Curtiss-Wright (CW) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-134
Entity Registrant Name	CURTISS-WRIGHT CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-0612970
Entity Address, Address Line One	130 Harbour Place Drive, Suite 300
Entity Address, City or Town	Davidson,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28036
City Area Code	704
Local Phone Number	869-4600
Title of 12(b) Security	Common Stock
Trading Symbol	CW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business	false
Emerging Company	false
Entity common stock shares outstanding		38,445,431
Entity Shell Company	false
Entity Central Index Key	0000026324
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Sales
Net sales	$ 559,461	$ 597,059
Cost of sales
Cost of sales	358,059	387,302
Gross profit	201,402	209,757
Research and development expenses	20,549	21,863
Selling expenses	28,092	29,596
General and administrative expenses	87,600	73,232
Loss on divestiture	4,651	0
Operating income	60,510	85,066
Interest expense	(9,530)	(9,959)
Other income, net	2,997	4,843
Earnings before income taxes	53,977	79,950
Provision for income taxes	(13,292)	(20,481)
Net earnings	$ 40,685	$ 59,469
Net earnings per share:
Basic earnings per share (usd per share)	$ 1.06	$ 1.45
Diluted earnings per share (usd per share)	1.05	1.45
Dividends per share	$ 0.18	$ 0.17
Weighted-average shares outstanding:
Basic (shares)	38,456	40,933
Diluted (shares)	38,668	41,103
Product
Net Sales
Net sales	$ 453,421	$ 508,975
Cost of sales
Cost of sales	294,527	329,454
Service
Net Sales
Net sales	106,040	88,084
Cost of sales
Cost of sales	$ 63,532	$ 57,848

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net earnings		$ 40,685	$ 59,469
Other comprehensive income
Foreign currency translation, net of tax	[1]	(6,825)	(3,960)
Pension and postretirement adjustments, net of tax	[2]	5,766	5,600
Other comprehensive income (loss), net of tax		(1,059)	1,640
Comprehensive income		$ 39,626	$ 61,109
[1]	The tax benefit included in foreign currency translation adjustments for the three months ended March 31, 2022 and 2021 was immaterial.
[2]	The tax expense included in pension and postretirement adjustments for the three months ended March 31, 2022 and 2021 was $1.4 million and $1.7 million, respectively.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax	[1]	$ 1.4	$ 1.7
[1]	The tax expense included in pension and postretirement adjustments for the three months ended March 31, 2022 and 2021 was $1.4 million and $1.7 million, respectively.

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 136,682	$ 171,004
Receivables, net	661,129	647,148
Inventories, net	448,122	411,567
Assets held for sale	0	10,988
Other current assets	63,942	67,101
Total current assets	1,309,875	1,307,808
Property, plant, and equipment, net	355,363	360,031
Goodwill	1,458,899	1,463,026
Other intangible assets, net	523,913	538,077
Operating Lease, Right-of-Use Asset	147,224	143,613
Prepaid pension asset	260,238	256,422
Other assets	33,855	34,568
Total assets	4,089,367	4,103,545
Current liabilities:
Current portion of long-term debt and short-term debt	202,500	0
Accounts payable	168,772	211,640
Accrued expenses	109,077	144,466
Income taxes payable	1,478	3,235
Deferred revenue	224,679	260,157
Total liabilities held for sale, current	0	12,655
Other current liabilities	93,745	102,714
Total current liabilities	800,251	734,867
Long-term debt	967,744	1,050,610
Deferred tax liabilities, net	150,085	147,349
Accrued pension and other postretirement benefit costs	84,610	91,329
Long-term operating lease liability	128,897	127,152
Long-term portion of environmental reserves	13,924	13,656
Other liabilities	94,436	112,092
Total liabilities	2,239,947	2,277,055
Stockholders' Equity
Common stock, $1 par value,100,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 49,187,378 shares issued as of March 31, 2022 and December 31, 2021; outstanding shares were 38,471,738 as of March 31, 2022 and 38,469,778 as of December 31, 2021	49,187	49,187
Additional paid in capital	122,603	127,104
Retained earnings	2,942,580	2,908,827
Accumulated other comprehensive loss	(191,524)	(190,465)
Common treasury stock, at cost (10,715,640 shares as of March 31, 2022 and 10,717,600 shares as of December 31, 2021)	(1,073,426)	(1,068,163)
Total stockholders' equity	1,849,420	1,826,490
Total liabilities and stockholders' equity	$ 4,089,367	$ 4,103,545

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	38,471,738	38,469,778
Treasury Stock, Shares	10,715,640	10,717,600

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net earnings	$ 40,685	$ 59,469
Adjustments to reconcile net earnings to net cash used for operating activities:
Depreciation and amortization	27,363	28,595
Loss on divestiture	4,651	0
Gain on sale/disposal of long-lived assets	(3,070)	(349)
Deferred income taxes	803	3,629
Share-based compensation	3,809	3,327
Change in operating assets and liabilities, net of businesses acquired:
Receivables, net	(13,414)	(27,593)
Inventories, net	(38,149)	(18,059)
Progress payments	(395)	(1,114)
Accounts payable and accrued expenses	(79,492)	(71,528)
Deferred revenue	(35,154)	(14,836)
Income taxes payable	6,927	16,247
Pension and postretirement liabilities, net	(6,034)	1,182
Other current and long-term assets and liabilities	(32,845)	(5,573)
Net cash used for operating activities	(124,315)	(26,603)
Cash flows from investing activities:
Proceeds from sale/disposal of long-lived assets	5,567	1,022
Additions to property, plant, and equipment	(10,896)	(8,537)
Additional consideration paid on prior year acquisitions	5,062	5,340
Net cash used for investing activities	(10,391)	(12,855)
Cash flows from financing activities:
Borrowings under revolving credit facility	241,198	65,301
Payment of revolving credit facility	121,198	65,301
Repurchases of common stock	(18,857)	(11,797)
Proceeds from share-based compensation	5,284	4,919
Other	(248)	(229)
Net cash provided by (used for) financing activities	106,179	(7,107)
Effect of exchange-rate changes on cash	(5,795)	(4,614)
Net decrease in cash and cash equivalents	(34,322)	(51,179)
Cash and cash equivalents at beginning of period	171,004	198,248
Cash and cash equivalents at end of period	$ 136,682	$ 147,069

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, 2020			$ 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				411			4,508
Share-based compensation				3,230			97
Repurchases of common stock	[1]						(11,797)
Other				(597)			597
Ending Balance at Mar. 31, 2021			49,187	119,172	2,722,829	(309,216)	(743,808)
Beginning Balance at Dec. 31, 2020			49,187	122,535	2,670,328	(310,856)	(743,620)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax		120,391
Ending Balance at Dec. 31, 2021		1,826,490	49,187	127,104	2,908,827	(190,465)	(1,068,163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		40,685			40,685
Other Comprehensive Income (Loss), Net of Tax		(1,059)				(1,059)
Dividends paid/declared					(6,932)
Restricted stock				(8,523)			8,523
Employee Stock Purchase Plan				814			4,470
Share-based compensation				3,714			95
Repurchases of common stock	[1]						(18,857)
Other				(506)			506
Ending Balance at Mar. 31, 2022		$ 1,849,420	$ 49,187	$ 122,603	$ 2,942,580	$ (191,524)	$ (1,073,426)
[1]	For both the three months ended March 31, 2022 and 2021, the Corporation repurchased approximately 0.1 million shares of its common stock.

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Treasury Stock, Shares, Acquired	0.1	0.1

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2022
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 integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets. The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated. The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations. 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, 2022 and 2021, 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 2021 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, 2022
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, 2022 and 2021: Three Months Ended March 31, 2022 2021 Over-time 53 % 52 % Point-in-time 47 % 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 $2.3 billion as of March 31, 2022, of which the Corporation expects to recognize approximately 89% 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) 2022 2021 Aerospace & Defense Aerospace Defense $ 98,004 $ 111,016 Ground Defense 39,108 55,746 Naval Defense 162,967 177,905 Commercial Aerospace 60,892 57,269 Total Aerospace & Defense customers $ 360,971 $ 401,936 Commercial Power & Process $ 104,788 $ 105,504 General Industrial 93,702 89,619 Total Commercial customers $ 198,490 $ 195,123 Total $ 559,461 $ 597,059 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, 2022 and 2021 included in contract liabilities at the beginning of the respective years was approximately $79 million and $77 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALEIn January 2022, the Corporation completed the sale of its industrial valve business in Germany, which was presented as held for sale in the Corporation's Consolidated Balance Sheet as of December 31, 2021, for gross cash proceeds of $3 million. The Corporation recorded a loss of $5 million upon sale closing during the first quarter of 2022.

RECEIVABLES

RECEIVABLES	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 Billed receivables: Trade and other receivables $ 352,905 $ 362,007 Unbilled receivables: Recoverable costs and estimated earnings not billed 314,240 291,758 Less: Progress payments applied (1,202) (1,297) Net unbilled receivables 313,038 290,461 Less: Allowance for doubtful accounts (4,814) (5,320) Receivables, net $ 661,129 $ 647,148

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 Raw materials $ 217,900 $ 191,066 Work-in-process 81,618 78,221 Finished goods 106,167 98,944 Inventoried costs related to U.S. Government and other long-term contracts (1) 47,387 48,619 Inventories, net of reserves 453,072 416,850 Less: Progress payments applied (4,950) (5,283) Inventories, net $ 448,122 $ 411,567 (1) This caption includes capitalized development costs of $24.9 million as of March 31, 2022 related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of March 31, 2022, capitalized development costs of $17.1 million are not currently supported by existing firm orders.

GOODWILL

GOODWILL	3 Months Ended
	Mar. 31, 2022
Goodwill [Abstract]
GOODWILL	GOODWILL The changes in the carrying amount of goodwill for the three months ended March 31, 2022 are as follows: (In thousands) Aerospace & Industrial Defense Electronics Naval & Power Consolidated December 31, 2021 $ 316,147 $ 714,014 $ 432,865 $ 1,463,026 Adjustments — (469) — (469) Foreign currency translation adjustment (1,629) (1,861) (168) (3,658) March 31, 2022 $ 314,518 $ 711,684 $ 432,697 $ 1,458,899

OTHER INTANGIBLE ASSETS, NET

OTHER INTANGIBLE ASSETS, NET	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Technology $ 274,264 $ (167,627) $ 106,637 $ 274,615 $ (164,077) $ 110,538 Customer related intangibles 568,019 (277,504) 290,515 568,720 (270,816) 297,904 Programs (1) 144,000 (28,800) 115,200 144,000 (27,000) 117,000 Other intangible assets 49,512 (37,951) 11,561 49,559 (36,924) 12,635 Total $ 1,035,795 $ (511,882) $ 523,913 $ 1,036,894 $ (498,817) $ 538,077 (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, 2022 was $14 million, as compared to $15 million in the comparable prior year period. The estimated future amortization expense of intangible assets over the next five years is as follows: (In millions) 2022 $ 55 2023 $ 52 2024 $ 48 2025 $ 45 2026 $ 44

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021, the fair values of the asset and liability derivative instruments were immaterial. Effects on Condensed Consolidated Statements of Earnings Undesignated hedges The (losses) and gains and 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 respective (losses) and gains for the three months ended March 31, 2022 and 2021 were immaterial. 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, 2022. 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, 2022 December 31, 2021 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit agreement, due 2023 $ 213,900 $ 213,900 $ 93,900 $ 93,900 3.70% Senior notes due 2023 202,500 204,456 202,500 208,086 3.85% Senior notes due 2025 90,000 90,363 90,000 95,246 4.24% Senior notes due 2026 200,000 204,427 200,000 218,421 4.05% Senior notes due 2028 67,500 68,571 67,500 73,783 4.11% Senior notes due 2028 90,000 91,645 90,000 98,854 3.10% Senior notes due 2030 150,000 142,137 150,000 154,832 3.20% Senior notes due 2032 150,000 141,071 150,000 154,875 Total debt 1,163,900 1,156,570 1,043,900 1,097,997 Debt issuance costs, net (908) (908) (949) (949) Unamortized interest rate swap proceeds 7,252 7,252 7,659 7,659 Total debt, net $ 1,170,244 $ 1,162,914 1,050,610 1,104,707

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 31, 2022
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 2021 Annual Report on Form 10-K. The components of net periodic pension cost were as follows: Three Months Ended March 31, (In thousands) 2022 2021 Service cost $ 6,063 $ 6,870 Interest cost 5,288 4,306 Expected return on plan assets (13,857) (15,180) Amortization of prior service cost (86) (63) Amortization of unrecognized actuarial loss 4,006 7,143 Cost of settlements 1,842 — Net periodic pension cost $ 3,256 $ 3,076 The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during 2021, and does not expect to do so in 2022. Contributions to the foreign benefit plans are not expected to be material in 2022. During the three months ended March 31, 2022, the Company recognized a settlement charge related to the retirement of a former executive. The settlement charge represents an event that is accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans. 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, 2022 and 2021, the expense relating to the plan was $5.7 million and $5.3 million, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2022
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) 2022 2021 Basic weighted-average shares outstanding 38,456 40,933 Dilutive effect of deferred stock compensation 212 170 Diluted weighted-average shares outstanding 38,668 41,103 For the three months ended March 31, 2022 and 2021, approximately 26,000 and 88,000 shares, respectively, 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.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer. Net sales and operating income by reportable segment were as follows: Three Months Ended March 31, (In thousands) 2022 2021 Net sales Aerospace & Industrial $ 191,850 $ 181,138 Defense Electronics 143,938 182,298 Naval & Power 225,315 235,580 Less: Intersegment revenues (1,642) (1,957) Total consolidated $ 559,461 $ 597,059 Operating income (expense) Aerospace & Industrial $ 24,853 $ 19,025 Defense Electronics 23,290 36,623 Naval & Power 27,288 38,057 Corporate and other (1) (14,921) (8,639) Total consolidated $ 60,510 $ 85,066 (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) 2022 2021 Total operating income $ 60,510 $ 85,066 Interest expense 9,530 9,959 Other income, net 2,997 4,843 Earnings before income taxes $ 53,977 $ 79,950 (In thousands) March 31, 2022 December 31, 2021 Identifiable assets Aerospace & Industrial $ 1,011,295 $ 991,508 Defense Electronics 1,518,990 1,536,369 Naval & Power 1,266,159 1,270,099 Corporate and Other 292,923 294,581 Assets held for sale — 10,988 Total consolidated $ 4,089,367 $ 4,103,545

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2022
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, 2020 $ (88,737) $ (222,119) $ (310,856) Other comprehensive income (loss) before reclassifications (1) (10,829) 107,211 96,382 Amounts reclassified from accumulated other comprehensive loss (1) — 24,009 24,009 Net current period other comprehensive income (loss) (10,829) 131,220 120,391 December 31, 2021 $ (99,566) $ (90,899) $ (190,465) Other comprehensive income (loss) before reclassifications (1) (6,825) 1,393 (5,432) Amounts reclassified from accumulated other comprehensive income (loss) (1) — 4,373 4,373 Net current period other comprehensive income (loss) (6,825) 5,766 (1,059) March 31, 2022 $ (106,391) $ (85,133) $ (191,524) (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 $ 86 Other income, net Amortization of actuarial losses (4,006) Other income, net Settlements (1,842) Other income, net (5,762) Earnings before income taxes 1,389 Provision for income taxes Total reclassifications $ (4,373) Net earnings

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND COMMITMENTS	CONTINGENCIES AND COMMITMENTS From time to time, the Corporation and its subsidiaries are involved in legal proceedings that are incidental to the operation of our business. Some of these proceedings allege damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues, commercial or contractual disputes, and acquisitions or divestitures. The Corporation continues to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals and insurance coverage, the Corporation does not believe that the disposition of any of these matters, individually or in the aggregate, will have a material adverse effect on its condensed 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, 2022 and December 31, 2021, there were $19.5 million and $21.1 million of stand-by letters of credit outstanding, respectively. As of March 31, 2022 and December 31, 2021, there were $2.7 million and $4.5 million of bank guarantees outstanding, respectively. In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility. The Corporation has provided this financial assurance in the form of a $35.2 million surety bond. AP1000 Program In February 2022, the Corporation and Westinghouse Electric Company (WEC) executed a settlement agreement to resolve all open claims and counterclaims under the AP1000 U.S. and China contracts. Under the terms of the settlement agreement, the Corporation paid WEC $15 million in March 2022 and is required to pay WEC a final amount of $10 million in the first quarter of 2023 in exchange for the Corporation’s full release from all open claims under such contracts, whether known or unknown, as well as negotiating and executing a right of first refusal for all future AP1000 projects. As of December 31, 2021, the Corporation was adequately accrued regarding this matter.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2022
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 integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets. The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated. The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations. 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, 2022 and 2021, 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 2021 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, 2022
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, 2022 and 2021: Three Months Ended March 31, 2022 2021 Over-time 53 % 52 % Point-in-time 47 % 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) 2022 2021 Aerospace & Defense Aerospace Defense $ 98,004 $ 111,016 Ground Defense 39,108 55,746 Naval Defense 162,967 177,905 Commercial Aerospace 60,892 57,269 Total Aerospace & Defense customers $ 360,971 $ 401,936 Commercial Power & Process $ 104,788 $ 105,504 General Industrial 93,702 89,619 Total Commercial customers $ 198,490 $ 195,123 Total $ 559,461 $ 597,059

RECEIVABLES (Table)

RECEIVABLES (Table)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule Of Accounts Notes Loans And Financing Receivable	The composition of receivables is as follows: (In thousands) March 31, 2022 December 31, 2021 Billed receivables: Trade and other receivables $ 352,905 $ 362,007 Unbilled receivables: Recoverable costs and estimated earnings not billed 314,240 291,758 Less: Progress payments applied (1,202) (1,297) Net unbilled receivables 313,038 290,461 Less: Allowance for doubtful accounts (4,814) (5,320) Receivables, net $ 661,129 $ 647,148

INVENTORIES (Table)

INVENTORIES (Table)	3 Months Ended
	Mar. 31, 2022
Inventory, Net [Abstract]
Schedule Of Inventory	The composition of inventories is as follows: (In thousands) March 31, 2022 December 31, 2021 Raw materials $ 217,900 $ 191,066 Work-in-process 81,618 78,221 Finished goods 106,167 98,944 Inventoried costs related to U.S. Government and other long-term contracts (1) 47,387 48,619 Inventories, net of reserves 453,072 416,850 Less: Progress payments applied (4,950) (5,283) Inventories, net $ 448,122 $ 411,567 (1) This caption includes capitalized development costs of $24.9 million as of March 31, 2022 related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of March 31, 2022, capitalized development costs of $17.1 million are not currently supported by existing firm orders.

GOODWILL (Table)

GOODWILL (Table)	3 Months Ended
	Mar. 31, 2022
Goodwill [Abstract]
Schedule Of Goodwill	The changes in the carrying amount of goodwill for the three months ended March 31, 2022 are as follows: (In thousands) Aerospace & Industrial Defense Electronics Naval & Power Consolidated December 31, 2021 $ 316,147 $ 714,014 $ 432,865 $ 1,463,026 Adjustments — (469) — (469) Foreign currency translation adjustment (1,629) (1,861) (168) (3,658) March 31, 2022 $ 314,518 $ 711,684 $ 432,697 $ 1,458,899

OTHER INTANGIBLE ASSETS, NET (T

OTHER INTANGIBLE ASSETS, NET (Table)	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Technology $ 274,264 $ (167,627) $ 106,637 $ 274,615 $ (164,077) $ 110,538 Customer related intangibles 568,019 (277,504) 290,515 568,720 (270,816) 297,904 Programs (1) 144,000 (28,800) 115,200 144,000 (27,000) 117,000 Other intangible assets 49,512 (37,951) 11,561 49,559 (36,924) 12,635 Total $ 1,035,795 $ (511,882) $ 523,913 $ 1,036,894 $ (498,817) $ 538,077
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future amortization expense of intangible assets over the next five years is as follows: (In millions) 2022 $ 55 2023 $ 52 2024 $ 48 2025 $ 45 2026 $ 44

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	March 31, 2022 December 31, 2021 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit agreement, due 2023 $ 213,900 $ 213,900 $ 93,900 $ 93,900 3.70% Senior notes due 2023 202,500 204,456 202,500 208,086 3.85% Senior notes due 2025 90,000 90,363 90,000 95,246 4.24% Senior notes due 2026 200,000 204,427 200,000 218,421 4.05% Senior notes due 2028 67,500 68,571 67,500 73,783 4.11% Senior notes due 2028 90,000 91,645 90,000 98,854 3.10% Senior notes due 2030 150,000 142,137 150,000 154,832 3.20% Senior notes due 2032 150,000 141,071 150,000 154,875 Total debt 1,163,900 1,156,570 1,043,900 1,097,997 Debt issuance costs, net (908) (908) (949) (949) Unamortized interest rate swap proceeds 7,252 7,252 7,659 7,659 Total debt, net $ 1,170,244 $ 1,162,914 1,050,610 1,104,707

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)	3 Months Ended
	Mar. 31, 2022
Retirement Benefits, Description [Abstract]
Schedule Of Defined Benefit Plans Disclosures	The components of net periodic pension cost were as follows: Three Months Ended March 31, (In thousands) 2022 2021 Service cost $ 6,063 $ 6,870 Interest cost 5,288 4,306 Expected return on plan assets (13,857) (15,180) Amortization of prior service cost (86) (63) Amortization of unrecognized actuarial loss 4,006 7,143 Cost of settlements 1,842 — Net periodic pension cost $ 3,256 $ 3,076

EARNINGS PER SHARE (Table)

EARNINGS PER SHARE (Table)	3 Months Ended
	Mar. 31, 2022
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) 2022 2021 Basic weighted-average shares outstanding 38,456 40,933 Dilutive effect of deferred stock compensation 212 170 Diluted weighted-average shares outstanding 38,668 41,103

SEGMENT INFORMATION (Table)

SEGMENT INFORMATION (Table)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information By Segment	Net sales and operating income by reportable segment were as follows: Three Months Ended March 31, (In thousands) 2022 2021 Net sales Aerospace & Industrial $ 191,850 $ 181,138 Defense Electronics 143,938 182,298 Naval & Power 225,315 235,580 Less: Intersegment revenues (1,642) (1,957) Total consolidated $ 559,461 $ 597,059 Operating income (expense) Aerospace & Industrial $ 24,853 $ 19,025 Defense Electronics 23,290 36,623 Naval & Power 27,288 38,057 Corporate and other (1) (14,921) (8,639) Total consolidated $ 60,510 $ 85,066 (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	Adjustments to reconcile operating income to earnings before income taxes are as follows: Three Months Ended March 31, (In thousands) 2022 2021 Total operating income $ 60,510 $ 85,066 Interest expense 9,530 9,959 Other income, net 2,997 4,843 Earnings before income taxes $ 53,977 $ 79,950
Reconciliation Of Assets From Segment To Consolidated	(In thousands) March 31, 2022 December 31, 2021 Identifiable assets Aerospace & Industrial $ 1,011,295 $ 991,508 Defense Electronics 1,518,990 1,536,369 Naval & Power 1,266,159 1,270,099 Corporate and Other 292,923 294,581 Assets held for sale — 10,988 Total consolidated $ 4,089,367 $ 4,103,545

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)	3 Months Ended
	Mar. 31, 2022
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, 2020 $ (88,737) $ (222,119) $ (310,856) Other comprehensive income (loss) before reclassifications (1) (10,829) 107,211 96,382 Amounts reclassified from accumulated other comprehensive loss (1) — 24,009 24,009 Net current period other comprehensive income (loss) (10,829) 131,220 120,391 December 31, 2021 $ (99,566) $ (90,899) $ (190,465) Other comprehensive income (loss) before reclassifications (1) (6,825) 1,393 (5,432) Amounts reclassified from accumulated other comprehensive income (loss) (1) — 4,373 4,373 Net current period other comprehensive income (loss) (6,825) 5,766 (1,059) March 31, 2022 $ (106,391) $ (85,133) $ (191,524) (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 $ 86 Other income, net Amortization of actuarial losses (4,006) Other income, net Settlements (1,842) Other income, net (5,762) Earnings before income taxes 1,389 Provision for income taxes Total reclassifications $ (4,373) Net earnings

REVENUE DISAGGREGATION OF REVEN

REVENUE DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 559,461	$ 597,059
Aerospace & Defense
Disaggregation of Revenue [Line Items]
Net sales	360,971	401,936
Commercial [Member]
Disaggregation of Revenue [Line Items]
Net sales	198,490	195,123
Defense Aerospace [Member] | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Net sales	98,004	111,016
Defense Ground [Member] | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Net sales	39,108	55,746
Defense Naval [Member] | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Net sales	162,967	177,905
Commercial Aerospace [Member] | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Net sales	60,892	57,269
Power &Process [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Net sales	104,788	105,504
General Industrial [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 93,702	$ 89,619
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Net Sales, Net, Percent	53.00%	52.00%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Net Sales, Net, Percent	47.00%	48.00%

REVENUE ADDITIONAL DETAILS (Det

REVENUE ADDITIONAL DETAILS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 2,300
Revenue, Remaining Performance Obligation, Percentage	89.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation	36 months
Contract with Customer, Liability, Revenue Recognized	$ 79	$ 77

ASSETS HELD FOR SALE (Narrative

ASSETS HELD FOR SALE (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from Divestiture of Businesses	$ 3,000
Loss on divestiture		$ 4,651	$ 0

RECEIVABLES (Detail)

RECEIVABLES (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Billed receivables:
Trade and other receivables	$ 352,905	$ 362,007
Unbilled receivables:
Recoverable costs and estimated earnings not billed	314,240	291,758
Contract Receivable, Progress Payment Offset	(1,202)	(1,297)
Net unbilled receivables	313,038	290,461
Less: Allowance for doubtful accounts	(4,814)	(5,320)
Receivables, net	$ 661,129	$ 647,148

INVENTORIES (Detail)

INVENTORIES (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Inventory, Raw Materials, Net of Reserves	$ 217,900	$ 191,066
Inventory, Work in Process, Net of Reserves	81,618	78,221
Inventory, Finished Goods, Net of Reserves	106,167	98,944
Inventory For Long-term Contracts Or Programs, Net Of Reserves	47,387	48,619
Inventories, Net of Reserves	453,072	416,850
Progress Payments Netted Against Inventory for Long-term Contracts or Programs	(4,950)	(5,283)
Inventories, net	$ 448,122	$ 411,567

INVENTORIES (Narrative) (Detail

INVENTORIES (Narrative) (Detail) $ in Millions	Mar. 31, 2022USD ($)
Inventory, Net [Abstract]
Other inventory, capitalized costs	$ 24.9
Other Inventory Capitalized Costs Not Supported By Existing Firm Orders	$ 17.1

GOODWILL (Detail)

GOODWILL (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
December 31, 2021	$ 1,463,026
Goodwill, Other Increase (Decrease)	(469)
Foreign currency translation adjustment	(3,658)
March 31, 2022	1,458,899
Aerospace & Industrial
Goodwill [Roll Forward]
December 31, 2021	316,147
Foreign currency translation adjustment	(1,629)
March 31, 2022	314,518
Defense Electronics
Goodwill [Roll Forward]
December 31, 2021	714,014
Goodwill, Other Increase (Decrease)	(469)
Foreign currency translation adjustment	(1,861)
March 31, 2022	711,684
Naval & Power
Goodwill [Roll Forward]
December 31, 2021	432,865
Foreign currency translation adjustment	(168)
March 31, 2022	$ 432,697

OTHER INTANGIBLE ASSETS, NET (D

OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross	$ 1,035,795	$ 1,036,894
Accumulated Amortization	(511,882)	(498,817)
Net	523,913	538,077
Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross	274,264	274,615
Accumulated Amortization	(167,627)	(164,077)
Net	106,637	110,538
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross	568,019	568,720
Accumulated Amortization	(277,504)	(270,816)
Net	290,515	297,904
Contract and Program Intangible Assets [Member]
Finite Lived Intangible Assets [Line Items]
Gross	144,000	144,000
Accumulated Amortization	(28,800)	(27,000)
Net	115,200	117,000
Other Intangible Assets [Member]
Finite Lived Intangible Assets [Line Items]
Gross	49,512	49,559
Accumulated Amortization	(37,951)	(36,924)
Net	$ 11,561	$ 12,635

OTHER INTANGIBLE ASSETS, NET (N

OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 14	$ 15
Future amortization expense in remainder of fiscal year	55
Future amortization expense in year one	52
Future amortization expense in year two	48
Future amortization expense in year three	45
Future amortization expense in year four	$ 44

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 1,170,244	$ 1,050,610
Estimated Fair Value	1,162,914	1,104,707
Long-term Debt, Gross	1,163,900	1,043,900
Debt Issuance Costs, Net	(908)	(949)
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	7,252	7,659
Revolving Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	213,900	93,900
Estimated Fair Value	213,900	93,900
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	$ 204,456	208,086
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	$ 90,363	95,246
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	$ 204,427	218,421
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	$ 68,571	73,783
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	$ 91,645	98,854
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	$ 142,137	154,832
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	$ 141,071	154,875
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	$ 1,156,570	$ 1,097,997

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, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 6,063	$ 6,870
Interest cost	5,288	4,306
Expected return on plan assets	(13,857)	(15,180)
Amortization of prior service cost	(86)	(63)
Amortization of unrecognized actuarial loss	4,006	7,143
Gain (Loss) Due to Settlement	(1,842)	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	$ 3,256	$ 3,076

PENSION AND OTHER POSTRETIREM_4

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Additional) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Employer Contribution, Percentage, Maximum	7.00%
Defined Contribution Plan, Cost	$ 5.7	$ 5.3

EARNINGS PER SHARE (Detail)

EARNINGS PER SHARE (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share Reconciliation [Abstract]
Basic weighted-average shares outstanding (shares)	38,456	40,933
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	212	170
Diluted weighted-average shares outstanding (shares)	38,668	41,103

EARNINGS PER SHARE EARNINGS PER

EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	26,000	88,000

SEGMENT INFORMATION (Detail)

SEGMENT INFORMATION (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 559,461	$ 597,059
Operating income (expense)	60,510	85,066
Identifiable assets	4,089,367		$ 4,103,545
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	(1,642)	(1,957)
Operating Segments | Aerospace & Industrial
Segment Reporting Information [Line Items]
Net sales	191,850	181,138
Operating income (expense)	24,853	19,025
Identifiable assets	1,011,295		991,508
Operating Segments | Defense Electronics
Segment Reporting Information [Line Items]
Net sales	143,938	182,298
Operating income (expense)	23,290	36,623
Identifiable assets	1,518,990		1,536,369
Operating Segments | Naval & Power
Segment Reporting Information [Line Items]
Net sales	225,315	235,580
Operating income (expense)	27,288	38,057
Identifiable assets	1,266,159		1,270,099
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Operating income (expense)	(14,921)	$ (8,639)
Identifiable assets	292,923		294,581
Operating Segments | Assets Held For Sale
Segment Reporting Information [Line Items]
Identifiable assets	$ 0		$ 10,988

SEGMENT INFORMATION (Reconcilia

SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting [Abstract]
Total operating income	$ 60,510	$ 85,066
Interest expense	(9,530)	(9,959)
Other income, net	2,997	4,843
Earnings before income taxes	$ 53,977	$ 79,950

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (190,465)	$ (310,856)	$ (310,856)
Other comprehensive income (loss) before reclassifications	(5,432)		96,382
Amounts reclassified from accumulated other comprehensive loss	4,373		24,009
Other comprehensive income (loss), net of tax	(1,059)	1,640	120,391
Ending balance	(191,524)		(190,465)
Foreign Currency Translation Adjustments, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(99,566)	(88,737)	(88,737)
Other comprehensive income (loss) before reclassifications	(6,825)		(10,829)
Amounts reclassified from accumulated other comprehensive loss	0		0
Other comprehensive income (loss), net of tax	(6,825)		(10,829)
Ending balance	(106,391)		(99,566)
Total Pension and Postretirment Adjustments, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(90,899)	$ (222,119)	(222,119)
Other comprehensive income (loss) before reclassifications	1,393		107,211
Amounts reclassified from accumulated other comprehensive loss	4,373		24,009
Other comprehensive income (loss), net of tax	5,766		131,220
Ending balance	$ (85,133)		$ (90,899)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Earnings before income taxes	$ 53,977	$ 79,950
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	86
Amortization of actuarial losses	(4,006)
Settlements	(1,842)
Earnings before income taxes	(5,762)
Provision for income taxes	1,389
Net earnings	$ (4,373)

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021
AP1000
Loss Contingencies [Line Items]
Litigation Settlement, Amount Awarded to Other Party		$ 15
AP1000 | Forecast
Loss Contingencies [Line Items]
Litigation Settlement, Amount Awarded to Other Party	$ 10
Standby Letters Of Credit
Loss Contingencies [Line Items]
Letters of credit, outstanding		19.5	$ 21.1
FinancialStandbyLetterOfCreditMember
Loss Contingencies [Line Items]
Letters of credit, outstanding		2.7	$ 4.5
Surety Bond
Loss Contingencies [Line Items]
Surety bond outstanding		$ 35.2