Curtiss-Wright (CW) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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 Shell Company	false
Entity common stock shares outstanding		38,305,442
Entity Central Index Key	0000026324
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Sales
Sales	$ 704,396	$ 609,357	$ 1,335,256	$ 1,168,818
Cost of sales
Total cost of sales	444,823	380,843	854,275	738,902
Gross profit	259,573	228,514	480,981	429,916
Research and development expenses	20,210	23,868	42,234	44,417
Selling expenses	34,273	30,407	66,698	58,499
General and administrative expenses	92,315	76,134	180,659	163,734
Loss on divestiture	0	0	0	4,651
Operating income	112,775	98,105	191,390	158,615
Interest expense	(14,992)	(9,788)	(27,936)	(19,318)
Other income, net	7,954	4,555	15,721	7,552
Earnings before income taxes	105,737	92,872	179,175	146,849
Provision for income taxes	(24,738)	(22,000)	(41,330)	(35,292)
Net earnings	$ 80,999	$ 70,872	$ 137,845	$ 111,557
Basic earnings per share
Basic earnings per share (usd per share)	$ 2.11	$ 1.84	$ 3.60	$ 2.90
Diluted earnings per share
Diluted earnings per share (usd per share)	2.10	1.83	3.58	2.89
Dividends per share	$ 0.20	$ 0.19	$ 0.39	$ 0.37
Weighted average shares outstanding:
Basic (shares)	38,329	38,429	38,309	38,438
Diluted (shares)	38,555	38,654	38,528	38,657
Retained Earnings
Cost of sales
Net earnings	$ 80,999	$ 70,872	$ 137,845	$ 111,557
Product [Member]
Net Sales
Sales	583,036	505,416	1,107,917	958,837
Cost of sales
Cost of Goods and Services Sold	369,549	316,389	713,306	610,916
Service [Member]
Net Sales
Sales	121,360	103,941	227,339	209,981
Cost of sales
Cost of Goods and Services Sold	$ 75,274	$ 64,454	$ 140,969	$ 127,986

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings		$ 80,999	$ 70,872	$ 137,845	$ 111,557
Other comprehensive income
Foreign currency translation, net of tax	[1]	19,298	(40,336)	33,964	(47,161)
Pension and postretirement adjustments, net of tax	[1]	(231)	3,988	(423)	9,754
Other comprehensive income (loss), net of tax		19,067	(36,348)	33,541	(37,407)
Comprehensive income		$ 100,066	$ 34,524	$ 171,386	$ 74,150
[1]The tax benefit (expense) included in foreign currency translation adjustments and pension and postretirement adjustments for the three and six months ended June 30, 2023 and June 30, 2022 was immaterial.

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 158,737	$ 256,974
Receivables, net	751,532	724,603
Inventories, net	545,596	483,113
Other current assets	67,693	52,623
Total current assets	1,523,558	1,517,313
Property, plant, and equipment, net	340,857	342,708
Goodwill	1,555,908	1,544,635
Other intangible assets, net	589,932	620,897
Operating lease right-of-use assets, net	143,814	153,855
Prepaid pension asset	232,557	222,627
Other assets	54,472	47,567
Total assets	4,441,098	4,449,602
Current liabilities:
Current portion of long-term debt	0	202,500
Accounts payable	233,602	266,525
Accrued expenses	144,073	177,536
Deferred revenue	264,766	242,483
Other current liabilities	78,486	82,395
Total current liabilities	720,927	971,439
Long-term debt	1,176,066	1,051,900
Deferred tax liabilities, net	117,882	123,001
Accrued pension and other postretirement benefit costs	58,267	58,348
Long-term operating lease liability	122,939	132,275
Long-term portion of environmental reserves	13,497	12,547
Other liabilities	93,256	107,973
Total liabilities	2,302,834	2,457,483
Stockholders' Equity
Common stock, $1 par value, 100,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 49,187,378 shares issued as of June 30, 2023 and December 31, 2022; outstanding shares were 38,292,332 as of June 30, 2023 and 38,259,722 as of December 31, 2022	49,187	49,187
Additional paid in capital	130,846	134,553
Retained earnings	3,297,281	3,174,396
Accumulated other comprehensive loss	(225,375)	(258,916)
Common treasury stock, at cost (10,895,046 shares as of June 30, 2023 and 10,927,656 shares as of December 31, 2022)	(1,113,675)	(1,107,101)
Total stockholders’ equity	2,138,264	1,992,119
Total liabilities and stockholders’ equity	$ 4,441,098	$ 4,449,602

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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)	38,292,332	38,259,722
Treasury Stock, Common, Shares (in shares)	10,895,046	10,927,656

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net earnings	$ 137,845	$ 111,557
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities
Depreciation and amortization	57,975	53,645
Loss on divestiture	0	4,651
Loss/(gain) on sale/disposal of long-lived assets	16	(3,004)
Deferred income taxes	(6,553)	(4,516)
Share-based compensation	8,859	7,580
Change in operating assets and liabilities, net of businesses acquired and divested:
Accounts receivable, net	(22,370)	(47,826)
Inventories, net	(57,557)	(58,620)
Progress Payments	1,830	(954)
Accounts payable and accrued expenses	(72,019)	(55,406)
Deferred revenue	21,586	(45,397)
Net pension and postretirement liabilities	(9,392)	(4,376)
Other current and long-term assets and liabilities	(40,867)	(50,605)
Net cash provided by (used for) operating activities	19,353	(93,271)
Cash flows from investing activities:
Proceeds from sale/disposal of long-lived assets	473	6,319
Additions to property, plant, and equipment	(22,664)	(19,492)
Payments for Previous Acquisition	0	5,062
Net cash used for investing activities	(22,191)	(18,235)
Cash flows from financing activities:
Borrowings under revolving credit facility	481,099	653,547
Payments of revolving credit facilities	(356,099)	(494,347)
Principal payments on debt	(202,500)	0
Repurchases of common stock	(24,365)	(31,645)
Proceeds from share-based compensation	5,225	5,284
Dividends paid	(7,290)	(14,220)
Proceeds from (Payments for) Other Financing Activities	(537)	(499)
Net cash (used for)/provided by financing activities	(104,467)	118,120
Effect of exchange-rate changes on cash	9,068	(6,204)
Net increase (decrease) in cash and cash equivalents	(98,237)	410
Cash and cash equivalents at beginning of period	256,974	171,004
Cash and cash equivalents at end of period	$ 158,737	$ 171,414

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands		Total	Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning Balance at Dec. 31, 2021			$ 49,187	$ 127,104	$ 2,908,827	$ (190,465)	$ (1,068,163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		$ 111,557			111,557
Other Comprehensive Income (Loss), Net of Tax		(37,407)				(37,407)
Dividends paid					(14,220)
Restricted stock				(8,523)			8,523
Employee stock purchase plan				814			4,470
Share-based compensation				7,427			153
Repurchases of common stock	[1]						(31,645)
Other				(506)			506
Ending Balance at Jun. 30, 2022			49,187	126,316	3,006,164	(227,872)	(1,086,156)
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)
Beginning Balance at Mar. 31, 2022			49,187	122,603	2,942,580	(191,524)	(1,073,426)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		70,872			70,872
Other Comprehensive Income (Loss), Net of Tax		(36,348)				(36,348)
Dividends paid					(7,288)
Share-based compensation				3,713			58
Repurchases of common stock	[1]						(12,788)
Ending Balance at Jun. 30, 2022			49,187	126,316	3,006,164	(227,872)	(1,086,156)
Beginning 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		137,845			137,845
Other Comprehensive Income (Loss), Net of Tax		33,541				33,541
Dividends paid					(14,960)
Restricted stock				(13,878)			13,878
Employee stock purchase plan				1,483			3,742
Share-based compensation				8,949			(90)
Repurchases of common stock							(24,365)
Other				(261)			261
Ending Balance at Jun. 30, 2023		2,138,264	49,187	130,846	3,297,281	(225,375)	(1,113,675)
Beginning Balance at Mar. 31, 2023			49,187	126,909	3,223,944	(244,442)	(1,101,439)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		80,999			80,999
Other Comprehensive Income (Loss), Net of Tax		19,067				19,067
Dividends paid					(7,662)
Restricted stock				(73)			73
Share-based compensation				4,010			(330)
Repurchases of common stock							(11,979)
Ending Balance at Jun. 30, 2023		$ 2,138,264	$ 49,187	$ 130,846	$ 3,297,281	$ (225,375)	$ (1,113,675)
[1]For the three and six months ended June 30, 2023, the Corporation repurchased approximately 0.1 million and 0.1 million shares of its common stock, respectively. For the three and six months ended June 30, 2022, the Corporation repurchased approximately 0.1 million and 0.2 million shares of its common stock, respectively.

STATEMENT OF STOCKHOLDERS' EQUI

STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Treasury Stock, Shares, Acquired	0.1	0.1	0.1	0.2

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Curtiss-Wright Corporation along with its subsidiaries (we, the Corporation, or the Company) is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets. The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated. The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations. 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 and six months ended June 30, 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.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE The Corporation recognizes revenue when control of a promised good and/or service is transferred to a customer in an amount that reflects the consideration that the Corporation expects to be entitled to in exchange for that good and/or service. Performance Obligations The Corporation identifies a performance obligation for each promise in a contract to transfer a distinct good or service to the customer. As part of its assessment, the Corporation considers all goods and/or services promised in the contract, regardless of whether they are explicitly stated or implied by customary business practices. The Corporation’s contracts may contain either a single performance obligation, including the promise to transfer individual goods or services that are not separately distinct within the context of the respective contracts, or multiple performance obligations. For contracts with multiple performance obligations, the Corporation allocates the overall transaction price to each performance obligation using standalone selling prices, where available, or utilizes estimates for each distinct good or service in the contract where standalone prices are not available. The Corporation’s performance obligations are satisfied either at a point-in-time or on an over-time basis. Typically, over-time revenue recognition is based on the utilization of an input measure used to measure progress, such as costs incurred to date relative to total estimated costs. If a performance obligation does not qualify for over-time revenue recognition, revenue is then recognized at the point-in-time in which control of the distinct good or service is transferred to the customer, typically based upon the terms of delivery. The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Over-time 46 % 53 % 47 % 53 % Point-in-time 54 % 47 % 53 % 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 $2.8 billion as of June 30, 2023, of which the Corporation expects to recognize approximately 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 Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Aerospace & Defense Aerospace Defense $ 132,192 $ 94,545 $ 232,071 $ 192,549 Ground Defense 70,875 44,393 137,132 83,501 Naval Defense 180,956 172,786 352,912 335,753 Commercial Aerospace 82,033 68,192 152,523 129,084 Total Aerospace & Defense $ 466,056 $ 379,916 $ 874,638 $ 740,887 Commercial Power & Process $ 131,000 $ 125,355 $ 251,338 $ 230,143 General Industrial 107,340 104,086 209,280 197,788 Total Commercial $ 238,340 $ 229,441 $ 460,618 $ 427,931 Total $ 704,396 $ 609,357 $ 1,335,256 $ 1,168,818 Contract Balances Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. The Corporation’s contract assets primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenue recognized during the three and six months ended June 30, 2023 included in the contract liabilities balance as of January 1, 2023 was approximately $58 million and $147 million, respectively. Revenue recognized during the three and six months ended June 30, 2022 included in the contract liabilities balance as of January 1, 2022 was approximately $56 million and $135 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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) June 30, 2023 December 31, 2022 Billed receivables: Trade and other receivables $ 434,557 $ 412,682 Unbilled receivables (contract assets): Recoverable costs and estimated earnings not billed 322,025 316,682 Less: Progress payments applied (435) (67) Net unbilled receivables 321,590 316,615 Less: Allowance for doubtful accounts (4,615) (4,694) Receivables, net $ 751,532 $ 724,603

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 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) June 30, 2023 December 31, 2022 Raw materials $ 252,666 $ 242,116 Work-in-process 102,339 76,328 Finished goods 148,493 128,090 Inventoried costs related to U.S. Government and other long-term contracts (1) 44,872 39,685 Inventories, net of reserves 548,370 486,219 Less: Progress payments applied (2,774) (3,106) Inventories, net $ 545,596 $ 483,113 (1) This caption includes capitalized development costs of $15.5 million as of June 30, 2023 related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of June 30, 2023, capitalized development costs of $8.3 million are not currently supported by existing firm orders.

GOODWILL

GOODWILL	6 Months Ended
	Jun. 30, 2023
Goodwill [Abstract]
GOODWILL	GOODWILL The changes in the carrying amount of goodwill for the six months ended June 30, 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 3,070 5,473 2,730 11,273 June 30, 2023 $ 324,620 $ 708,259 $ 523,029 $ 1,555,908

OTHER INTANGIBLE ASSETS, NET

OTHER INTANGIBLE ASSETS, NET	6 Months Ended
	Jun. 30, 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: June 30, 2023 December 31, 2022 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Technology $ 309,627 $ (188,261) $ 121,366 $ 306,160 $ (176,675) $ 129,485 Customer related intangibles 670,523 (320,041) 350,482 666,638 (298,160) 368,478 Programs (1) 144,000 (37,800) 106,200 144,000 (34,200) 109,800 Other intangible assets 54,187 (42,303) 11,884 53,879 (40,745) 13,134 Total $ 1,178,337 $ (588,405) $ 589,932 $ 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 six months ended June 30, 2023 was $33 million, as compared to $28 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	6 Months Ended
	Jun. 30, 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 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 June 30, 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 gains and losses on forward exchange derivative contracts not designated for hedge accounting are recognized to general and administrative expenses within the Condensed Consolidated Statements of Earnings. The gains for the three and six months ended June 30, 2023 were $3 million and $6 million, respectively. The losses for the three and six months ended June 30, 2022 were $5 million and $6 million, respectfully. Debt The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of June 30, 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. June 30, 2023 December 31, 2022 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit agreement, due 2027 $ 125,000 $ 125,000 $ — $ — 3.70% Senior notes due 2023 — — 202,500 202,082 3.85% Senior notes due 2025 90,000 86,918 90,000 87,298 4.24% Senior notes due 2026 200,000 192,590 200,000 191,760 4.05% Senior notes due 2028 67,500 63,748 67,500 63,300 4.11% Senior notes due 2028 90,000 84,628 90,000 83,955 3.10% Senior notes due 2030 150,000 128,742 150,000 127,429 3.20% Senior notes due 2032 150,000 124,306 150,000 123,656 4.49% Senior notes due 2032 200,000 183,150 200,000 183,007 4.64% Senior notes due 2034 100,000 90,700 100,000 90,341 Total debt 1,172,500 1,079,782 1,250,000 1,152,828 Debt issuance costs, net (1,651) (1,651) (1,631) (1,631) Unamortized interest rate swap proceeds 5,217 5,217 6,031 6,031 Total debt, net $ 1,176,066 $ 1,083,348 $ 1,254,400 $ 1,157,228

PENSION PLANS

PENSION PLANS	6 Months Ended
	Jun. 30, 2023
Retirement Benefits, Description [Abstract]
PENSION PLANS	PENSION PLANS Defined Benefit Pension Plans The following table is a consolidated disclosure of all domestic and foreign defined benefit pension plans as described in the Corporation’s 2022 Annual Report on Form 10-K. The components of net periodic pension cost for the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Service cost $ 4,137 $ 5,970 $ 8,264 $ 12,033 Interest cost 8,811 5,418 17,601 10,706 Expected return on plan assets (15,858) (13,858) (31,678) (27,715) Amortization of prior service cost (33) (87) (66) (173) Amortization of unrecognized actuarial loss 76 3,845 153 7,851 Cost of settlements — — — 1,842 Net periodic pension cost $ (2,867) $ 1,288 $ (5,726) $ 4,544 The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the six months ended June 30, 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 six months ended June 30, 2022, the Company recognized settlement charges related to the retirement of former executives. The settlement charges represent events that are 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 of 7% of eligible compensation. During the three and six months ended June 30, 2023, the expense relating to the plan was $6.1 million and $12.2 million, respectively. During the three and six months ended June 30, 2022, the expense relating to the plan was $4.6 million and $10.3 million, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Basic weighted-average shares outstanding 38,329 38,429 38,309 38,438 Dilutive effect of deferred stock compensation 226 225 219 219 Diluted weighted-average shares outstanding 38,555 38,654 38,528 38,657 For the three and six months ended June 30, 2023, approximately 20,000 and 22,000 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. There were approximately 37,000 and 31,000 anti-dilutive equity-based awards for the three and six months ended June 30, 2022, respectively.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Net sales Aerospace & Industrial $ 226,766 $ 209,311 $ 430,352 $ 401,161 Defense Electronics 198,407 150,404 361,477 294,342 Naval & Power 280,731 251,313 547,545 476,628 Less: Intersegment revenues (1,508) (1,671) (4,118) (3,313) Total consolidated $ 704,396 $ 609,357 $ 1,335,256 $ 1,168,818 Operating income (expense) Aerospace & Industrial $ 35,665 $ 32,464 $ 62,210 $ 57,317 Defense Electronics 43,180 24,460 66,548 47,750 Naval & Power 46,782 50,001 84,719 77,289 Corporate and other (1) (12,852) (8,820) (22,087) (23,741) Total consolidated $ 112,775 $ 98,105 $ 191,390 $ 158,615 (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 Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Total operating income $ 112,775 $ 98,105 $ 191,390 $ 158,615 Interest expense 14,992 9,788 27,936 19,318 Other income, net 7,954 4,555 15,721 7,552 Earnings before income taxes $ 105,737 $ 92,872 $ 179,175 $ 146,849 (In thousands) June 30, 2023 December 31, 2022 Identifiable assets Aerospace & Industrial $ 1,064,442 $ 1,041,562 Defense Electronics 1,567,053 1,546,331 Naval & Power 1,517,090 1,488,867 Corporate and Other 292,513 372,842 Total consolidated $ 4,441,098 $ 4,449,602

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 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 income (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) 33,964 (485) 33,479 Amounts reclassified from accumulated other comprehensive income (1) — 62 62 Net current period other comprehensive income (loss) 33,964 (423) 33,541 June 30, 2023 $ (126,843) $ (98,532) $ (225,375) (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 $ 66 Other income, net Amortization of actuarial losses (153) Other income, net (87) Earnings before income taxes 25 Provision for income taxes Total reclassifications $ (62) Net earnings

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS	6 Months Ended
	Jun. 30, 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 expect that such legal proceedings will have a material adverse impact on its condensed consolidated financial statements. Legal Proceedings The Corporation has been named in a number of lawsuits that allege injury from exposure to asbestos. To date, the Corporation has not been found liable for or paid any material sum of money in settlement in any asbestos-related case. The Corporation believes its minimal use of asbestos in its past operations as well as its acquired businesses’ operations and the relatively non-friable condition of asbestos in its historical products makes it unlikely that it will face material liability in any asbestos litigation, whether individually or in the aggregate. The Corporation maintains insurance coverage and indemnification agreements for these potential liabilities and believes adequate coverage exists to cover any unanticipated asbestos liability. Letters of Credit and Other Financial Arrangements The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. As of June 30, 2023 and December 31, 2022, there were $21 million and $17 million of stand-by letters of credit outstanding, respectively, and $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)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Accounting	Curtiss-Wright Corporation along with its subsidiaries (we, the Corporation, or the Company) is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets. The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated. The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations. 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 and six months ended June 30, 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.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Over-time 46 % 53 % 47 % 53 % Point-in-time 54 % 47 % 53 % 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 Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Aerospace & Defense Aerospace Defense $ 132,192 $ 94,545 $ 232,071 $ 192,549 Ground Defense 70,875 44,393 137,132 83,501 Naval Defense 180,956 172,786 352,912 335,753 Commercial Aerospace 82,033 68,192 152,523 129,084 Total Aerospace & Defense $ 466,056 $ 379,916 $ 874,638 $ 740,887 Commercial Power & Process $ 131,000 $ 125,355 $ 251,338 $ 230,143 General Industrial 107,340 104,086 209,280 197,788 Total Commercial $ 238,340 $ 229,441 $ 460,618 $ 427,931 Total $ 704,396 $ 609,357 $ 1,335,256 $ 1,168,818

RECEIVABLES (Table)

RECEIVABLES (Table)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Schedule Of Accounts Notes Loans And Financing Receivable	The composition of receivables is as follows: (In thousands) June 30, 2023 December 31, 2022 Billed receivables: Trade and other receivables $ 434,557 $ 412,682 Unbilled receivables (contract assets): Recoverable costs and estimated earnings not billed 322,025 316,682 Less: Progress payments applied (435) (67) Net unbilled receivables 321,590 316,615 Less: Allowance for doubtful accounts (4,615) (4,694) Receivables, net $ 751,532 $ 724,603

INVENTORIES (Table)

INVENTORIES (Table)	6 Months Ended
	Jun. 30, 2023
Inventory, Net [Abstract]
Schedule Of Inventory	The composition of inventories is as follows: (In thousands) June 30, 2023 December 31, 2022 Raw materials $ 252,666 $ 242,116 Work-in-process 102,339 76,328 Finished goods 148,493 128,090 Inventoried costs related to U.S. Government and other long-term contracts (1) 44,872 39,685 Inventories, net of reserves 548,370 486,219 Less: Progress payments applied (2,774) (3,106) Inventories, net $ 545,596 $ 483,113

GOODWILL (Table)

GOODWILL (Table)	6 Months Ended
	Jun. 30, 2023
Goodwill [Abstract]
Schedule Of Goodwill	The changes in the carrying amount of goodwill for the six months ended June 30, 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 3,070 5,473 2,730 11,273 June 30, 2023 $ 324,620 $ 708,259 $ 523,029 $ 1,555,908

OTHER INTANGIBLE ASSETS, NET (T

OTHER INTANGIBLE ASSETS, NET (Table)	6 Months Ended
	Jun. 30, 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: June 30, 2023 December 31, 2022 (In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Technology $ 309,627 $ (188,261) $ 121,366 $ 306,160 $ (176,675) $ 129,485 Customer related intangibles 670,523 (320,041) 350,482 666,638 (298,160) 368,478 Programs (1) 144,000 (37,800) 106,200 144,000 (34,200) 109,800 Other intangible assets 54,187 (42,303) 11,884 53,879 (40,745) 13,134 Total $ 1,178,337 $ (588,405) $ 589,932 $ 1,170,677 $ (549,780) $ 620,897
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	The estimated future amortization expense of intangible assets over the next five years is as follows: (In millions) 2023 $ 65 2024 $ 57 2025 $ 54 2026 $ 53 2027 $ 50

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]	June 30, 2023 December 31, 2022 (In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Revolving credit agreement, due 2027 $ 125,000 $ 125,000 $ — $ — 3.70% Senior notes due 2023 — — 202,500 202,082 3.85% Senior notes due 2025 90,000 86,918 90,000 87,298 4.24% Senior notes due 2026 200,000 192,590 200,000 191,760 4.05% Senior notes due 2028 67,500 63,748 67,500 63,300 4.11% Senior notes due 2028 90,000 84,628 90,000 83,955 3.10% Senior notes due 2030 150,000 128,742 150,000 127,429 3.20% Senior notes due 2032 150,000 124,306 150,000 123,656 4.49% Senior notes due 2032 200,000 183,150 200,000 183,007 4.64% Senior notes due 2034 100,000 90,700 100,000 90,341 Total debt 1,172,500 1,079,782 1,250,000 1,152,828 Debt issuance costs, net (1,651) (1,651) (1,631) (1,631) Unamortized interest rate swap proceeds 5,217 5,217 6,031 6,031 Total debt, net $ 1,176,066 $ 1,083,348 $ 1,254,400 $ 1,157,228

PENSION PLANS (Table)

PENSION PLANS (Table)	6 Months Ended
	Jun. 30, 2023
Pension Plans Defined Benefit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule Of Defined Benefit Plans Disclosures	The components of net periodic pension cost for the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Service cost $ 4,137 $ 5,970 $ 8,264 $ 12,033 Interest cost 8,811 5,418 17,601 10,706 Expected return on plan assets (15,858) (13,858) (31,678) (27,715) Amortization of prior service cost (33) (87) (66) (173) Amortization of unrecognized actuarial loss 76 3,845 153 7,851 Cost of settlements — — — 1,842 Net periodic pension cost $ (2,867) $ 1,288 $ (5,726) $ 4,544

EARNINGS PER SHARE (Table)

EARNINGS PER SHARE (Table)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Basic weighted-average shares outstanding 38,329 38,429 38,309 38,438 Dilutive effect of deferred stock compensation 226 225 219 219 Diluted weighted-average shares outstanding 38,555 38,654 38,528 38,657

SEGMENT INFORMATION (Table)

SEGMENT INFORMATION (Table)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Net sales Aerospace & Industrial $ 226,766 $ 209,311 $ 430,352 $ 401,161 Defense Electronics 198,407 150,404 361,477 294,342 Naval & Power 280,731 251,313 547,545 476,628 Less: Intersegment revenues (1,508) (1,671) (4,118) (3,313) Total consolidated $ 704,396 $ 609,357 $ 1,335,256 $ 1,168,818 Operating income (expense) Aerospace & Industrial $ 35,665 $ 32,464 $ 62,210 $ 57,317 Defense Electronics 43,180 24,460 66,548 47,750 Naval & Power 46,782 50,001 84,719 77,289 Corporate and other (1) (12,852) (8,820) (22,087) (23,741) Total consolidated $ 112,775 $ 98,105 $ 191,390 $ 158,615 (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 Six Months Ended June 30, June 30, (In thousands) 2023 2022 2023 2022 Total operating income $ 112,775 $ 98,105 $ 191,390 $ 158,615 Interest expense 14,992 9,788 27,936 19,318 Other income, net 7,954 4,555 15,721 7,552 Earnings before income taxes $ 105,737 $ 92,872 $ 179,175 $ 146,849
Reconciliation Of Assets From Segment To Consolidated	(In thousands) June 30, 2023 December 31, 2022 Identifiable assets Aerospace & Industrial $ 1,064,442 $ 1,041,562 Defense Electronics 1,567,053 1,546,331 Naval & Power 1,517,090 1,488,867 Corporate and Other 292,513 372,842 Total consolidated $ 4,441,098 $ 4,449,602

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)	6 Months Ended
	Jun. 30, 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 income (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) 33,964 (485) 33,479 Amounts reclassified from accumulated other comprehensive income (1) — 62 62 Net current period other comprehensive income (loss) 33,964 (423) 33,541 June 30, 2023 $ (126,843) $ (98,532) $ (225,375)
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 $ 66 Other income, net Amortization of actuarial losses (153) Other income, net (87) Earnings before income taxes 25 Provision for income taxes Total reclassifications $ (62) Net earnings

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Sales	$ 704,396	$ 609,357	$ 1,335,256	$ 1,168,818
Aerospace & Defense
Disaggregation of Revenue [Line Items]
Sales	466,056	379,916	874,638	740,887
Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	238,340	229,441	460,618	427,931
Aerospace Defense [Member] | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Sales	132,192	94,545	232,071	192,549
Ground Defense [Member] | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Sales	70,875	44,393	137,132	83,501
Naval Defense [Member] | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Sales	180,956	172,786	352,912	335,753
Commercial Aerospace [Member] | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Sales	82,033	68,192	152,523	129,084
Power & Process [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	131,000	125,355	251,338	230,143
General Industrial [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Sales	$ 107,340	$ 104,086	$ 209,280	$ 197,788
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Net Sales, Net, Percent	46%	53%	47%	53%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Net Sales, Net, Percent	54%	47%	53%	47%

REVENUE (Narrative) (Details)

REVENUE (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability, Revenue Recognized	$ 58	$ 56	$ 147	$ 135
Revenue, Remaining Performance Obligation, Amount	$ 2,800		$ 2,800
Revenue, Remaining Performance Obligation, Percentage	90%		90%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation			36 months

ASSETS HELD FOR SALE (Narrative

ASSETS HELD FOR SALE (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Jan. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from Divestiture of Businesses	$ 3,000
Loss on divestiture		$ 0	$ 0	$ 5,000	$ 0	$ 4,651

RECEIVABLES (Detail)

RECEIVABLES (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Billed receivables:
Trade and other receivables	$ 434,557	$ 412,682
Unbilled receivables:
Recoverable costs and estimated earnings not billed	322,025	316,682
Less: Progress payments applied	(435)	(67)
Net unbilled receivables	321,590	316,615
Less: Allowance for doubtful accounts	(4,615)	(4,694)
Receivables, net	$ 751,532	$ 724,603

INVENTORIES (Detail)

INVENTORIES (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Inventory, Raw Materials, Net of Reserves	$ 252,666	$ 242,116
Inventory, Work in Process, Net of Reserves	102,339	76,328
Inventory, Finished Goods, Net of Reserves	148,493	128,090
Inventory For Long-term Contracts Or Programs, Net Of Reserves	44,872	39,685
Inventories, Net of Reserves	548,370	486,219
Progress Payments Netted Against Inventory for Long-term Contracts or Programs	(2,774)	(3,106)
Inventory, Net, Total	$ 545,596	$ 483,113

INVENTORIES (Narrative) (Detail

INVENTORIES (Narrative) (Detail) $ in Millions	Jun. 30, 2023 USD ($)
Inventory, Net [Abstract]
Other inventory, capitalized costs	$ 15.5
Other inventory capitalized costs not supported by existing firm orders	$ 8.3

GOODWILL (Detail)

GOODWILL (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
December 31, 2022	$ 1,544,635
Foreign currency translation adjustment	11,273
June 30, 2023	1,555,908
Aerospace & Industrial
Goodwill [Roll Forward]
December 31, 2022	321,550
Foreign currency translation adjustment	3,070
June 30, 2023	324,620
Defense Electronics
Goodwill [Roll Forward]
December 31, 2022	702,786
Foreign currency translation adjustment	5,473
June 30, 2023	708,259
Naval & Power
Goodwill [Roll Forward]
December 31, 2022	520,299
Foreign currency translation adjustment	2,730
June 30, 2023	$ 523,029

OTHER INTANGIBLE ASSETS, NET (D

OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross	$ 1,178,337	$ 1,170,677
Accumulated Amortization	(588,405)	(549,780)
Net	589,932	620,897
Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross	309,627	306,160
Accumulated Amortization	(188,261)	(176,675)
Net	121,366	129,485
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross	670,523	666,638
Accumulated Amortization	(320,041)	(298,160)
Net	350,482	368,478
Contract and Program Intangible Assets [Member]
Finite Lived Intangible Assets [Line Items]
Gross	144,000	144,000
Accumulated Amortization	(37,800)	(34,200)
Net	106,200	109,800
Other Intangible Assets [Member]
Finite Lived Intangible Assets [Line Items]
Gross	54,187	53,879
Accumulated Amortization	(42,303)	(40,745)
Net	$ 11,884	$ 13,134

OTHER INTANGIBLE ASSETS, NET (N

OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 33	$ 28
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 (Income Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
General and Administrative Expense [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 3,000	$ (5,000)	$ 6,000	$ (6,000)

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 1,176,066	$ 1,254,400
Long-term Debt, Gross	1,172,500	1,250,000
Debt Issuance Costs, Net	(1,651)	(1,631)
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	5,217	6,031
Estimated Fair Value	1,083,348	1,157,228
Revolving Credit Facility [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	125,000	0
Estimated Fair Value	125,000	0
3.70% Senior notes due 2023
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
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 90,000	90,000
Estimated Fair Value	$ 86,918	87,298
Debt Instrument, Interest Rate, Stated Percentage	3.85%
4.24% Senior notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 200,000	200,000
Estimated Fair Value	$ 192,590	191,760
Debt Instrument, Interest Rate, Stated Percentage	4.24%
4.05% Senior notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 67,500	67,500
Estimated Fair Value	$ 63,748	63,300
Debt Instrument, Interest Rate, Stated Percentage	4.05%
4.11% Senior notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 90,000	90,000
Estimated Fair Value	$ 84,628	83,955
Debt Instrument, Interest Rate, Stated Percentage	4.11%
3.10% Senior notes due 2030
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 150,000	150,000
Estimated Fair Value	$ 128,742	127,429
Debt Instrument, Interest Rate, Stated Percentage	3.10%
3.20% Senior notes due 2032
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 150,000	150,000
Estimated Fair Value	$ 124,306	123,656
Debt Instrument, Interest Rate, Stated Percentage	3.20%
4.49% Senior notes due 2032
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 200,000	200,000
Estimated Fair Value	$ 183,150	183,007
Debt Instrument, Interest Rate, Stated Percentage	4.49%
4.64% Senior notes due 2034
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 100,000	100,000
Estimated Fair Value	$ 90,700	90,341
Debt Instrument, Interest Rate, Stated Percentage	4.64%
Long-term Debt, Gross
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Estimated Fair Value	$ 1,079,782	$ 1,152,828

PENSION PLANS (Detail)

PENSION PLANS (Detail) - Pension Plans Defined Benefit [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 4,137	$ 5,970	$ 8,264	$ 12,033
Interest cost	8,811	5,418	17,601	10,706
Expected return on plan assets	(15,858)	(13,858)	(31,678)	(27,715)
Amortization of prior service cost	(33)	(87)	(66)	(173)
Amortization of unrecognized actuarial loss	76	3,845	153	7,851
Gain (Loss) Due to Settlement	0	0	0	(1,842)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	$ (2,867)	$ 1,288	$ (5,726)	$ 4,544

PENSION PLANS (Narrative) (Deta

PENSION PLANS (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Employer Contribution, Percentage, Maximum			7%
Defined Contribution Plan, Cost	$ 6.1	$ 4.6	$ 12.2	$ 10.3

EARNINGS PER SHARE (Detail)

EARNINGS PER SHARE (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share Reconciliation [Abstract]
Basic weighted-average shares outstanding (shares)	38,329	38,429	38,309	38,438
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	226	225	219	219
Diluted weighted-average shares outstanding (shares)	38,555	38,654	38,528	38,657

EARNINGS PER SHARE EARNINGS PER

EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	20,000	37,000	22,000	31,000

SEGMENT INFORMATION (Detail)

SEGMENT INFORMATION (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 704,396	$ 609,357	$ 1,335,256	$ 1,168,818
Operating income (expense)	112,775	98,105	191,390	158,615
Identifiable assets	4,441,098		4,441,098		$ 4,449,602
Aerospace & Industrial
Segment Reporting Information [Line Items]
Net sales	226,766	209,311	430,352	401,161
Operating income (expense)	35,665	32,464	62,210	57,317
Identifiable assets	1,064,442		1,064,442		1,041,562
Defense Electronics
Segment Reporting Information [Line Items]
Net sales	198,407	150,404	361,477	294,342
Operating income (expense)	43,180	24,460	66,548	47,750
Identifiable assets	1,567,053		1,567,053		1,546,331
Naval & Power
Segment Reporting Information [Line Items]
Net sales	280,731	251,313	547,545	476,628
Operating income (expense)	46,782	50,001	84,719	77,289
Identifiable assets	1,517,090		1,517,090		1,488,867
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Operating income (expense)	(12,852)	(8,820)	(22,087)	(23,741)
Identifiable assets	292,513		292,513		$ 372,842
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	$ (1,508)	$ (1,671)	$ (4,118)	$ (3,313)

SEGMENT INFORMATION (Reconcilia

SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting [Abstract]
Total operating income	$ 112,775	$ 98,105	$ 191,390	$ 158,615
Interest expense	(14,992)	(9,788)	(27,936)	(19,318)
Other income, net	7,954	4,555	15,721	7,552
Earnings before income taxes	$ 105,737	$ 92,872	$ 179,175	$ 146,849

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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			33,479		(84,688)
Amounts reclassified from accumulated other comprehensive loss			62		16,237
Other comprehensive income (loss), net of tax	$ 19,067	$ (36,348)	33,541	(37,407)	(68,451)
Ending balance	(225,375)		(225,375)		(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			33,964		(61,241)
Amounts reclassified from accumulated other comprehensive loss			0		0
Other comprehensive income (loss), net of tax			33,964		(61,241)
Ending balance	(126,843)		(126,843)		(160,807)
Total Pension and Postretirement Adjustments, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(98,109)	$ (90,899)	(90,899)
Other comprehensive income (loss) before reclassifications			(485)		(23,447)
Amounts reclassified from accumulated other comprehensive loss			62		16,237
Other comprehensive income (loss), net of tax			(423)		(7,210)
Ending balance	$ (98,532)		$ (98,532)		$ (98,109)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Earnings before income taxes	$ 105,737	$ 92,872	$ 179,175	$ 146,849
Reclassification out of Accumulated Other Comprehensive Income [Member] | Total Pension and Postretirement Adjustments, Net [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of prior service costs			66
Amortization of actuarial losses			(153)
Earnings before income taxes			(87)
Provision for income taxes			25
Net earnings			$ (62)

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Standby Letters Of Credit [Member]
Loss Contingencies [Line Items]
Letters of credit, outstanding	$ 21		$ 17
FinancialStandbyLetterOfCreditMember
Loss Contingencies [Line Items]
Letters of credit, outstanding	14		$ 3
Surety Bond [Member]
Loss Contingencies [Line Items]
Surety Bond Outstanding	35
AP1000
Loss Contingencies [Line Items]
Litigation Settlement, Amount Awarded to Other Party	$ 10	$ 15