Curtiss-Wright (CW) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		38,342,932
Entity Shell Company	false
Entity Central Index Key	0000026324
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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, 2023	Mar. 31, 2022
Net Sales
Net sales	$ 630,860	$ 559,461
Cost of sales
Cost of sales	409,452	358,059
Gross profit	221,408	201,402
Research and development expenses	22,024	20,549
Selling expenses	32,425	28,092
General and administrative expenses	88,344	87,600
Loss on divestiture	0	4,651
Operating income	78,615	60,510
Interest expense	(12,944)	(9,530)
Other income, net	7,767	2,997
Earnings before income taxes	73,438	53,977
Provision for income taxes	(16,592)	(13,292)
Net earnings	$ 56,846	$ 40,685
Net earnings per share:
Basic earnings per share (usd per share)	$ 1.48	$ 1.06
Diluted earnings per share (usd per share)	1.48	1.05
Dividends per share	$ 0.19	$ 0.18
Weighted-average shares outstanding:
Basic (shares)	38,303	38,456
Diluted (shares)	38,516	38,668
Product
Net Sales
Net sales	$ 524,881	$ 453,421
Cost of sales
Cost of sales	343,757	294,527
Service
Net Sales
Net sales	105,979	106,040
Cost of sales
Cost of sales	$ 65,695	$ 63,532

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings		$ 56,846	$ 40,685
Other comprehensive income
Foreign currency translation, net of tax	[1]	14,666	(6,825)
Pension and postretirement adjustments, net of tax	[2]	(192)	5,766
Other comprehensive income (loss), net of tax		14,474	(1,059)
Comprehensive income		$ 71,320	$ 39,626
[1]The tax benefit included in foreign currency translation adjustments for the three months ended March 31, 2023 was $2.4 million. The tax benefit included in foreign currency translation adjustments for the three months ended March 31, 2022 was immaterial.[2]The tax benefit included in pension and postretirement adjustments for the three months ended March 31, 2023 was immaterial. The tax expense included in pension and postretirement adjustments for the three months ended March 31, 2022 was $1.4 million.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Parent	[1]	$ 2.4
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax	[2]		$ 1.4
[1]The tax benefit included in foreign currency translation adjustments for the three months ended March 31, 2023 was $2.4 million. The tax benefit included in foreign currency translation adjustments for the three months ended March 31, 2022 was immaterial.[2]The tax benefit included in pension and postretirement adjustments for the three months ended March 31, 2023 was immaterial. The tax expense included in pension and postretirement adjustments for the three months ended March 31, 2022 was $1.4 million.

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 130,659	$ 256,974
Receivables, net	720,248	724,603
Inventories, net	527,937	483,113
Other current assets	67,415	52,623
Total current assets	1,446,259	1,517,313
Property, plant, and equipment, net	340,313	342,708
Goodwill	1,549,148	1,544,635
Other intangible assets, net	605,217	620,897
Operating Lease, Right-of-Use Asset	145,017	153,855
Prepaid pension asset	227,547	222,627
Other assets	48,624	47,567
Total assets	4,362,125	4,449,602
Current liabilities:
Current portion of long-term debt and short-term debt	0	202,500
Accounts payable	207,573	266,525
Accrued expenses	153,678	177,536
Deferred revenue	234,487	242,483
Other current liabilities	76,452	82,395
Total current liabilities	672,190	971,439
Long-term debt	1,229,619	1,051,900
Deferred tax liabilities, net	122,607	123,001
Accrued pension and other postretirement benefit costs	58,062	58,348
Long-term operating lease liability	124,025	132,275
Long-term portion of environmental reserves	13,171	12,547
Other liabilities	88,292	107,973
Total liabilities	2,307,966	2,457,483
Stockholders' Equity
Common stock, $1 par value,100,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 49,187,378 shares issued as of March 31, 2023 and December 31, 2022; outstanding shares were 38,364,387 as of March 31, 2023 and 38,259,722 as of December 31, 2022	49,187	49,187
Additional paid in capital	126,909	134,553
Retained earnings	3,223,944	3,174,396
Accumulated other comprehensive loss	(244,442)	(258,916)
Common treasury stock, at cost (10,822,991 shares as of March 31, 2023 and 10,927,656 shares as of December 31, 2022)	(1,101,439)	(1,107,101)
Total stockholders' equity	2,054,159	1,992,119
Total liabilities and stockholders' equity	$ 4,362,125	$ 4,449,602

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 1	$ 1
Common Stock, Shares Authorized (in shares)	100,000,000	100,000,000
Common Stock, Shares, Issued (in shares)	49,187,378	49,187,378
Common Stock, Shares, Outstanding (in shares)	38,364,387	38,259,722
Treasury Stock, Common, Shares (in shares)	10,822,991	10,927,656

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net earnings	$ 56,846	$ 40,685
Adjustments to reconcile net earnings to net cash used for operating activities:
Depreciation and amortization	28,927	27,363
Loss on divestiture	0	4,651
(Gain) loss on sale/disposal of long-lived assets	93	(3,070)
Deferred income taxes	(2,619)	803
Share-based compensation	5,179	3,809
Change in operating assets and liabilities, net of businesses acquired:
Receivables, net	6,153	(13,414)
Inventories, net	(42,773)	(38,149)
Progress payments	(163)	(395)
Accounts payable and accrued expenses	(85,442)	(72,565)
Deferred revenue	(8,252)	(35,154)
Pension and postretirement liabilities, net	(4,946)	(6,034)
Other current and long-term assets and liabilities	(44,602)	(32,845)
Net cash used for operating activities	(91,599)	(124,315)
Cash flows from investing activities:
Proceeds from sale/disposal of long-lived assets	224	5,567
Additions to property, plant, and equipment	(10,661)	(10,896)
Payments for (Proceeds from) Previous Acquisition	0	5,062
Net cash used for investing activities	(10,437)	(10,391)
Cash flows from financing activities:
Borrowings under revolving credit facility	465,025	241,198
Repayments of Lines of Credit	(286,825)	(121,198)
Repayments of Senior Debt	(202,500)	0
Repurchases of common stock	(12,386)	(18,857)
Proceeds from share-based compensation	5,225	5,284
Other	(268)	(248)
Net cash provided by (used for) financing activities	(31,729)	106,179
Effect of exchange-rate changes on cash	7,450	(5,795)
Net decrease in cash and cash equivalents	(126,315)	(34,322)
Cash and cash equivalents at beginning of period	256,974	171,004
Cash and cash equivalents at end of period	$ 130,659	$ 136,682

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
Beginning Balance at Dec. 31, 2021			$ 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			49,187	122,603	2,942,580	(191,524)	(1,073,426)
Beginning Balance at Dec. 31, 2021			49,187	127,104	2,908,827	(190,465)	(1,068,163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax		(68,451)
Ending Balance at Dec. 31, 2022		1,992,119	49,187	134,553	3,174,396	(258,916)	(1,107,101)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		56,846			56,846
Other Comprehensive Income (Loss), Net of Tax		14,474				14,474
Dividends paid/declared					(7,298)
Restricted stock				(13,805)			13,805
Employee Stock Purchase Plan				1,483			3,742
Share-based compensation				4,939			240
Repurchases of common stock	[1]						(12,386)
Other				(261)			261
Ending Balance at Mar. 31, 2023		$ 2,054,159	$ 49,187	$ 126,909	$ 3,223,944	$ (244,442)	$ (1,101,439)
[1]For both the three months ended March 31, 2023 and 2022, 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, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Treasury Stock, Shares, Acquired	[1]	0.1	0.1
[1]For both the three months ended March 31, 2023 and 2022, the Corporation repurchased approximately 0.1 million shares of its common stock.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022, 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 2022 Annual Report on Form 10-K filed with the SEC. 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, 2023
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, 2023 and 2022: Three Months Ended March 31, 2023 2022 Over-time 49 % 53 % Point-in-time 51 % 47 % 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 $2.7 billion as of March 31, 2023, of which the Corporation expects to recognize approximatel y 90% 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) 2023 2022 Aerospace & Defense Aerospace Defense $ 99,879 $ 98,004 Ground Defense 66,256 39,108 Naval Defense 171,956 162,967 Commercial Aerospace 70,490 60,892 Total Aerospace & Defense customers $ 408,581 $ 360,971 Commercial Power & Process $ 120,339 $ 104,788 General Industrial 101,940 93,702 Total Commercial customers $ 222,279 $ 198,490 Total $ 630,860 $ 559,461 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, 2023 and 2022 included in contract liabilities at the beginning of the respective years was 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.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	3 Months Ended
	Mar. 31, 2023
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 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, 2023
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, 2023 December 31, 2022 Billed receivables: Trade and other receivables $ 397,301 $ 412,682 Unbilled receivables: Recoverable costs and estimated earnings not billed 328,199 316,682 Less: Progress payments applied (28) (67) Net unbilled receivables 328,171 316,615 Less: Allowance for doubtful accounts (5,224) (4,694) Receivables, net $ 720,248 $ 724,603

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Raw materials $ 259,191 $ 242,116 Work-in-process 93,948 76,328 Finished goods 134,348 128,090 Inventoried costs related to U.S. Government and other long-term contracts (1) 43,433 39,685 Inventories, net of reserves 530,920 486,219 Less: Progress payments applied (2,983) (3,106) Inventories, net $ 527,937 $ 483,113 (1) As of March 31, 2023, this caption includes capitalized development costs of $16.3 million related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of March 31, 2023, capitalized development costs of $10.6 million are not currently supported by existing firm orders.

GOODWILL

GOODWILL	3 Months Ended
	Mar. 31, 2023
Goodwill [Abstract]
GOODWILL	GOODWILL The changes in the carrying amount of goodwill for the three months ended March 31, 2023 are as follows: (In thousands) Aerospace & Industrial Defense Electronics Naval & Power Consolidated December 31, 2022 $ 321,550 $ 702,786 $ 520,299 $ 1,544,635 Foreign currency translation adjustment 1,473 2,224 816 4,513 March 31, 2023 $ 323,023 $ 705,010 $ 521,115 $ 1,549,148

OTHER INTANGIBLE ASSETS, NET

OTHER INTANGIBLE ASSETS, NET	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Technology $ 306,710 $ (181,330) $ 125,380 $ 306,160 $ (176,675) $ 129,485 Customer related intangibles 668,233 (308,903) 359,330 666,638 (298,160) 368,478 Programs (1) 144,000 (36,000) 108,000 144,000 (34,200) 109,800 Other intangible assets 53,982 (41,475) 12,507 53,879 (40,745) 13,134 Total $ 1,172,925 $ (567,708) $ 605,217 $ 1,170,677 $ (549,780) $ 620,897 (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, 2023 was $16 million, as compared to $14 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) 2023 $ 65 2024 $ 57 2025 $ 54 2026 $ 53 2027 $ 50

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2023
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 against the British Pound, Euro, and Canadian dollar. 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, 2023 and December 31, 2022, 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 gain for the three months ended March 31, 2023 was $4 million. The loss for the three months ended March 31, 2022 was 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, 2023. 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, 2023 December 31, 2022 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit agreement, due 2027 $ 178,200 $ 178,200 $ — $ — 3.70% Senior notes due 2023 — — 202,500 202,082 3.85% Senior notes due 2025 90,000 88,331 90,000 87,298 4.24% Senior notes due 2026 200,000 195,529 200,000 191,760 4.05% Senior notes due 2028 67,500 64,926 67,500 63,300 4.11% Senior notes due 2028 90,000 86,338 90,000 83,955 3.10% Senior notes due 2030 150,000 131,958 150,000 127,429 3.20% Senior notes due 2032 150,000 128,166 150,000 123,656 4.49% Senior notes due 2032 200,000 189,022 200,000 183,007 4.64% Senior notes due 2034 100,000 93,730 100,000 90,341 Total debt 1,225,700 1,156,200 1,250,000 1,152,828 Debt issuance costs, net (1,705) (1,705) (1,631) (1,631) Unamortized interest rate swap proceeds 5,624 5,624 6,031 6,031 Total debt, net $ 1,229,619 $ 1,160,119 1,254,400 1,157,228

PENSION AND OTHER POSTRETIREMEN

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 31, 2023
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 2022 Annual Report on Form 10-K filed with the SEC. The components of net periodic pension cost/(benefit) were as follows: Three Months Ended March 31, (In thousands) 2023 2022 Service cost $ 4,127 $ 6,063 Interest cost 8,790 5,288 Expected return on plan assets (15,820) (13,857) Amortization of prior service cost (33) (86) Amortization of unrecognized actuarial loss 77 4,006 Cost of settlements — 1,842 Net periodic pension cost/(benefit) $ (2,859) $ 3,256 The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the three months ended March 31, 2023, and does not expect to do so throughout the remainder of the year. Contributions to the foreign benefit plans are not expected to be material in 2023. 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, 2023 and 2022, the expense relating to the plan was $6.1 million and $5.7 million, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Basic weighted-average shares outstanding 38,303 38,456 Dilutive effect of deferred stock compensation 213 212 Diluted weighted-average shares outstanding 38,516 38,668 For the three months ended March 31, 2023 and 2022, approximately 24,000 and 26,000 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, 2023
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) 2023 2022 Net sales Aerospace & Industrial $ 203,586 $ 191,850 Defense Electronics 163,070 143,938 Naval & Power 266,814 225,315 Less: Intersegment revenues (2,610) (1,642) Total consolidated $ 630,860 $ 559,461 Operating income (expense) Aerospace & Industrial $ 26,545 $ 24,853 Defense Electronics 23,368 23,290 Naval & Power 37,937 27,288 Corporate and other (1) (9,235) (14,921) Total consolidated $ 78,615 $ 60,510 (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) 2023 2022 Total operating income $ 78,615 $ 60,510 Interest expense 12,944 9,530 Other income, net 7,767 2,997 Earnings before income taxes $ 73,438 $ 53,977 (In thousands) March 31, 2023 December 31, 2022 Identifiable assets Aerospace & Industrial $ 1,041,860 $ 1,041,562 Defense Electronics 1,545,190 1,546,331 Naval & Power 1,498,003 1,488,867 Corporate and Other 277,072 372,842 Total consolidated $ 4,362,125 $ 4,449,602

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	3 Months Ended
	Mar. 31, 2023
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, 2021 $ (99,566) $ (90,899) $ (190,465) Other comprehensive income (loss) before reclassifications (1) (61,241) (23,447) (84,688) Amounts reclassified from accumulated other comprehensive loss (1) — 16,237 16,237 Net current period other comprehensive income (loss) (61,241) (7,210) (68,451) December 31, 2022 $ (160,807) $ (98,109) $ (258,916) Other comprehensive income (loss) before reclassifications (1) 14,666 (223) 14,443 Amounts reclassified from accumulated other comprehensive income (loss) (1) — 31 31 Net current period other comprehensive income (loss) 14,666 (192) 14,474 March 31, 2023 $ (146,141) $ (98,301) $ (244,442) (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 $ 33 Other income, net Amortization of actuarial losses (77) Other income, net (44) Earnings before income taxes 13 Provision for income taxes Total reclassifications $ (31) Net earnings

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND COMMITMENTS	CONTINGENCIES AND COMMITMENTS From time to time, the Corporation is involved in legal proceedings that are incidental to the operation of its 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, 2023 and December 31, 2022, there were $19 million and $17 million of stand-by letters of credit outstanding, respectively. As of March 31, 2023 and December 31, 2022, there were $14 million and $3 million of bank guarantees outstanding, respectively. In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility. The Corporation has provided this financial assurance in the form of a $35 million surety bond. 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 the first quarter of 2022 and 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.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2023 and 2022, 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 2022 Annual Report on Form 10-K filed with the SEC. 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, 2023
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, 2023 and 2022: Three Months Ended March 31, 2023 2022 Over-time 49 % 53 % Point-in-time 51 % 47 % 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) 2023 2022 Aerospace & Defense Aerospace Defense $ 99,879 $ 98,004 Ground Defense 66,256 39,108 Naval Defense 171,956 162,967 Commercial Aerospace 70,490 60,892 Total Aerospace & Defense customers $ 408,581 $ 360,971 Commercial Power & Process $ 120,339 $ 104,788 General Industrial 101,940 93,702 Total Commercial customers $ 222,279 $ 198,490 Total $ 630,860 $ 559,461

RECEIVABLES (Table)

RECEIVABLES (Table)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule Of Accounts Notes Loans And Financing Receivable	The composition of receivables is as follows: (In thousands) March 31, 2023 December 31, 2022 Billed receivables: Trade and other receivables $ 397,301 $ 412,682 Unbilled receivables: Recoverable costs and estimated earnings not billed 328,199 316,682 Less: Progress payments applied (28) (67) Net unbilled receivables 328,171 316,615 Less: Allowance for doubtful accounts (5,224) (4,694) Receivables, net $ 720,248 $ 724,603

INVENTORIES (Table)

INVENTORIES (Table)	3 Months Ended
	Mar. 31, 2023
Inventory, Net [Abstract]
Schedule Of Inventory	The composition of inventories is as follows: (In thousands) March 31, 2023 December 31, 2022 Raw materials $ 259,191 $ 242,116 Work-in-process 93,948 76,328 Finished goods 134,348 128,090 Inventoried costs related to U.S. Government and other long-term contracts (1) 43,433 39,685 Inventories, net of reserves 530,920 486,219 Less: Progress payments applied (2,983) (3,106) Inventories, net $ 527,937 $ 483,113 (1) As of March 31, 2023, this caption includes capitalized development costs of $16.3 million related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of March 31, 2023, capitalized development costs of $10.6 million are not currently supported by existing firm orders.

GOODWILL (Table)

GOODWILL (Table)	3 Months Ended
	Mar. 31, 2023
Goodwill [Abstract]
Schedule Of Goodwill	The changes in the carrying amount of goodwill for the three months ended March 31, 2023 are as follows: (In thousands) Aerospace & Industrial Defense Electronics Naval & Power Consolidated December 31, 2022 $ 321,550 $ 702,786 $ 520,299 $ 1,544,635 Foreign currency translation adjustment 1,473 2,224 816 4,513 March 31, 2023 $ 323,023 $ 705,010 $ 521,115 $ 1,549,148

OTHER INTANGIBLE ASSETS, NET (T

OTHER INTANGIBLE ASSETS, NET (Table)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Technology $ 306,710 $ (181,330) $ 125,380 $ 306,160 $ (176,675) $ 129,485 Customer related intangibles 668,233 (308,903) 359,330 666,638 (298,160) 368,478 Programs (1) 144,000 (36,000) 108,000 144,000 (34,200) 109,800 Other intangible assets 53,982 (41,475) 12,507 53,879 (40,745) 13,134 Total $ 1,172,925 $ (567,708) $ 605,217 $ 1,170,677 $ (549,780) $ 620,897
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) 2023 $ 65 2024 $ 57 2025 $ 54 2026 $ 53 2027 $ 50

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	March 31, 2023 December 31, 2022 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit agreement, due 2027 $ 178,200 $ 178,200 $ — $ — 3.70% Senior notes due 2023 — — 202,500 202,082 3.85% Senior notes due 2025 90,000 88,331 90,000 87,298 4.24% Senior notes due 2026 200,000 195,529 200,000 191,760 4.05% Senior notes due 2028 67,500 64,926 67,500 63,300 4.11% Senior notes due 2028 90,000 86,338 90,000 83,955 3.10% Senior notes due 2030 150,000 131,958 150,000 127,429 3.20% Senior notes due 2032 150,000 128,166 150,000 123,656 4.49% Senior notes due 2032 200,000 189,022 200,000 183,007 4.64% Senior notes due 2034 100,000 93,730 100,000 90,341 Total debt 1,225,700 1,156,200 1,250,000 1,152,828 Debt issuance costs, net (1,705) (1,705) (1,631) (1,631) Unamortized interest rate swap proceeds 5,624 5,624 6,031 6,031 Total debt, net $ 1,229,619 $ 1,160,119 1,254,400 1,157,228

PENSION AND OTHER POSTRETIREM_2

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits, Description [Abstract]
Schedule Of Defined Benefit Plans Disclosures	The components of net periodic pension cost/(benefit) were as follows: Three Months Ended March 31, (In thousands) 2023 2022 Service cost $ 4,127 $ 6,063 Interest cost 8,790 5,288 Expected return on plan assets (15,820) (13,857) Amortization of prior service cost (33) (86) Amortization of unrecognized actuarial loss 77 4,006 Cost of settlements — 1,842 Net periodic pension cost/(benefit) $ (2,859) $ 3,256

EARNINGS PER SHARE (Table)

EARNINGS PER SHARE (Table)	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Basic weighted-average shares outstanding 38,303 38,456 Dilutive effect of deferred stock compensation 213 212 Diluted weighted-average shares outstanding 38,516 38,668

SEGMENT INFORMATION (Table)

SEGMENT INFORMATION (Table)	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Net sales Aerospace & Industrial $ 203,586 $ 191,850 Defense Electronics 163,070 143,938 Naval & Power 266,814 225,315 Less: Intersegment revenues (2,610) (1,642) Total consolidated $ 630,860 $ 559,461 Operating income (expense) Aerospace & Industrial $ 26,545 $ 24,853 Defense Electronics 23,368 23,290 Naval & Power 37,937 27,288 Corporate and other (1) (9,235) (14,921) Total consolidated $ 78,615 $ 60,510 (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) 2023 2022 Total operating income $ 78,615 $ 60,510 Interest expense 12,944 9,530 Other income, net 7,767 2,997 Earnings before income taxes $ 73,438 $ 53,977
Reconciliation Of Assets From Segment To Consolidated	(In thousands) March 31, 2023 December 31, 2022 Identifiable assets Aerospace & Industrial $ 1,041,860 $ 1,041,562 Defense Electronics 1,545,190 1,546,331 Naval & Power 1,498,003 1,488,867 Corporate and Other 277,072 372,842 Total consolidated $ 4,362,125 $ 4,449,602

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)	3 Months Ended
	Mar. 31, 2023
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, 2021 $ (99,566) $ (90,899) $ (190,465) Other comprehensive income (loss) before reclassifications (1) (61,241) (23,447) (84,688) Amounts reclassified from accumulated other comprehensive loss (1) — 16,237 16,237 Net current period other comprehensive income (loss) (61,241) (7,210) (68,451) December 31, 2022 $ (160,807) $ (98,109) $ (258,916) Other comprehensive income (loss) before reclassifications (1) 14,666 (223) 14,443 Amounts reclassified from accumulated other comprehensive income (loss) (1) — 31 31 Net current period other comprehensive income (loss) 14,666 (192) 14,474 March 31, 2023 $ (146,141) $ (98,301) $ (244,442) (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 $ 33 Other income, net Amortization of actuarial losses (77) Other income, net (44) Earnings before income taxes 13 Provision for income taxes Total reclassifications $ (31) Net earnings

REVENUE DISAGGREGATION OF REVEN

REVENUE DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 630,860	$ 559,461
Aerospace & Defense
Disaggregation of Revenue [Line Items]
Net sales	408,581	360,971
Commercial [Member]
Disaggregation of Revenue [Line Items]
Net sales	222,279	198,490
Aerospace Defense [Member] | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Net sales	99,879	98,004
Ground Defense [Member] | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Net sales	66,256	39,108
Naval Defense [Member] | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Net sales	171,956	162,967
Commercial Aerospace [Member] | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Net sales	70,490	60,892
Power &Process [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Net sales	120,339	104,788
General Industrial [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 101,940	$ 93,702
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Net Sales, Net, Percent	49%	53%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Net Sales, Net, Percent	51%	47%

REVENUE ADDITIONAL DETAILS (Det

REVENUE ADDITIONAL DETAILS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 2,700
Revenue, Remaining Performance Obligation, Percentage	90%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation	36 months
Contract with Customer, Liability, Revenue Recognized	$ 89	$ 79

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from Divestiture of Businesses	$ 3
Impairment loss		$ 5

RECEIVABLES (Detail)

RECEIVABLES (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Billed receivables:
Trade and other receivables	$ 397,301	$ 412,682
Unbilled receivables:
Recoverable costs and estimated earnings not billed	328,199	316,682
Contract Receivable, Progress Payment Offset	(28)	(67)
Net unbilled receivables	328,171	316,615
Less: Allowance for doubtful accounts	(5,224)	(4,694)
Receivables, net	$ 720,248	$ 724,603

INVENTORIES (Detail)

INVENTORIES (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Inventory, Raw Materials, Net of Reserves	$ 259,191	$ 242,116
Inventory, Work in Process, Net of Reserves	93,948	76,328
Inventory, Finished Goods, Net of Reserves	134,348	128,090
Inventory For Long-term Contracts Or Programs, Net Of Reserves	43,433	39,685
Inventories, Net of Reserves	530,920	486,219
Progress Payments Netted Against Inventory for Long-term Contracts or Programs	(2,983)	(3,106)
Inventories, net	$ 527,937	$ 483,113

INVENTORIES (Narrative) (Detail

INVENTORIES (Narrative) (Detail) $ in Millions	Mar. 31, 2023 USD ($)
Inventory, Net [Abstract]
Other inventory, capitalized costs	$ 16.3
Other Inventory Capitalized Costs Not Supported By Existing Firm Orders	$ 10.6

GOODWILL (Detail)

GOODWILL (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
December 31, 2022	$ 1,544,635
Foreign currency translation adjustment	4,513
March 31, 2023	1,549,148
Aerospace & Industrial
Goodwill [Roll Forward]
December 31, 2022	321,550
Foreign currency translation adjustment	1,473
March 31, 2023	323,023
Defense Electronics
Goodwill [Roll Forward]
December 31, 2022	702,786
Foreign currency translation adjustment	2,224
March 31, 2023	705,010
Naval & Power
Goodwill [Roll Forward]
December 31, 2022	520,299
Foreign currency translation adjustment	816
March 31, 2023	$ 521,115

OTHER INTANGIBLE ASSETS, NET (D

OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross	$ 1,172,925	$ 1,170,677
Accumulated Amortization	(567,708)	(549,780)
Net	605,217	620,897
Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross	306,710	306,160
Accumulated Amortization	(181,330)	(176,675)
Net	125,380	129,485
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross	668,233	666,638
Accumulated Amortization	(308,903)	(298,160)
Net	359,330	368,478
Contract and Program Intangible Assets [Member]
Finite Lived Intangible Assets [Line Items]
Gross	144,000	144,000
Accumulated Amortization	(36,000)	(34,200)
Net	108,000	109,800
Other Intangible Assets [Member]
Finite Lived Intangible Assets [Line Items]
Gross	53,982	53,879
Accumulated Amortization	(41,475)	(40,745)
Net	$ 12,507	$ 13,134

OTHER INTANGIBLE ASSETS, NET (N

OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 16	$ 14
Future amortization expense in remainder of fiscal year	65
Future amortization expense in year one	57
Future amortization expense in year two	54
Future amortization expense in year three	53
Future amortization expense in year four	$ 50

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 1,229,619	$ 1,254,400
Estimated Fair Value	1,160,119	1,157,228
Long-term Debt, Gross	1,225,700	1,250,000
Debt Issuance Costs, Net	(1,705)	(1,631)
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	5,624	6,031
Revolving Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	178,200	0
Estimated Fair Value	178,200	0
3.70% Senior notes due 2023 [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	0	202,500
Estimated Fair Value	$ 0	202,082
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	$ 88,331	87,298
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	$ 195,529	191,760
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	$ 64,926	63,300
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	$ 86,338	83,955
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	$ 131,958	127,429
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	$ 128,166	123,656
Debt Instrument, Interest Rate, Stated Percentage	3.20%
4.49% Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 200,000	200,000
Estimated Fair Value	$ 189,022	183,007
Debt Instrument, Interest Rate, Stated Percentage	4.49%
4.64% Senior Notes [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 100,000	100,000
Estimated Fair Value	$ 93,730	90,341
Debt Instrument, Interest Rate, Stated Percentage	4.64%
Long-term Debt, gross [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Estimated Fair Value	$ 1,156,200	$ 1,152,828

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, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 4,127	$ 6,063
Interest cost	8,790	5,288
Expected return on plan assets	(15,820)	(13,857)
Amortization of prior service cost	(33)	(86)
Amortization of unrecognized actuarial loss	77	4,006
Gain (Loss) Due to Settlement	0	(1,842)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	$ (2,859)	$ 3,256

PENSION AND OTHER POSTRETIREM_4

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Additional) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Employer Contribution, Percentage, Maximum	7%
Defined Contribution Plan, Cost	$ 6.1	$ 5.7

EARNINGS PER SHARE (Detail)

EARNINGS PER SHARE (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share Reconciliation [Abstract]
Basic weighted-average shares outstanding (shares)	38,303	38,456
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	213	212
Diluted weighted-average shares outstanding (shares)	38,516	38,668

EARNINGS PER SHARE EARNINGS PER

EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	24,000	26,000

SEGMENT INFORMATION (Detail)

SEGMENT INFORMATION (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 630,860	$ 559,461
Operating income (expense)	78,615	60,510
Identifiable assets	4,362,125		$ 4,449,602
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	(2,610)	(1,642)
Operating Segments | Aerospace & Industrial
Segment Reporting Information [Line Items]
Net sales	203,586	191,850
Operating income (expense)	26,545	24,853
Identifiable assets	1,041,860		1,041,562
Operating Segments | Defense Electronics
Segment Reporting Information [Line Items]
Net sales	163,070	143,938
Operating income (expense)	23,368	23,290
Identifiable assets	1,545,190		1,546,331
Operating Segments | Naval & Power
Segment Reporting Information [Line Items]
Net sales	266,814	225,315
Operating income (expense)	37,937	27,288
Identifiable assets	1,498,003		1,488,867
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Operating income (expense)	(9,235)	$ (14,921)
Identifiable assets	$ 277,072		$ 372,842

SEGMENT INFORMATION (Reconcilia

SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting [Abstract]
Total operating income	$ 78,615	$ 60,510
Interest expense	(12,944)	(9,530)
Other income, net	7,767	2,997
Earnings before income taxes	$ 73,438	$ 53,977

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (258,916)	$ (190,465)	$ (190,465)
Other comprehensive income (loss) before reclassifications	14,443		(84,688)
Amounts reclassified from accumulated other comprehensive loss	31		16,237
Other comprehensive income (loss), net of tax	14,474	(1,059)	(68,451)
Ending balance	(244,442)		(258,916)
Foreign Currency Translation Adjustments, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(160,807)	(99,566)	(99,566)
Other comprehensive income (loss) before reclassifications	14,666		(61,241)
Amounts reclassified from accumulated other comprehensive loss	0		0
Other comprehensive income (loss), net of tax	14,666		(61,241)
Ending balance	(146,141)		(160,807)
Total Pension and Postretirment Adjustments, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(98,109)	$ (90,899)	(90,899)
Other comprehensive income (loss) before reclassifications	(223)		(23,447)
Amounts reclassified from accumulated other comprehensive loss	31		16,237
Other comprehensive income (loss), net of tax	(192)		(7,210)
Ending balance	$ (98,301)		$ (98,109)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Earnings before income taxes	$ 73,438	$ 53,977
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	33
Amortization of actuarial losses	(77)
Earnings before income taxes	(44)
Provision for income taxes	13
Net earnings	$ (31)

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
AP1000
Loss Contingencies [Line Items]
Litigation Settlement, Amount Awarded to Other Party	$ 10	$ 15
Standby Letters Of Credit
Loss Contingencies [Line Items]
Letters of credit, outstanding	19		$ 17
FinancialStandbyLetterOfCreditMember
Loss Contingencies [Line Items]
Letters of credit, outstanding	14		$ 3
Surety Bond
Loss Contingencies [Line Items]
Surety bond outstanding	$ 35