SEGMENT INFORMATION (Table)

Operating results by reportable segment are as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Net sales
Aerospace & Industrial	$	933,206	$	889,744	$	838,885
Defense Electronics	914,358		818,547		693,709
Naval & Power	1,278,895		1,142,590		1,030,918
Less: Intersegment Revenues	(5,270)		(5,508)		(6,487)
Total net sales	$	3,121,189	$	2,845,373	$	2,557,025

Cost of sales
Aerospace & Industrial	$	600,131	$	577,038	$	550,001
Defense Electronics	481,374		432,313		365,372
Naval & Power	868,109		761,202		678,745
Total cost of sales	$	1,949,614	$	1,770,553	$	1,594,118

Research and development expenses
Aerospace & Industrial	$	26,729	$	23,211	$	21,132
Defense Electronics	52,132		50,865		48,587
Naval & Power	11,435		10,793		9,179
Total research and development expenses	$	90,296	$	84,869	$	78,898

Selling expenses
Aerospace & Industrial	$	25,614	$	25,897	$	25,355
Defense Electronics	58,705		54,811		47,202
Naval & Power	58,332		54,847		46,951
Total selling expenses	$	142,651	$	135,555	$	119,508

General and administrative expenses
Aerospace & Industrial	$	123,907	$	118,320	$	105,401
Defense Electronics	95,472		88,783		77,980
Naval & Power	140,696		126,521		113,810
Total general and administrative expenses	$	360,075	$	333,624	$	297,191

Other segment items(2)
Aerospace & Industrial	$	8,802	$	—	$	—
Defense Electronics	1,936		—		—
Naval & Power	660		—		4,651
Total other segment items	$	11,398	$	—	$	4,651

Operating income
Aerospace & Industrial	$	148,023	$	145,278	$	136,996
Defense Electronics	224,739		191,775		154,568
Naval & Power	199,663		189,227		177,582
Total Segment	$	572,425	$	526,280	$	469,146


Corporate and Eliminations (1)	(43,828)		(41,678)		(45,703)
Total Consolidated	$	528,597	$	484,602	$	423,443


Depreciation and amortization expense
Aerospace & Industrial	$	32,217	$	33,994	$	34,336
Defense Electronics	31,017		33,347		35,120
Naval & Power	41,499		46,165		39,712
Corporate	2,934		2,666		2,859
Total Consolidated	$	107,667	$	116,172	$	112,027


Capital expenditures
Aerospace & Industrial	$	19,861	$	17,067	$	18,554
Defense Electronics	11,180		5,573		3,504
Naval & Power	25,952		18,112		13,652
Corporate	3,981		3,914		2,507
Total Consolidated	$	60,974	$	44,666	$	38,217

(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, and other expenses.

(2) Other segment items includes restructuring expenses associated with the 2024 Restructuring Program as well as the loss on divestiture from the Corporation's sale of its industrial valves business in 2022.


	As of December 31,
(In thousands)	2024		2023
Segment assets
Aerospace & Industrial	$	1,090,739	$	1,077,808
Defense Electronics	1,446,949		1,517,877
Naval & Power	1,927,325		1,496,063
Corporate	520,691		529,221
Total Consolidated	$	4,985,704	$	4,620,969


	As of December 31,
(In thousands)	2024		2023
Assets:
Total assets for reportable segments	$	4,465,013	$	4,091,748
Non-segment cash	165,762		228,930
Other assets	354,929		300,291
Total consolidated assets	$	4,985,704	$	4,620,969


	As of December 31,
(In thousands)	2024		2023
Long-Lived Assets - Property, plant, and equipment, net
United States of America	$	250,781	$	243,542
United Kingdom	26,244		25,898
Other foreign countries	62,093		63,356
Consolidated total	$	339,118	$	332,796