Curtiss-Wright (CW) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
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, 2020
Document Transition Report	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity common stock shares outstanding		41,651,103
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, 2020	Mar. 31, 2019
Net Sales
Net sales	$ 601,231	$ 578,314
Total net sales	601,231	578,314
Cost of sales
Total cost of sales	400,652	381,441
Gross profit	200,579	196,873
Research and development expenses	18,307	17,241
Selling expenses	31,588	31,477
General and administrative expenses	76,658	76,110
Restructuring expenses	1,580	0
Operating income	72,446	72,045
Interest expense	(7,489)	(7,272)
Other income, net	5,532	5,478
Earnings from continuing operations before income taxes	70,489	70,251
Provision for income taxes	(18,728)	(14,658)
Net earnings	$ 51,761	$ 55,593
Basic earnings per share
Basic earnings per share (usd per share)	$ 1.22	$ 1.30
Diluted earnings per share
Diluted earnings per share (usd per share)	1.21	1.29
Dividends per share	$ 0.17	$ 0.15
Weighted average shares outstanding:
Basic (shares)	42,456	42,799
Diluted (shares)	42,770	43,058
Product [Member]
Product sales	$ 497,929	$ 471,599
Cost of sales
Cost of Goods and Services Sold	330,813	311,956
Service [Member]
Net Sales
Net sales	103,302	106,715
Cost of sales
Cost of Goods and Services Sold	$ 69,839	$ 69,485

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net earnings		$ 51,761	$ 55,593
Other comprehensive income
Foreign currency translation, net of tax	[1]	(50,275)	8,242
Pension and postretirement adjustments, net of tax	[2]	4,681	1,683
Other comprehensive income (loss), net of tax		(45,594)	9,925
Comprehensive income		$ 6,167	$ 65,518
[1]	The tax benefit (expense) included in other comprehensive income (loss) for foreign currency translation adjustments for the three months ended March 31, 2020 and 2019 was $0.4 million and ($0.1) million, respectively.
[2]	The tax expense included in other comprehensive income for pension and postretirement adjustments for the three months ended March 31, 2020 and 2019 was $1.3 million and $0.6 million, respectively.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	[1]	$ (0.4)	$ 0.1
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent	[2]	$ 1.3	$ 0.6
[1]	The tax benefit (expense) included in other comprehensive income (loss) for foreign currency translation adjustments for the three months ended March 31, 2020 and 2019 was $0.4 million and ($0.1) million, respectively.
[2]	The tax expense included in other comprehensive income for pension and postretirement adjustments for the three months ended March 31, 2020 and 2019 was $1.3 million and $0.6 million, respectively.

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 157,757	$ 391,033
Receivables, net	630,626	632,194
Inventories, net	449,254	424,835
Other current assets	45,298	81,729
Total current assets	1,282,935	1,529,791
Property, plant, and equipment, net	384,175	385,593
Goodwill	1,175,685	1,166,680
Other intangible assets, net	487,097	479,907
Operating Lease, Right-of-Use Asset	161,429	165,490
Assets for Plan Benefits, Defined Benefit Plan	117,253	0
Other assets	22,820	36,800
Total assets	3,631,394	3,764,261
Current liabilities:
Current portion of long-term debt and short-term debt	427	0
Accounts payable	171,200	222,000
Accrued expenses	112,532	164,744
Income taxes payable	3,918	7,670
Deferred revenue	251,512	276,115
Other current liabilities	89,468	74,202
Total current liabilities	629,057	744,731
Long-term debt	906,220	760,639
Deferred tax liabilities, net	88,792	80,159
Accrued pension and other postretirement benefit costs	89,600	138,635
Long-term operating lease liability	140,519	145,124
Long-term portion of environmental reserves	14,854	15,026
Other liabilities	92,515	105,575
Total liabilities	1,961,557	1,989,889
Stockholders' Equity
Common stock, $1 par value,100,000,000 shares authorized as of March 31, 2020 and December 31, 2019; 49,187,378 shares issued as of March 31, 2020 and December 31, 2019; outstanding shares were 41,693,422 as of March 31, 2020 and 42,680,215 as of December 31, 2019	49,187	49,187
Additional paid in capital	114,911	116,070
Retained earnings	2,541,777	2,497,111
Accumulated other comprehensive loss	(370,868)	(325,274)
Common treasury stock, at cost (7,493,956 shares as of March 31, 2020 and 6,507,163 shares as of December 31, 2019)	(665,170)	(562,722)
Total stockholders' equity	1,669,837	1,774,372
Total liabilities and stockholders' equity	$ 3,631,394	$ 3,764,261

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	41,693,422	42,680,215
Treasury Stock, Shares	7,493,956	6,507,163

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net earnings	$ 51,761	$ 55,593
Adjustments to reconcile net earnings to net cash used for operating activities
Depreciation and amortization	28,142	25,793
Gain on sale/disposal of long-lived assets	(387)	(504)
Deferred income taxes	2,809	1,626
Share-based compensation	3,340	3,495
Inventory Write-down	1,205
Change in operating assets and liabilities, net of businesses acquired and divested:
Accounts receivable, net	(1,614)	7,360
Inventories, net	(24,099)	(22,024)
Progress payments	(1,906)	(1,594)
Accounts payable and accrued expenses	(98,179)	(108,873)
Deferred revenue	(23,298)	(11,764)
Income taxes payable	22,783	11,948
Net pension and postretirement liabilities	(149,468)	255
Other current and long-term assets and liabilities	(3,665)	(13,169)
Net cash used for operating activities	(192,576)	(51,858)
Cash flows from investing activities:
Proceeds from sale/disposal of long-lived assets	2,006	1,268
Payments to Acquire Intangible Assets	0	137
Additions to property, plant, and equipment	(18,637)	(17,034)
Purchase Price, Net of Cash Acquired	51,043	49,037
Net cash used for investing activities	(67,674)	(64,940)
Cash flows from financing activities:
Borrowings under revolving credit facility	188,724	3,837
Payment of revolving credit facility	42,297	3,919
Repurchases of common stock	(112,013)	(12,471)
Proceeds from share-based compensation	5,066	4,677
Proceeds from (Payments for) Other Financing Activities	(212)	(197)
Net cash provided by (used for) financing activities	39,268	(8,073)
Effect of exchange-rate changes on cash	(12,294)	3,233
Net decrease in cash and cash equivalents	(233,276)	(121,638)
Cash and cash equivalents at beginning of period	391,033	276,066
Cash and cash equivalents at end of period	157,757	154,428
Supplemental disclosure of non-cash activities:
Capital expenditures incurred but not yet paid	$ 818	$ 264

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, 2018		$ 49,187	$ 118,234	$ 2,191,471	$ (288,447)	$ (539,664)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 55,593			55,593
Other Comprehensive Income (Loss), Net of Tax	9,925				9,925
Dividends paid/declared				(6,419)
Restricted stock			(5,491)			5,491
Stock Options Exercised			(519)			5,195
Share-based compensation			3,133			362
Repurchases of common stock						(12,471)
Other			(661)			661
Ending Balance at Mar. 31, 2019		49,187	114,696	2,266,902	(304,779)	(540,426)
Beginning Balance at Dec. 31, 2018		49,187	118,234	2,191,471	(288,447)	(539,664)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	(10,570)
Ending Balance at Dec. 31, 2019	1,774,372	49,187	116,070	2,497,111	(325,274)	(562,722)
Cumulative Effect of New Accounting Principle in Period of Adoption | Accounting Standards Update 2018-02 [Member]				26,257	(26,257)
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
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	$ 1,669,837	$ 49,187	$ 114,911	$ 2,541,777	$ (370,868)	$ (665,170)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	ASIS 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 generation, 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, the estimate of useful lives for property, plant, and equipment, cash flow estimates used for testing the recoverability of assets, 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, 2020 and 2019, 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 2019 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. On January 1, 2020, the Corporation implemented an organizational change to align its reportable segments more closely with its current business structure. This change resulted in the transfer of two business units, one from the Commercial/Industrial segment to the Defense segment and the other from the Defense segment to the Power segment. 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. Recent accounting pronouncements adopted ASU 2016-13 -Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . On January 1, 2020, the Company adopted ASU 2016-13 -Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments

REVENUE (Notes)

REVENUE (Notes)	3 Months Ended
	Mar. 31, 2020
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. Revenue recognized on an over-time basis for the three months ended March 31, 2020 and 2019 accounted for approximately 52% and 48%, respectively, of total net sales. 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. Revenue recognized at a point-in-time for the three months ended March 31, 2020 and 2019 accounted for approximately 48% and 52%, respectively, of total net sales. Revenue for these types of arrangements is recognized at the point in time in which control is transferred to the customer, typically based upon the terms of delivery. 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, 2020, of which the Corporation expects to recognize approximately 91% as net sales over the next 12-36 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) 2020 2019 Defense Aerospace $ 101,828 $ 78,787 Ground 22,657 20,758 Naval 165,693 131,088 Total Defense Customers $ 290,178 $ 230,633 Commercial Aerospace $ 100,680 $ 103,221 Power Generation 84,348 96,480 General Industrial 126,025 147,980 Total Commercial Customers $ 311,053 $ 347,681 Total $ 601,231 $ 578,314 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, 2020 and 2019 included in contract liabilities at the beginning of the respective years were approximately $89 million and $79 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.

RECEIVABLES

RECEIVABLES	3 Months Ended
	Mar. 31, 2020
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, 2020 December 31, 2019 Billed receivables: Trade and other receivables $ 382,464 $ 418,968 Less: Allowance for doubtful accounts (8,364) (8,733) Net billed receivables 374,100 410,235 Unbilled receivables (contract assets): Recoverable costs and estimated earnings not billed 263,756 231,067 Less: Progress payments applied (7,230) (9,108) Net unbilled receivables 256,526 221,959 Receivables, net $ 630,626 $ 632,194

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2020
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, 2020 December 31, 2019 Raw materials $ 170,549 $ 153,876 Work-in-process 101,551 100,359 Finished goods 115,647 108,329 Inventoried costs related to U.S. Government and other long-term contracts (1) 69,452 70,414 Inventories, net of reserves 457,199 432,978 Less: Progress payments applied (7,945) (8,143) Inventories, net $ 449,254 $ 424,835 (1) As of March 31, 2020 and December 31, 2019, this caption also includes capitalized development costs of $36.9 million and $39.1 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, 2020 and December 31, 2019, capitalized development costs of $19.3 million and $23.7 million, respectively, are not currently supported by existing firm orders.

GOODWILL

GOODWILL	3 Months Ended
	Mar. 31, 2020
Goodwill [Abstract]
GOODWILL	GOODWILL The changes in the carrying amount of goodwill for the three months ended March 31, 2020 are as follows: (In thousands) Commercial/Industrial Defense Power Consolidated December 31, 2019 $ 431,082 $ 526,955 $ 208,643 $ 1,166,680 Acquisitions 28,442 — — 28,442 Adjustments (1) — (1,416) — (1,416) Foreign currency translation adjustment (7,736) (9,004) (1,281) (18,021) March 31, 2020 $ 451,788 $ 516,535 $ 207,362 $ 1,175,685

OTHER INTANGIBLE ASSETS, NET

OTHER INTANGIBLE ASSETS, NET	3 Months Ended
	Mar. 31, 2020
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, 2020 December 31, 2019 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Technology $ 258,423 $ (140,539) $ 117,884 $ 257,676 $ (140,390) $ 117,286 Customer related intangibles 445,863 (219,366) 226,497 434,492 (215,855) 218,637 Programs (1) 144,000 (14,400) 129,600 144,000 (12,600) 131,400 Other intangible assets 44,599 (31,483) 13,116 43,729 (31,145) 12,584 Total $ 892,885 $ (405,788) $ 487,097 $ 879,897 $ (399,990) $ 479,907 (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 three months ended March 31, 2020, the Corporation acquired intangible assets of $24.7 million. The Corporation acquired Customer-related intangibles of $18.3 million, Technology of $5.2 million, and Other intangible assets of $1.2 million, which have weighted average amortization periods of 20.0 years, 15.0 years, and 8.0 years, respectively. Total intangible amortization expense for the three months ended March 31, 2020 was $14.1 million as compared to $11.2 million in the comparable prior year period. The estimated amortization expense for the five years ending December 31, 2020 through 2024 is $56.0 million, $46.5 million, $44.0 million, $40.4 million, and $37.1 million, respectively.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2020
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. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. The Corporation’s foreign exchange contracts and interest rate swaps are considered Level 2 instruments which are based on market based inputs or unobservable inputs and corroborated by market data such as quoted prices, interest rates, or yield curves. Effects on Condensed Consolidated Balance Sheets As of March 31, 2020 and December 31, 2019, the fair values of the asset and liability derivative instruments were immaterial. Effects on Condensed Consolidated Statements of Earnings Undesignated hedges The location and amount of gains or (losses) recognized in income on forward exchange derivative contracts not designated for hedge accounting for the three months ended March 31 were as follows: Three Months Ended (In thousands) March 31, Derivatives not designated as hedging instrument 2020 2019 Forward exchange contracts: General and administrative expenses $ (8,132) $ 3,589 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, 2020. 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, 2020 December 31, 2019 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit agreement due 2023 $ 146,000 $ 146,000 $ — $ — 3.84% Senior notes due 2021 $ 100,000 $ 101,003 $ 100,000 $ 102,079 3.70% Senior notes due 2023 202,500 204,794 202,500 207,882 3.85% Senior notes due 2025 90,000 91,909 90,000 93,838 4.24% Senior notes due 2026 200,000 208,536 200,000 213,126 4.05% Senior notes due 2028 67,500 69,652 67,500 71,260 4.11% Senior notes due 2028 90,000 93,270 90,000 95,607 Other debt 427 427 — — Total debt 896,427 915,591 750,000 783,792 Debt issuance costs, net (564) (564) (594) (594) Unamortized interest rate swap proceeds 10,784 10,784 11,233 11,233 Total debt, net $ 906,647 $ 925,811 $ 760,639 $ 794,431

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 31, 2020
Retirement Benefits, Description [Abstract]
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	PENSION PLANS Defined Benefit Pension Plans The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2019 Annual Report on Form 10-K. The components of net periodic pension cost for the three months ended March 31, 2020 and 2019 were as follows: Three Months Ended March 31, (In thousands) 2020 2019 Service cost $ 6,611 $ 5,826 Interest cost 6,058 7,372 Expected return on plan assets (16,896) (14,884) Amortization of prior service cost (71) (71) Amortization of unrecognized actuarial loss 5,749 2,592 Net periodic pension cost $ 1,451 $ 835 During three months ended March 31, 2020, the Corporation made a $150 million voluntary contribution to the Curtiss-Wright Pension Plan. The Corporation does not expect to make any further contributions to the Curtiss-Wright Pension Plan in 2020. Contributions to the foreign benefit plans are not expected to be material in 2020. Defined Contribution Retirement Plan Effective January 1, 2014, all non-union employees who were not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation’s sponsored 401(k) plan. 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 months ended March 31, 2020 and 2019, the expense relating to the plan was $6.0 million and $5.4 million, respectively. The Corporation made $11.9 million in contributions to the plan during the three months ended March 31, 2020 and expects to make total contributions of $18.0 million in 2020.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2020
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) 2020 2019 Basic weighted-average shares outstanding 42,456 42,799 Dilutive effect of stock options and deferred stock compensation 314 259 Diluted weighted-average shares outstanding 42,770 43,058

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Corporation manages and evaluates its operations based on end markets to strengthen its ability to service customers and recognize certain organizational efficiencies. Based on this approach, the Corporation has three reportable segments: Commercial/Industrial, Defense, and Power. The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer. Net sales and operating income by reportable segment were as follows: Three Months Ended March 31, (In thousands) 2020 2019 Net sales Commercial/Industrial $ 264,500 $ 270,160 Defense 166,151 133,909 Power 171,004 175,035 Less: Intersegment revenues (424) (790) Total consolidated $ 601,231 $ 578,314 Operating income (expense) Commercial/Industrial $ 34,987 $ 35,205 Defense 28,704 20,732 Power 20,622 25,381 Corporate and eliminations (1) (11,867) (9,273) Total consolidated $ 72,446 $ 72,045 (1) Corporate and eliminations 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) 2020 2019 Total operating income $ 72,446 $ 72,045 Interest expense 7,489 7,272 Other income, net 5,532 5,478 Earnings before income taxes $ 70,489 $ 70,251 (In thousands) March 31, 2020 December 31, 2019 Identifiable assets Commercial/Industrial $ 1,409,224 $ 1,363,592 Defense 1,165,137 1,209,706 Power 887,345 885,727 Corporate and Other 169,688 305,236 Total consolidated $ 3,631,394 $ 3,764,261

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2020
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, 2018 $ (147,148) $ (141,299) $ (288,447) Other comprehensive income (loss) before reclassifications (1) 18,447 (35,212) (16,765) Amounts reclassified from accumulated other comprehensive loss (1) — 6,195 6,195 Net current period other comprehensive loss 18,447 (29,017) (10,570) Cumulative effect from adoption of ASU 2018-02 (2) $ (1,318) $ (24,939) $ (26,257) December 31, 2019 $ (130,019) $ (195,255) $ (325,274) Other comprehensive income (loss) before reclassifications (1) (50,275) 498 (49,777) Amounts reclassified from accumulated other comprehensive income (loss) (1) — 4,183 4,183 Net current period other comprehensive income (loss) (50,275) 4,681 (45,594) March 31, 2020 $ (180,294) $ (190,574) $ (370,868) (1) All amounts are after tax. (2) Reclassification to retained earnings due to adoption of ASU No. 2018-02, Reclassification of Certain Tax Effects from 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 $ 236 (1) Amortization of actuarial losses (5,749) (1) (5,513) Total before tax 1,330 Income tax Total reclassifications $ (4,183) Net of tax (1) These items are included in the computation of net periodic pension cost. See Note 9, Pension Plans.

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND COMMITMENTS	CONTINGENCIES AND COMMITMENTS 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, 2020 and December 31, 2019, there were $29.9 million and $32.6 million of stand-by letters of credit outstanding, respectively, and $8.6 million and $10.8 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 $45.6 million surety bond. AP1000 Program

RESTRUCTURING COSTS

RESTRUCTURING COSTS	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring Costs	RESTRUCTURING COSTS During the three months ended March 31, 2020, the Corporation initiated restructuring activities across all of its segments to support the ongoing effort of improving capacity utilization and operating efficiency. These restructuring activities, which include workforce reductions and consolidation of facilities, resulted in $3 million of pre-tax charges for the three months ended March 31, 2020, inclusive of approximately $1 million of inventory write-downs classified within "Cost of product sales" in the Condensed Consolidated Statement of Earnings. Pre-tax restructuring charges for the year ending December 31, 2020 are expected to be $25 million to $30 million. The Company anticipates that these actions, which are expected to be substantially completed by the end of 2020, will result in total cost savings of approximately $20 million annually. The following tables summarize the respective accrual balances related to these restructuring activities: Restructuring Accrual Restructuring Accrual In thousands as of December 31, 2019 Provision Cash Payments as of March 31, 2020 Commercial/Industrial Severance $ — $ 318 $ — $ 318 Facility closure and other exit costs — 284 (284) — Total Commercial/Industrial $ — $ 602 $ (284) $ 318 Defense Severance $ — $ 799 $ (267) $ 532 Facility closure and other exit costs — — — — Total Power $ — $ 799 $ (267) $ 532 Power Severance $ — $ 117 $ (100) $ 17 Facility closure and other exit costs — 62 (14) 48 Total Power $ — $ 179 $ (114) $ 65 Consolidated Severance $ — $ 1,234 $ (367) $ 867 Facility closure and other exit costs — 346 (298) 48 Total consolidated $ — $ 1,580 $ (665) $ 915

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	Apr. 20, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTSOn April 20, 2020, the Corporation acquired the Integrated Air Defense System (IADS) product line for $29 million. IADS is a real-time display and post-test analysis product for flight test. The acquired business will operate within the Defense segment.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2020
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 generation, 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, the estimate of useful lives for property, plant, and equipment, cash flow estimates used for testing the recoverability of assets, 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, 2020 and 2019, 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 2019 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. On January 1, 2020, the Corporation implemented an organizational change to align its reportable segments more closely with its current business structure. This change resulted in the transfer of two business units, one from the Commercial/Industrial segment to the Defense segment and the other from the Defense segment to the Power segment. 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. Recent accounting pronouncements adopted ASU 2016-13 -Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . On January 1, 2020, the Company adopted ASU 2016-13 -Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments
New Accounting Pronouncements, Policy [Policy Text Block]	Recent accounting pronouncements adopted ASU 2016-13 -Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . On January 1, 2020, the Company adopted ASU 2016-13 -Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments

BASIS OF PRESENTATION Tables (T

BASIS OF PRESENTATION Tables (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	Recent accounting pronouncements adopted

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
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) 2020 2019 Defense Aerospace $ 101,828 $ 78,787 Ground 22,657 20,758 Naval 165,693 131,088 Total Defense Customers $ 290,178 $ 230,633 Commercial Aerospace $ 100,680 $ 103,221 Power Generation 84,348 96,480 General Industrial 126,025 147,980 Total Commercial Customers $ 311,053 $ 347,681 Total $ 601,231 $ 578,314

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition [Table Text Block]	(In thousands) 2020 2019 Accounts receivable $ 2,696 $ 2,300 Inventory 10,233 322 Property, plant, and equipment 1,316 648 Other current and non-current assets 185 180 Intangible assets 24,734 26,000 Operating lease right-of-use assets, net 1,992 1,410 Current and non-current liabilities (9,387) (2,970) Net tangible and intangible assets 31,769 27,890 Goodwill 28,442 21,147 Total purchase price $ 60,211 $ 49,037 Cash paid to date, net of cash acquired $ 51,043 $ 49,037 Due to seller 9,168 — Total purchase price $ 60,211 $ 49,037 Goodwill deductible for tax purposes 23,800 21,147

RECEIVABLES (Table)

RECEIVABLES (Table)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Schedule Of Accounts Notes Loans And Financing Receivable	The composition of receivables is as follows: (In thousands) March 31, 2020 December 31, 2019 Billed receivables: Trade and other receivables $ 382,464 $ 418,968 Less: Allowance for doubtful accounts (8,364) (8,733) Net billed receivables 374,100 410,235 Unbilled receivables (contract assets): Recoverable costs and estimated earnings not billed 263,756 231,067 Less: Progress payments applied (7,230) (9,108) Net unbilled receivables 256,526 221,959 Receivables, net $ 630,626 $ 632,194

INVENTORIES (Table)

INVENTORIES (Table)	3 Months Ended
	Mar. 31, 2020
Inventory, Net [Abstract]
Schedule Of Inventory	The composition of inventories is as follows: (In thousands) March 31, 2020 December 31, 2019 Raw materials $ 170,549 $ 153,876 Work-in-process 101,551 100,359 Finished goods 115,647 108,329 Inventoried costs related to U.S. Government and other long-term contracts (1) 69,452 70,414 Inventories, net of reserves 457,199 432,978 Less: Progress payments applied (7,945) (8,143) Inventories, net $ 449,254 $ 424,835 (1) As of March 31, 2020 and December 31, 2019, this caption also includes capitalized development costs of $36.9 million and $39.1 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, 2020 and December 31, 2019, capitalized development costs of $19.3 million and $23.7 million, respectively, are not currently supported by existing firm orders.

GOODWILL (Table)

GOODWILL (Table)	3 Months Ended
	Mar. 31, 2020
Goodwill [Abstract]
Schedule Of Goodwill	The changes in the carrying amount of goodwill for the three months ended March 31, 2020 are as follows: (In thousands) Commercial/Industrial Defense Power Consolidated December 31, 2019 $ 431,082 $ 526,955 $ 208,643 $ 1,166,680 Acquisitions 28,442 — — 28,442 Adjustments (1) — (1,416) — (1,416) Foreign currency translation adjustment (7,736) (9,004) (1,281) (18,021) March 31, 2020 $ 451,788 $ 516,535 $ 207,362 $ 1,175,685

OTHER INTANGIBLE ASSETS, NET (T

OTHER INTANGIBLE ASSETS, NET (Table)	3 Months Ended
	Mar. 31, 2020
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, 2020 December 31, 2019 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Technology $ 258,423 $ (140,539) $ 117,884 $ 257,676 $ (140,390) $ 117,286 Customer related intangibles 445,863 (219,366) 226,497 434,492 (215,855) 218,637 Programs (1) 144,000 (14,400) 129,600 144,000 (12,600) 131,400 Other intangible assets 44,599 (31,483) 13,116 43,729 (31,145) 12,584 Total $ 892,885 $ (405,788) $ 487,097 $ 879,897 $ (399,990) $ 479,907

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Derivatives Not Designated as Hedging Instruments [Table Text Block]	Undesignated hedges The location and amount of gains or (losses) recognized in income on forward exchange derivative contracts not designated for hedge accounting for the three months ended March 31 were as follows: Three Months Ended (In thousands) March 31, Derivatives not designated as hedging instrument 2020 2019 Forward exchange contracts: General and administrative expenses $ (8,132) $ 3,589
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	March 31, 2020 December 31, 2019 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit agreement due 2023 $ 146,000 $ 146,000 $ — $ — 3.84% Senior notes due 2021 $ 100,000 $ 101,003 $ 100,000 $ 102,079 3.70% Senior notes due 2023 202,500 204,794 202,500 207,882 3.85% Senior notes due 2025 90,000 91,909 90,000 93,838 4.24% Senior notes due 2026 200,000 208,536 200,000 213,126 4.05% Senior notes due 2028 67,500 69,652 67,500 71,260 4.11% Senior notes due 2028 90,000 93,270 90,000 95,607 Other debt 427 427 — — Total debt 896,427 915,591 750,000 783,792 Debt issuance costs, net (564) (564) (594) (594) Unamortized interest rate swap proceeds 10,784 10,784 11,233 11,233 Total debt, net $ 906,647 $ 925,811 $ 760,639 $ 794,431

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)	3 Months Ended
	Mar. 31, 2020
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, 2020 and 2019 were as follows: Three Months Ended March 31, (In thousands) 2020 2019 Service cost $ 6,611 $ 5,826 Interest cost 6,058 7,372 Expected return on plan assets (16,896) (14,884) Amortization of prior service cost (71) (71) Amortization of unrecognized actuarial loss 5,749 2,592 Net periodic pension cost $ 1,451 $ 835

EARNINGS PER SHARE (Table)

EARNINGS PER SHARE (Table)	3 Months Ended
	Mar. 31, 2020
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) 2020 2019 Basic weighted-average shares outstanding 42,456 42,799 Dilutive effect of stock options and deferred stock compensation 314 259 Diluted weighted-average shares outstanding 42,770 43,058

SEGMENT INFORMATION (Table)

SEGMENT INFORMATION (Table)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information By Segment	Three Months Ended March 31, (In thousands) 2020 2019 Net sales Commercial/Industrial $ 264,500 $ 270,160 Defense 166,151 133,909 Power 171,004 175,035 Less: Intersegment revenues (424) (790) Total consolidated $ 601,231 $ 578,314 Operating income (expense) Commercial/Industrial $ 34,987 $ 35,205 Defense 28,704 20,732 Power 20,622 25,381 Corporate and eliminations (1) (11,867) (9,273) Total consolidated $ 72,446 $ 72,045 (1) Corporate and eliminations 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) 2020 2019 Total operating income $ 72,446 $ 72,045 Interest expense 7,489 7,272 Other income, net 5,532 5,478 Earnings before income taxes $ 70,489 $ 70,251
Reconciliation Of Assets From Segment To Consolidated	(In thousands) March 31, 2020 December 31, 2019 Identifiable assets Commercial/Industrial $ 1,409,224 $ 1,363,592 Defense 1,165,137 1,209,706 Power 887,345 885,727 Corporate and Other 169,688 305,236 Total consolidated $ 3,631,394 $ 3,764,261

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)	3 Months Ended
	Mar. 31, 2020
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, 2018 $ (147,148) $ (141,299) $ (288,447) Other comprehensive income (loss) before reclassifications (1) 18,447 (35,212) (16,765) Amounts reclassified from accumulated other comprehensive loss (1) — 6,195 6,195 Net current period other comprehensive loss 18,447 (29,017) (10,570) Cumulative effect from adoption of ASU 2018-02 (2) $ (1,318) $ (24,939) $ (26,257) December 31, 2019 $ (130,019) $ (195,255) $ (325,274) Other comprehensive income (loss) before reclassifications (1) (50,275) 498 (49,777) Amounts reclassified from accumulated other comprehensive income (loss) (1) — 4,183 4,183 Net current period other comprehensive income (loss) (50,275) 4,681 (45,594) March 31, 2020 $ (180,294) $ (190,574) $ (370,868)
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 $ 236 (1) Amortization of actuarial losses (5,749) (1) (5,513) Total before tax 1,330 Income tax Total reclassifications $ (4,183) Net of tax (1) These items are included in the computation of net periodic pension cost. See Note 9, Pension Plans.

RESTRUCTURING COSTS (Tables)

RESTRUCTURING COSTS (Tables)	3 Months Ended
	Mar. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following tables summarize the respective accrual balances related to these restructuring activities: Restructuring Accrual Restructuring Accrual In thousands as of December 31, 2019 Provision Cash Payments as of March 31, 2020 Commercial/Industrial Severance $ — $ 318 $ — $ 318 Facility closure and other exit costs — 284 (284) — Total Commercial/Industrial $ — $ 602 $ (284) $ 318 Defense Severance $ — $ 799 $ (267) $ 532 Facility closure and other exit costs — — — — Total Power $ — $ 799 $ (267) $ 532 Power Severance $ — $ 117 $ (100) $ 17 Facility closure and other exit costs — 62 (14) 48 Total Power $ — $ 179 $ (114) $ 65 Consolidated Severance $ — $ 1,234 $ (367) $ 867 Facility closure and other exit costs — 346 (298) 48 Total consolidated $ — $ 1,580 $ (665) $ 915

REVENUE DISAGGREGATION OF REVEN

REVENUE DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 601,231	$ 578,314
Defense
Disaggregation of Revenue [Line Items]
Net sales	290,178	230,633
Commercial [Member]
Disaggregation of Revenue [Line Items]
Net sales	311,053	347,681
Defense Aerospace [Member] | Defense
Disaggregation of Revenue [Line Items]
Net sales	101,828	78,787
Defense Ground [Member] | Defense
Disaggregation of Revenue [Line Items]
Net sales	22,657	20,758
Naval [Member] | Defense
Disaggregation of Revenue [Line Items]
Net sales	165,693	131,088
Commercial Aerospace [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Net sales	100,680	103,221
Power Generation [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Net sales	84,348	96,480
General Industrial [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 126,025	$ 147,980
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Net Sales, Net, Percent	52.00%	48.00%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Net Sales, Net, Percent	48.00%	52.00%

REVENUE ADDITIONAL DETAILS (Det

REVENUE ADDITIONAL DETAILS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability, Revenue Recognized	$ 89	$ 79
Revenue, Remaining Performance Obligation, Amount	$ 2,100
Revenue, Remaining Performance Obligation, Percentage	91.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation	12-36 months

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 1,175,685		$ 1,166,680
Purchase Price, Net of Cash Acquired	51,043	$ 49,037
2019 acquisitions [Member]
Business Acquisition [Line Items]
Accounts Receivable		2,300
Inventory		322
Property, Plant, and Equipment		648
Other Current and Non-current Assets		180
Intangible Assets, Other than Goodwill		26,000
Right of Use Assets		1,410
Current and Non-current Liabilities		(2,970)
Net Tangible and Intangible Assets		27,890
Goodwill		21,147
Total purchase price		49,037
Purchase Price, Net of Cash Acquired		49,037
Total purchase price		49,037
Goodwill deductible for tax purposes		$ 21,147
2020 acquisitions
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
Cash paid to date, net of cash acquired	51,043
Due to seller	9,168
Total purchase price	60,211
Goodwill deductible for tax purposes	$ 23,800

ACQUISITIONS Narrative (Details

ACQUISITIONS Narrative (Details) $ in Thousands	Feb. 26, 2020	Mar. 15, 2019	Mar. 31, 2020USD ($)NumberAcquisitions	Mar. 31, 2019USD ($)NumberAcquisitions
Business Acquisition [Line Items]
Number of Businesses Acquired | NumberAcquisitions			1	1
Purchase Price, Net of Cash Acquired			$ 51,043	$ 49,037
2019 acquisitions [Member]
Business Acquisition [Line Items]
Total purchase price				49,037
Purchase Price, Net of Cash Acquired				49,037
2020 acquisitions
Business Acquisition [Line Items]
Total purchase price			60,211
Commercial Industrial
Business Acquisition [Line Items]
Total purchase price			$ 60,000
Commercial Industrial | Dyna-Flo Valve Services Ltd. (Dyna-Flo) [Member]
Business Acquisition [Line Items]
Effective Date of Acquisition	Feb. 26, 2020
Defense | Tactical Communications Group (TCG) [Member]
Business Acquisition [Line Items]
Effective Date of Acquisition		Mar. 15, 2019
Purchase Price, Net of Cash Acquired				$ 49,000

RECEIVABLES (Detail)

RECEIVABLES (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Billed receivables:
Trade and other receivables	$ 382,464	$ 418,968
Less: Allowance for doubtful accounts	(8,364)	(8,733)
Net billed receivables	374,100	410,235
Unbilled receivables:
Recoverable costs and estimated earnings not billed	263,756	231,067
Less: Progress payments applied	7,230	9,108
Net unbilled receivables	256,526	221,959
Receivables, net	$ 630,626	$ 632,194

INVENTORIES (Detail)

INVENTORIES (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Inventory, Net [Abstract]
Raw materials	$ 170,549	$ 153,876
Work-in-process	101,551	100,359
Finished goods	115,647	108,329
Inventoried costs related to U.S. Government and other long-term contracts (1)	69,452	70,414
Inventories, net of reserves	457,199	432,978
Less:  Progress payments applied	(7,945)	(8,143)
Inventories, net	$ 449,254	$ 424,835

INVENTORIES (Narrative) (Detail

INVENTORIES (Narrative) (Detail) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Inventory, Net [Abstract]
Other inventory, capitalized costs	$ 36.9	$ 39.1
Other Inventory Capitalized Costs Not Supported By Existing Firm Orders	$ 19.3	$ 23.7

GOODWILL (Detail)

GOODWILL (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill [Roll Forward]
December 31, 2019	$ 1,166,680
Goodwill, Acquired During Period	28,442
Goodwill, Other Increase (Decrease)	(1,416)
Foreign currency translation adjustment	(18,021)
March 31, 2020	1,175,685
Commercial Industrial
Goodwill [Roll Forward]
December 31, 2019	431,082
Goodwill, Acquired During Period	28,442
Foreign currency translation adjustment	(7,736)
March 31, 2020	451,788
Defense
Goodwill [Roll Forward]
December 31, 2019	526,955
Goodwill, Other Increase (Decrease)	(1,416)
Foreign currency translation adjustment	(9,004)
March 31, 2020	516,535
Power
Goodwill [Roll Forward]
December 31, 2019	208,643
Foreign currency translation adjustment	(1,281)
March 31, 2020	$ 207,362

OTHER INTANGIBLE ASSETS, NET (D

OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Gross	$ 892,885	$ 879,897
Accumulated Amortization	(405,788)	(399,990)
Net	487,097	479,907
Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross	258,423	257,676
Accumulated Amortization	(140,539)	(140,390)
Net	117,884	117,286
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross	445,863	434,492
Accumulated Amortization	(219,366)	(215,855)
Net	226,497	218,637
Contract and Program Intangible Assets [Member]
Finite Lived Intangible Assets [Line Items]
Gross	144,000	144,000
Accumulated Amortization	(14,400)	(12,600)
Net	129,600	131,400
Other Intangible Assets [Member]
Finite Lived Intangible Assets [Line Items]
Gross	44,599	43,729
Accumulated Amortization	(31,483)	(31,145)
Net	$ 13,116	$ 12,584

OTHER INTANGIBLE ASSETS, NET (N

OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Finite Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 24.7
Amortization expense	14.1	$ 11.2
Future amortization expense in remainder of fiscal year	56
Future amortization expense in year two	46.5
Future amortization expense in year three	44
Future amortization expense in year four	40.4
Future amortization expense in year five	37.1
Technology [Member]
Finite Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 5.2
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 18.3
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	20 years
Other Intangible Assets [Member]
Finite Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 1.2
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	8 years

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
General and Administrative Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
General and administrative expenses	$ (8,132)	$ 3,589

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 906,647	$ 760,639
Estimated Fair Value	925,811	794,431
Long-term Debt, Gross	896,427	750,000
Debt Issuance Costs, Net	(564)	(594)
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	10,784	11,233
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	$ 101,003	102,079
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	$ 204,794	207,882
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	$ 91,909	93,838
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	$ 208,536	213,126
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	$ 69,652	71,260
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	$ 93,270	95,607
Debt Instrument, Interest Rate, Stated Percentage	4.11%
Other debt [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 427	0
Estimated Fair Value	427	0
Long-term Debt, gross [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Estimated Fair Value	915,591	$ 783,792
Revolving Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	146,000
Estimated Fair Value	$ 146,000

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, 2020	Mar. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 6,611	$ 5,826
Interest cost	6,058	7,372
Expected return on plan assets	(16,896)	(14,884)
Amortization of prior service cost	(71)	(71)
Amortization of unrecognized actuarial loss	5,749	2,592
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	1,451	$ 835
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		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jun. 30, 2020
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Employer Contribution, Percentage, Maximum	7.00%
Defined Contribution Plan, Cost	$ 6	$ 5.4
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 11.9
Forecast [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Employer Discretionary Contribution Amount			$ 18

EARNINGS PER SHARE (Detail)

EARNINGS PER SHARE (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share Reconciliation [Abstract]
Basic weighted-average shares outstanding (shares)	42,456	42,799
Dilutive effect of stock options and deferred stock compensation (shares)	314	259
Diluted weighted-average shares outstanding (shares)	42,770	43,058

EARNINGS PER SHARE EARNINGS PER

EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0

SEGMENT INFORMATION (Detail)

SEGMENT INFORMATION (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net sales	$ 601,231	$ 578,314
Operating income (expense)	72,446	72,045
Identifiable assets	3,631,394		$ 3,764,261
Commercial Industrial
Segment Reporting Information [Line Items]
Net sales	264,500	270,160
Operating income (expense)	34,987	35,205
Identifiable assets	1,409,224		1,363,592
Defense [Member]
Segment Reporting Information [Line Items]
Net sales	166,151	133,909
Operating income (expense)	28,704	20,732
Identifiable assets	1,165,137		1,209,706
Power
Segment Reporting Information [Line Items]
Net sales	171,004	175,035
Operating income (expense)	20,622	25,381
Identifiable assets	887,345		885,727
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Operating income (expense)	(11,867)	(9,273)
Identifiable assets	169,688		$ 305,236
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	$ (424)	$ (790)

SEGMENT INFORMATION (Reconcilia

SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting [Abstract]
Total operating income	$ 72,446	$ 72,045
Interest expense	(7,489)	(7,272)
Other income, net	5,532	5,478
Earnings before income taxes	$ 70,489	$ 70,251

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (325,274)	$ (288,447)	$ (288,447)
Other comprehensive income (loss) before reclassifications	(49,777)		(16,765)
Amounts reclassified from accumulated other comprehensive loss	4,183		6,195
Other comprehensive income (loss), net of tax	(45,594)	9,925	(10,570)
Ending balance	(370,868)		(325,274)
Foreign Currency Translation Adjustments, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(130,019)	(147,148)	(147,148)
Other comprehensive income (loss) before reclassifications	(50,275)		18,447
Amounts reclassified from accumulated other comprehensive loss	0		0
Other comprehensive income (loss), net of tax	(50,275)		18,447
Ending balance	(180,294)		(130,019)
Total Pension and Postretirment Adjustments, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(195,255)	$ (141,299)	(141,299)
Other comprehensive income (loss) before reclassifications	498		(35,212)
Amounts reclassified from accumulated other comprehensive loss	4,183		6,195
Other comprehensive income (loss), net of tax	4,681		(29,017)
Ending balance	(190,574)		(195,255)
Accounting Standards Update 2018-02 [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(26,257)
Ending balance			(26,257)
Accounting Standards Update 2018-02 [Member] | Foreign Currency Translation Adjustments, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1,318)
Ending balance			(1,318)
Accounting Standards Update 2018-02 [Member] | Total Pension and Postretirment Adjustments, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (24,939)
Ending balance			$ (24,939)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Earnings from continuing operations before income taxes	$ 70,489	$ 70,251
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	236
Amortization of actuarial losses	(5,749)
Earnings from continuing operations before income taxes	(5,513)
Income tax	1,330
Net earnings	$ (4,183)

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)	Oct. 10, 2013	Mar. 31, 2020	Dec. 31, 2019
Standby Letters Of Credit [Member]
Loss Contingencies [Line Items]
Letters of credit, outstanding		$ 29,900,000	$ 32,600,000
FinancialStandbyLetterOfCreditMember
Loss Contingencies [Line Items]
Letters of credit, outstanding		8,600,000	$ 10,800,000
Failure to Meet Contractual Obligations [Member]
Loss Contingencies [Line Items]
Damages sought	$ 25,000,000
Surety Bond [Member]
Loss Contingencies [Line Items]
Surety Bond Outstanding		45,600,000
Minimum [Member]
Loss Contingencies [Line Items]
Range of possible loss		0
Maximum [Member]
Loss Contingencies [Line Items]
Range of possible loss		55,500,000
AP1000 US [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Range of possible loss		0
AP1000 US [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Range of possible loss		$ 31,000,000

RESTRUCTURING COSTS - Narrative

RESTRUCTURING COSTS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 3
Effect on Future Earnings, Amount	20
Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Expected remaining restructuring charges	25
Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Expected remaining restructuring charges	30
Inventory Write-down
Restructuring Cost and Reserve [Line Items]
Restructuring Costs	$ 1

RESTRUCTURING COSTS - Schedule

RESTRUCTURING COSTS - Schedule of Restructuring Accrual (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Restructuring Reserve [Roll Forward]
Restructuring Accrual, Beginning Balance	$ 0
Provision	1,580
Cash Payments	(665)
Restructuring Accrual, Ending Balance	915
Employee Severance
Restructuring Reserve [Roll Forward]
Restructuring Accrual, Beginning Balance	0
Provision	1,234
Cash Payments	(367)
Restructuring Accrual, Ending Balance	867
Facility Closing
Restructuring Reserve [Roll Forward]
Restructuring Accrual, Beginning Balance	0
Provision	346
Cash Payments	(298)
Restructuring Accrual, Ending Balance	48
Commercial Industrial
Restructuring Reserve [Roll Forward]
Restructuring Accrual, Beginning Balance	0
Provision	602
Cash Payments	(284)
Restructuring Accrual, Ending Balance	318
Commercial Industrial | Employee Severance
Restructuring Reserve [Roll Forward]
Restructuring Accrual, Beginning Balance	0
Provision	318
Cash Payments	0
Restructuring Accrual, Ending Balance	318
Commercial Industrial | Facility Closing
Restructuring Reserve [Roll Forward]
Restructuring Accrual, Beginning Balance	0
Provision	284
Cash Payments	(284)
Restructuring Accrual, Ending Balance	0
Defense
Restructuring Reserve [Roll Forward]
Restructuring Accrual, Beginning Balance	0
Provision	799
Cash Payments	(267)
Restructuring Accrual, Ending Balance	532
Defense | Employee Severance
Restructuring Reserve [Roll Forward]
Restructuring Accrual, Beginning Balance	0
Provision	799
Cash Payments	(267)
Restructuring Accrual, Ending Balance	532
Defense | Facility Closing
Restructuring Reserve [Roll Forward]
Restructuring Accrual, Beginning Balance	0
Provision	0
Cash Payments	0
Restructuring Accrual, Ending Balance	0
Power
Restructuring Reserve [Roll Forward]
Restructuring Accrual, Beginning Balance	0
Provision	179
Cash Payments	(114)
Restructuring Accrual, Ending Balance	65
Power | Employee Severance
Restructuring Reserve [Roll Forward]
Restructuring Accrual, Beginning Balance	0
Provision	117
Cash Payments	(100)
Restructuring Accrual, Ending Balance	17
Power | Facility Closing
Restructuring Reserve [Roll Forward]
Restructuring Accrual, Beginning Balance	0
Provision	62
Cash Payments	(14)
Restructuring Accrual, Ending Balance	$ 48

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	Apr. 20, 2020USD ($)
IADS [Member] | Defense | Subsequent Event [Member]
Subsequent Event [Line Items]
Payments to Acquire Businesses, Gross	$ 29