: Trade and other receivables $ 365,874 $ 361,460 Unbilled receivables (contract assets): Recoverable costs and estimated earnings not billed 261,495 238,309 Less: Progress payments applied (2,294) (3,291) Net unbilled receivables 259,201 235,018 Less: Allowance for doubtful accounts (7,576) (7,760) Receivables, net $ 617,499 $ 588,718 |
INVENTORIES (Table)
INVENTORIES (Table) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory, Net [Abstract] | |
Schedule Of Inventory | The composition of inventories is as follows: (In thousands) March 31, 2021 December 31, 2020 Raw materials $ 190,874 $ 177,828 Work-in-process 86,760 80,729 Finished goods 120,594 120,767 Inventoried costs related to U.S. Government and other long-term contracts (1) 55,195 56,599 Inventories, net of reserves 453,423 435,923 Less: Progress payments applied (6,791) (7,044) Inventories, net $ 446,632 $ 428,879 (1) As of March 31, 2021 and December 31, 2020, this caption also includes capitalized development costs of $28.5 million and $29.7 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of March 31, 2021 and December 31, 2020, capitalized development costs of $12.6 million and $13.0 million, respectively, are not currently supported by existing firm orders. |
GOODWILL (Table)
GOODWILL (Table) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill [Abstract] | |
Schedule Of Goodwill | The changes in the carrying amount of goodwill for the three months ended March 31, 2021 are as follows: (In thousands) Aerospace & Industrial Defense Electronics Naval & Power Consolidated December 31, 2020 $ 316,921 $ 703,915 $ 434,301 $ 1,455,137 Adjustments (1) — 11,228 — 11,228 Foreign currency translation adjustment 432 (1,320) (253) (1,141) March 31, 2021 $ 317,353 $ 713,823 $ 434,048 $ 1,465,224 |
OTHER INTANGIBLE ASSETS, NET (T
OTHER INTANGIBLE ASSETS, NET (Table) | 3 Months Ended |
Mar. 31, 2021 | |
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: March 31, 2021 December 31, 2020 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Technology $ 275,291 $ (152,570) $ 122,721 $ 280,595 $ (148,064) $ 132,531 Customer related intangibles 569,959 (247,900) 322,059 573,722 (239,798) 333,924 Programs (1) 144,000 (21,600) 122,400 144,000 (19,800) 124,200 Other intangible assets 49,664 (33,649) 16,015 51,493 (32,518) 18,975 Total $ 1,038,914 $ (455,719) $ 583,195 $ 1,049,810 $ (440,180) $ 609,630 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | March 31, 2021 December 31, 2020 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 3.84% Senior notes due 2021 $ 100,000 $ 101,796 $ 100,000 $ 102,173 3.70% Senior notes due 2023 202,500 211,611 202,500 211,790 3.85% Senior notes due 2025 90,000 96,673 90,000 97,429 4.24% Senior notes due 2026 200,000 219,392 200,000 224,390 4.05% Senior notes due 2028 67,500 72,994 67,500 75,440 4.11% Senior notes due 2028 90,000 97,438 90,000 101,047 3.10% Senior notes due 2030 150,000 148,971 150,000 155,805 3.20% Senior notes due 2032 150,000 146,813 150,000 155,048 Total debt 1,050,000 1,095,688 1,050,000 1,123,122 Debt issuance costs, net (1,084) (1,084) (1,147) (1,147) Unamortized interest rate swap proceeds 8,991 8,991 9,439 9,439 Total debt, net $ 1,057,907 $ 1,103,595 $ 1,058,292 $ 1,131,414 |
PENSION AND OTHER POSTRETIREM_2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table) | 3 Months Ended |
Mar. 31, 2021 | |
Pension Plans Defined Benefit [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of Defined Benefit Plans Disclosures | The components of net periodic pension cost for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, (In thousands) 2021 2020 Service cost $ 6,870 $ 6,611 Interest cost 4,306 6,058 Expected return on plan assets (15,180) (16,896) Amortization of prior service cost (63) (71) Amortization of unrecognized actuarial loss 7,143 5,749 Net periodic pension cost $ 3,076 $ 1,451 |
EARNINGS PER SHARE (Table)
EARNINGS PER SHARE (Table) | 3 Months Ended |
Mar. 31, 2021 | |
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 Ended March 31, (In thousands) 2021 2020 Basic weighted-average shares outstanding 40,933 42,456 Dilutive effect of stock options and deferred stock compensation 170 314 Diluted weighted-average shares outstanding 41,103 42,770 |
SEGMENT INFORMATION (Table)
SEGMENT INFORMATION (Table) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information By Segment | Three Months Ended March 31, (In thousands) 2021 2020 Net sales Aerospace & Industrial $ 181,138 $ 227,021 Defense Electronics 182,298 140,311 Naval & Power 235,580 235,014 Less: Intersegment revenues (1,957) (1,115) Total consolidated $ 597,059 $ 601,231 Operating income (expense) Aerospace & Industrial $ 19,025 $ 32,140 Defense Electronics 36,623 24,063 Naval & Power 38,057 28,110 Corporate and other (1) (8,639) (11,867) Total consolidated $ 85,066 $ 72,446 (1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Three Months Ended March 31, (In thousands) 2021 2020 Total operating income $ 85,066 $ 72,446 Interest expense 9,959 7,489 Other income, net 4,843 5,532 Earnings before income taxes $ 79,950 $ 70,489 |
Reconciliation Of Assets From Segment To Consolidated | (In thousands) March 31, 2021 December 31, 2020 Identifiable assets Aerospace & Industrial $ 1,017,236 $ 1,020,294 Defense Electronics 1,544,100 1,542,686 Naval & Power 1,256,745 1,255,325 Corporate and Other 135,914 175,445 Assets held for sale 27,055 27,584 Total consolidated $ 3,981,050 $ 4,021,334 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table) | 3 Months Ended |
Mar. 31, 2021 | |
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, net Total pension and postretirement adjustments, net Accumulated other comprehensive income (loss) December 31, 2019 $ (130,019) $ (195,255) $ (325,274) Other comprehensive income (loss) before reclassifications (1) 41,282 (44,513) (3,231) Amounts reclassified from accumulated other comprehensive loss (1) — 17,649 17,649 Net current period other comprehensive income (loss) 41,282 (26,864) 14,418 December 31, 2020 $ (88,737) $ (222,119) $ (310,856) Other comprehensive income (loss) before reclassifications (1) (3,960) 350 (3,610) Amounts reclassified from accumulated other comprehensive income (loss) (1) — 5,250 5,250 Net current period other comprehensive income (loss) (3,960) 5,600 1,640 March 31, 2021 $ (92,697) $ (216,519) $ (309,216) (1) All amounts are after tax. |
Reclassification out of Accumulated Other Comprehensive Income | Details of amounts reclassified from accumulated other comprehensive income (loss) are below: (In thousands) Amount reclassified from AOCI Affected line item in the statement where net earnings is presented Defined benefit pension and other postretirement benefit plans Amortization of prior service costs $ 216 Other income, net Amortization of actuarial losses (7,143) Other income, net (6,927) Earnings before income taxes 1,677 Provision for income taxes Total reclassifications $ (5,250) Net earnings |
REVENUE DISAGGREGATION OF REVEN
REVENUE DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 597,059 | $ 601,231 |
Aerospace & Defense | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 401,936 | 390,857 |
Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 195,123 | 210,374 |
Defense Aerospace [Member] | Aerospace & Defense | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 111,016 | 101,827 |
Defense Ground [Member] | Aerospace & Defense | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 55,746 | 22,657 |
Defense Naval [Member] | Aerospace & Defense | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 177,905 | 165,693 |
Commercial Aerospace [Member] | Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 57,269 | 100,680 |
Power Generation [Member] | Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 105,504 | 123,926 |
General Industrial [Member] | Commercial [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 89,619 | $ 86,448 |
Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales, Net, Percent | 52.00% | 52.00% |
Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales, Net, Percent | 48.00% | 48.00% |
REVENUE ADDITIONAL DETAILS (Det
REVENUE ADDITIONAL DETAILS (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Contract with Customer, Liability, Revenue Recognized | $ 77 | $ 89 |
Revenue, Remaining Performance Obligation, Amount | $ 2,100 | |
Revenue, Remaining Performance Obligation, Percentage | 88.00% | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | 36 months |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,465,224 | $ 1,455,137 | |
2020 acquisition | |||
Business Acquisition [Line Items] | |||
Accounts Receivable | $ 2,696 | ||
Inventory | 10,233 | ||
Property, Plant, and Equipment | 1,316 | ||
Other Current and Non-current Assets | 185 | ||
Intangible Assets, Other than Goodwill | 24,734 | ||
Right of Use Assets | 1,992 | ||
Current and Non-current Liabilities | (9,387) | ||
Net Tangible and Intangible Assets | 31,769 | ||
Goodwill | 28,442 | ||
Total purchase price | 60,211 | ||
Goodwill deductible for tax purposes | $ 23,800 |
ACQUISITIONS Narrative (Details
ACQUISITIONS Narrative (Details) $ in Thousands | Feb. 28, 2020 | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($)NumberAcquisitions |
Business Acquisition [Line Items] | |||
Number of Businesses Acquired | NumberAcquisitions | 1 | ||
Payments for (Proceeds from) Previous Acquisition | $ (5,340) | $ 0 | |
2020 acquisition | |||
Business Acquisition [Line Items] | |||
Total purchase price | 60,211 | ||
Naval & Power | |||
Business Acquisition [Line Items] | |||
Total purchase price | $ 60,000 | ||
Naval & Power | Dyna-Flo Valve Services Ltd. (Dyna-Flo) [Member] | |||
Business Acquisition [Line Items] | |||
Effective Date of Acquisition | Feb. 28, 2020 |
ASSETS HELD FOR SALE (Narrative
ASSETS HELD FOR SALE (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |
Impairment loss | $ 33,000 |
ASSETS HELD FOR SALE (Details)
ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Receivables, Net | $ 8,871 | $ 9,902 |
Inventories, net | 16,807 | 16,401 |
Other current assets | 1,829 | 1,798 |
Property, plant, and equipment, net | 4,673 | 4,821 |
Reserve for assets held for sale | (5,125) | (5,338) |
Total assets held for sale, current | 27,055 | 27,584 |
Accounts payable | (2,219) | (2,654) |
Accrued expenses | (1,309) | (1,375) |
Other current liabilities | (173) | (748) |
Accrued pension and other postretirement benefits costs | (5,431) | (5,364) |
Total liabilities held for sale, current | $ (9,132) | $ (10,141) |
RECEIVABLES (Detail)
RECEIVABLES (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Billed receivables: | ||
Trade and other receivables | $ 365,874 | $ 361,460 |
Unbilled receivables: | ||
Recoverable costs and estimated earnings not billed | 261,495 | 238,309 |
Contract Receivable, Progress Payment Offset | (2,294) | (3,291) |
Net unbilled receivables | 259,201 | 235,018 |
Less: Allowance for doubtful accounts | (7,576) | (7,760) |
Receivables, net | $ 617,499 | $ 588,718 |
INVENTORIES (Detail)
INVENTORIES (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory, Net [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $ 190,874 | $ 177,828 |
Inventory, Work in Process, Net of Reserves | 86,760 | 80,729 |
Inventory, Finished Goods, Net of Reserves | 120,594 | 120,767 |
Inventory For Long-term Contracts Or Programs, Net Of Reserves | 55,195 | 56,599 |
Inventories, Net of Reserves | 453,423 | 435,923 |
Progress Payments Netted Against Inventory for Long-term Contracts or Programs | (6,791) | (7,044) |
Inventories, net | $ 446,632 | $ 428,879 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory, Net [Abstract] | ||
Other inventory, capitalized costs | $ 28.5 | $ 29.7 |
Other Inventory Capitalized Costs Not Supported By Existing Firm Orders | $ 12.6 | $ 13 |
GOODWILL (Detail)
GOODWILL (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Goodwill [Roll Forward] | |
December 31, 2020 | $ 1,455,137 |
Goodwill, Other Increase (Decrease) | 11,228 |
Foreign currency translation adjustment | (1,141) |
March 31, 2021 | 1,465,224 |
Aerospace & Industrial | |
Goodwill [Roll Forward] | |
December 31, 2020 | 316,921 |
Foreign currency translation adjustment | 432 |
March 31, 2021 | 317,353 |
Defense Electronics | |
Goodwill [Roll Forward] | |
December 31, 2020 | 703,915 |
Goodwill, Other Increase (Decrease) | 11,228 |
Foreign currency translation adjustment | (1,320) |
March 31, 2021 | 713,823 |
Naval & Power | |
Goodwill [Roll Forward] | |
December 31, 2020 | 434,301 |
Foreign currency translation adjustment | (253) |
March 31, 2021 | $ 434,048 |
OTHER INTANGIBLE ASSETS, NET (D
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets [Line Items] | ||
Gross | $ 1,038,914 | $ 1,049,810 |
Accumulated Amortization | (455,719) | (440,180) |
Net | 583,195 | 609,630 |
Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 275,291 | 280,595 |
Accumulated Amortization | (152,570) | (148,064) |
Net | 122,721 | 132,531 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 569,959 | 573,722 |
Accumulated Amortization | (247,900) | (239,798) |
Net | 322,059 | 333,924 |
Contract and Program Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 144,000 | 144,000 |
Accumulated Amortization | (21,600) | (19,800) |
Net | 122,400 | 124,200 |
Other Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 49,664 | 51,493 |
Accumulated Amortization | (33,649) | (32,518) |
Net | $ 16,015 | $ 18,975 |
OTHER INTANGIBLE ASSETS, NET (N
OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Finite Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 14.9 | $ 14.1 |
Future amortization expense in remainder of fiscal year | 59.5 | |
Future amortization expense in year one | 55.3 | |
Future amortization expense in year two | 51.5 | |
Future amortization expense in year three | 48.1 | |
Future amortization expense in year four | $ 45.5 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
General and Administrative Expense [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
General and administrative expenses | $ (8,100) |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying Value | $ 1,057,907 | $ 1,058,292 |
Estimated Fair Value | 1,103,595 | 1,131,414 |
Long-term Debt, Gross | 1,050,000 | 1,050,000 |
Debt Issuance Costs, Net | (1,084) | (1,147) |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 8,991 | 9,439 |
3.84% Senior notes due 2021 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying Value | 100,000 | 100,000 |
Estimated Fair Value | $ 101,796 | 102,173 |
Debt Instrument, Interest Rate, Stated Percentage | 3.84% | |
3.70% Senior notes due 2023 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying Value | $ 202,500 | 202,500 |
Estimated Fair Value | $ 211,611 | 211,790 |
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |
3.85% Senior notes due 2025 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying Value | $ 90,000 | 90,000 |
Estimated Fair Value | $ 96,673 | 97,429 |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |
4.24% Senior notes due 2026 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying Value | $ 200,000 | 200,000 |
Estimated Fair Value | $ 219,392 | 224,390 |
Debt Instrument, Interest Rate, Stated Percentage | 4.24% | |
4.05% Senior notes due 2028 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying Value | $ 67,500 | 67,500 |
Estimated Fair Value | $ 72,994 | 75,440 |
Debt Instrument, Interest Rate, Stated Percentage | 4.05% | |
4.11% Senior Notes [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying Value | $ 90,000 | 90,000 |
Estimated Fair Value | $ 97,438 | 101,047 |
Debt Instrument, Interest Rate, Stated Percentage | 4.11% | |
3.10% Senior Notes [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying Value | $ 150,000 | 150,000 |
Estimated Fair Value | $ 148,971 | 155,805 |
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | |
3.20% Senior Notes [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying Value | $ 150,000 | 150,000 |
Estimated Fair Value | $ 146,813 | 155,048 |
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | |
Long-term Debt, gross [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Estimated Fair Value | $ 1,095,688 | $ 1,123,122 |
PENSION AND OTHER POSTRETIREM_3
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) - Pension Plans Defined Benefit [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 6,870 | $ 6,611 |
Interest cost | 4,306 | 6,058 |
Expected return on plan assets | (15,180) | (16,896) |
Amortization of prior service cost | (63) | (71) |
Amortization of unrecognized actuarial loss | 7,143 | 5,749 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 3,076 | 1,451 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 150,000 |
PENSION AND OTHER POSTRETIREM_4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Additional) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Contribution, Percentage, Maximum | 7.00% | ||
Defined Contribution Plan, Cost | $ 5.3 | $ 6 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 11.8 | ||
Forecast [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 19 |
EARNINGS PER SHARE (Detail)
EARNINGS PER SHARE (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share Reconciliation [Abstract] | ||
Basic weighted-average shares outstanding (shares) | 40,933 | 42,456 |
Dilutive effect of stock options and deferred stock compensation (shares) | 170 | 314 |
Diluted weighted-average shares outstanding (shares) | 41,103 | 42,770 |
EARNINGS PER SHARE EARNINGS PER
EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 88 | 0 |
SEGMENT INFORMATION (Detail)
SEGMENT INFORMATION (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 597,059 | $ 601,231 | |
Operating income (expense) | 85,066 | 72,446 | |
Identifiable assets | 3,981,050 | $ 4,021,334 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (1,957) | (1,115) | |
Operating Segments | Aerospace & Industrial | |||
Segment Reporting Information [Line Items] | |||
Net sales | 181,138 | 227,021 | |
Operating income (expense) | 19,025 | 32,140 | |
Identifiable assets | 1,017,236 | 1,020,294 | |
Operating Segments | Defense Electronics | |||
Segment Reporting Information [Line Items] | |||
Net sales | 182,298 | 140,311 | |
Operating income (expense) | 36,623 | 24,063 | |
Identifiable assets | 1,544,100 | 1,542,686 | |
Operating Segments | Naval & Power | |||
Segment Reporting Information [Line Items] | |||
Net sales | 235,580 | 235,014 | |
Operating income (expense) | 38,057 | 28,110 | |
Identifiable assets | 1,256,745 | 1,255,325 | |
Operating Segments | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Operating income (expense) | (8,639) | $ (11,867) | |
Identifiable assets | 135,914 | 175,445 | |
Operating Segments | Assets Held For Sale | |||
Segment Reporting Information [Line Items] | |||
Identifiable assets | $ 27,055 | $ 27,584 |
SEGMENT INFORMATION (Reconcilia
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting [Abstract] | ||
Total operating income | $ 85,066 | $ 72,446 |
Interest expense | (9,959) | (7,489) |
Other income, net | 4,843 | 5,532 |
Earnings before income taxes | $ 79,950 | $ 70,489 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ (310,856) | $ (325,274) | $ (325,274) |
Other comprehensive income (loss) before reclassifications | (3,610) | (3,231) | |
Amounts reclassified from accumulated other comprehensive loss | 5,250 | 17,649 | |
Other comprehensive income (loss), net of tax | 1,640 | (45,594) | 14,418 |
Ending balance | (309,216) | (310,856) | |
Foreign Currency Translation Adjustments, Net [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (88,737) | (130,019) | (130,019) |
Other comprehensive income (loss) before reclassifications | (3,960) | 41,282 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Other comprehensive income (loss), net of tax | (3,960) | 41,282 | |
Ending balance | (92,697) | (88,737) | |
Total Pension and Postretirment Adjustments, Net [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (222,119) | $ (195,255) | (195,255) |
Other comprehensive income (loss) before reclassifications | 350 | (44,513) | |
Amounts reclassified from accumulated other comprehensive loss | 5,250 | 17,649 | |
Other comprehensive income (loss), net of tax | 5,600 | (26,864) | |
Ending balance | $ (216,519) | $ (222,119) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Earnings from continuing operations before income taxes | $ 79,950 | $ 70,489 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Total Pension and Postretirment Adjustments, Net [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amortization of prior service costs | 216 | |
Amortization of actuarial losses | (7,143) | |
Earnings from continuing operations before income taxes | (6,927) | |
Provision for income taxes | 1,677 | |
Net earnings | $ (5,250) |
CONTINGENCIES AND COMMITMENTS (
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Standby Letters Of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit, outstanding | $ 19,700,000 | $ 21,100,000 |
FinancialStandbyLetterOfCreditMember | ||
Loss Contingencies [Line Items] | ||
Letters of credit, outstanding | 5,600,000 | $ 5,600,000 |
Surety Bond [Member] | ||
Loss Contingencies [Line Items] | ||
Surety Bond Outstanding | 45,600,000 | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Range of possible loss | 0 | |
Minimum [Member] | AP1000 US [Member] | ||
Loss Contingencies [Line Items] | ||
Range of possible loss | 0 | |
Minimum [Member] | AP1000 China | ||
Loss Contingencies [Line Items] | ||
Range of possible loss | 0 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Range of possible loss | 55,500,000 | |
Maximum [Member] | AP1000 US [Member] | ||
Loss Contingencies [Line Items] | ||
Range of possible loss | 31,000,000 | |
Maximum [Member] | AP1000 China | ||
Loss Contingencies [Line Items] | ||
Range of possible loss | $ 25,000,000 |
RESTRUCTURING COSTS - Narrative
RESTRUCTURING COSTS - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Restructuring and Related Activities [Abstract] | ||
Restructuring Reserve | $ 4.1 | $ 6.9 |