v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Corporation’s segments are composed of similar product groupings that serve the same or similar end markets. Based on this approach, the Corporation has three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.
Operating results by reportable segment were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2026202520262025
Net sales
Aerospace & Industrial$268,075 $239,314 $523,024 $466,754 
Defense Electronics246,811 254,158 504,275 499,877 
Naval & Power410,371 384,585 812,955 717,941 
       Less: Intersegment revenues(1,249)(1,481)(2,559)(2,351)
Total net sales$924,008 $876,576 $1,837,695 $1,682,221 
Cost of sales
Aerospace & Industrial$165,082 $152,022 $334,297 $299,784 
Defense Electronics119,686 132,371 246,575 257,084 
Naval & Power271,836 262,012 547,803 494,771 
Total cost of sales$556,604 $546,405 $1,128,675 $1,051,639 
Research and development expenses
Aerospace & Industrial$7,147 $6,224 $13,977 $13,021 
Defense Electronics14,411 13,205 28,150 26,207 
Naval & Power3,403 3,546 6,469 6,411 
Total research and development expenses$24,961 $22,975 $48,596 $45,639 
Selling expenses
Aerospace & Industrial$7,394 $7,112 $14,394 $14,314 
Defense Electronics18,439 15,904 35,616 30,934 
Naval & Power19,294 17,987 38,664 34,810 
Total selling expenses$45,127 $41,003 $88,674 $80,058 
General and administrative expenses
Aerospace & Industrial$39,049 $34,368 $71,752 $68,872 
Defense Electronics25,477 24,826 53,113 50,351 
Naval & Power44,731 40,563 89,024 79,609 
Total general and administrative expenses$109,257 $99,757 $213,889 $198,832 
Other segment items(2)
Aerospace & Industrial$399 $582 $1,102 $1,835 
Defense Electronics30 19 126 19 
Naval & Power88 61 199 61 
Total other segment items$517 $662 $1,427 $1,915 
Operating income
Aerospace & Industrial$49,004 $39,006 $87,502 $68,928 
Defense Electronics68,768 67,833 140,695 135,282 
Naval & Power71,019 60,416 130,796 102,279 
Total Segment188,791 167,255 358,993 306,489 
Corporate and Eliminations (1)
(10,100)(10,948)(20,793)(20,977)
Total consolidated$178,691 $156,307 $338,200 $285,512 
Depreciation and amortization expense
Aerospace & Industrial$8,042 $7,960 $16,041 $15,632 
Defense Electronics7,686 7,662 15,416 15,208 
Naval & Power11,852 14,981 23,694 29,843 
Corporate790 704 1,584 1,445 
Total Consolidated$28,370 $31,307 $56,735 $62,128 
Capital expenditures(3)
Aerospace & Industrial$5,962 $9,434 $12,918 $15,683 
Defense Electronics1,370 2,410 3,261 5,927 
Naval & Power11,177 6,032 13,984 11,533 
Corporate2,414 1,505 2,592 2,011 
Total Consolidated$20,923 $19,381 $32,755 $35,154 
(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 2026 Restructuring Program in the current period and 2024 Restructuring Program in the prior period.
(3) Amount is net of grant proceeds for property, plant, and equipment. Refer to the Condensed Consolidated Statements of Cash Flows for more information.
Adjustments to reconcile operating income to earnings before income taxes are as follows:
Three Months EndedSix Months Ended
(In thousands)June 30,June 30,
Earnings before taxes:2026202520262025
Total reportable segment operating income$188,791 $167,255 $358,993 $306,489 
Corporate and Eliminations(10,100)(10,948)(20,793)(20,977)
Interest expense9,926 10,524 19,867 20,667 
Other income, net25,530 10,982 33,727 17,012 
Earnings before income taxes$194,295 $156,765 $352,060 $281,857 

(In thousands)June 30, 2026December 31, 2025
Segment assets
Aerospace & Industrial$1,178,891 $1,118,986 
Defense Electronics1,534,426 1,557,858 
Naval & Power2,053,022 2,018,076 
Corporate and Other689,327 526,372 
Total consolidated$5,455,666 $5,221,292