CURTISS WRIGHT CORP, 10-Q filed on 5/5/2016
Quarterly Report
Document and Entity Information
3 Months Ended
Mar. 31, 2016
Document And Entity Information [Abstract]
 
Entity Registrant Name
Curtiss Wright Corporation 
Entity Central Index Key
0000026324 
Current Fiscal Year End Date
--12-31 
Entity Filer Category
Large Accelerated Filer 
Document Type
10-Q 
Document Period End Date
Mar. 31, 2016 
Document Fiscal Year Focus
2016 
Document Fiscal Period Focus
Q1 
Amendment Flag
false 
Entity common stock shares outstanding
44,515,194 
Entity well known seasoned issuer
Yes 
Entity Voluntary Filers
No 
Entity Current Reporting Status
Yes 
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Net sales
 
 
Product sales
$ 402,918 
$ 445,687 
Service sales
100,589 
100,512 
Total net sales
503,507 
546,199 
Cost of sales
 
 
Cost of product sales
264,735 
293,009 
Cost of service sales
66,869 
62,094 
Total cost of sales
331,604 
355,103 
Gross profit
171,903 
191,096 
Research and development expenses
15,160 
15,262 
Selling expenses
29,626 
31,088 
General and administrative expenses
69,854 
71,911 
Operating income
57,263 
72,835 
Interest expense
(9,933)
(8,996)
Other income, net
(234)
(481)
Earnings before income taxes
47,564 
64,320 
Provision for income taxes
(14,745)
(21,097)
Earnings from continuing operations
32,819 
43,223 
Loss from discontinued operations, net of taxes
0 
(27,232)
Net earnings
$ 32,819 
$ 15,991 
Earnings Per Share, Basic [Abstract]
 
 
Earnings from continuing operations
$ 0.74 
$ 0.91 
Loss from discontinued operations
$ 0.00 
$ (0.57)
Basic earnings per share (usd per share)
$ 0.74 
$ 0.34 
Earnings Per Share, Diluted [Abstract]
 
 
Earnings from continuing operations
$ 0.73 
$ 0.89 
Loss from discontinued operations
$ 0.00 
$ (0.56)
Diluted earnings per share (usd per share)
$ 0.73 
$ 0.33 
Dividends per share
$ 0.13 
$ 0.13 
Weighted average shares outstanding:
 
 
Basic (shares)
44,578 
47,724 
Diluted (shares)
45,240 
48,732 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
 
 
Net earnings
$ 32,819 
$ 15,991 
Other comprehensive income
 
 
Foreign currency translation, net of tax (1)
17,105 1
(56,473)1
Pension and postretirement adjustments, net of tax (2)
1,612 2
2,403 2
Other comprehensive income (loss), net of tax
18,717 
(54,070)
Comprehensive income (loss)
$ 51,536 
$ (38,079)
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
 
 
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax
$ 1.0 
$ 2.2 
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent
$ (1.0)
$ (1.4)
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Current Assets:
 
 
Cash and cash equivalents
$ 337,263 
$ 288,697 
Receivables, net
481,768 
566,289 
Inventories, net
403,027 
379,591 
Other current assets
38,146 
40,306 
Total current assets
1,260,204 
1,274,883 
Property, plant, and equipment, net
407,114 
413,644 
Goodwill
978,624 
972,606 
Other intangible assets, net
306,003 
310,763 
Other assets
11,707 
17,715 
Total assets
2,963,652 
2,989,611 
Current liabilities:
 
 
Current portion of long-term debt and short-term debt
919 
1,259 
Accounts payable
134,839 
163,286 
Accrued expenses
96,275 
131,863 
Income taxes payable
5,041 
7,956 
Deferred revenue
183,177 
181,671 
Other current liabilities
36,928 
37,190 
Total current liabilities
457,179 
523,225 
Long-term debt
966,861 
951,946 
Deferred tax liabilities, net
56,912 
54,447 
Accrued pension and other postretirement benefit costs
103,392 
103,723 
Long-term portion of environmental reserves
14,193 
14,017 
Other liabilities
78,408 
86,830 
Total liabilities
1,676,945 
1,734,188 
Stockholders' Equity
 
 
Common stock, $1 par value,100,000,000 shares authorized at March 31, 2016 and December 31, 2015; shares issued were 49,187,378 at March 31, 2016 and 49,189,702 at December 31, 2015; outstanding shares were 44,599,746 at March 31, 2016 and 44,621,348 at December 31, 2015
49,187 
49,190 
Additional paid in capital
132,872 
144,923 
Retained earnings
1,617,659 
1,590,645 
Accumulated other comprehensive loss
(207,211)
(225,928)
Common treasury stock, at cost (4,587,632 shares at March 31, 2016 and 4,568,354 shares at December 31, 2015)
(305,800)
(303,407)
Total stockholders' equity
1,286,707 
1,255,423 
Total liabilities and stockholders' equity
$ 2,963,652 
$ 2,989,611 
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Mar. 31, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]
 
 
Common stock, par value (usd per share)
$ 1 
$ 1 
Common Stock, Shares Authorized
100,000,000 
100,000,000 
Common Stock, Shares, Issued
49,187,378 
49,189,702 
Common Stock, Shares, Outstanding
44,599,746 
44,621,348 
Treasury Stock, Shares
4,587,632 
4,568,354 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:
 
 
Net earnings
$ 32,819 
$ 15,991 
Adjustments to reconcile net earnings to net cash used by operating activities:
 
 
Depreciation and amortization
24,487 
25,708 
Gain on sale of businesses
 
(1,252)
Gain on fixed asset disposals
(7)
(503)
Deferred income taxes
11,939 
491 
Share-based compensation
2,723 
2,620 
Impairment of assets held for sale
 
40,813 
Change in operating assets and liabilities, net of businesses acquired and divested:
 
 
Accounts receivable, net
86,973 
(9,993)
Inventories, net
(17,766)
(10,178)
Progress payments
(1,463)
(117)
Accounts payable and accrued expenses
(80,996)
(59,046)
Deferred revenue
1,505 
(26,038)
Income taxes payable
(10,519)
(15,574)
Net pension and postretirement liabilities
2,444 
(141,585)
Other Operating Activities, Cash Flow Statement
20,405 
 
Other current and long-term assets and liabilities
(2,284)
7,572 
Net cash provided by (used for) operating activities
70,260 
(171,091)
Cash flows from investing activities:
 
 
Proceeds from sales and disposals of long lived assets
203 
837 
Proceeds from divestitures
 
4,010 
Additions to property, plant, and equipment
(8,825)
(9,096)
Acquisition of businesses, net of cash acquired
 
(13,228)
Additional consideration of prior period acquisitions
 
(436)
Net cash used for investing activities
(8,622)
(17,913)
Cash flows from financing activities:
 
 
Borrowings under revolving credit facility
2,391 
1,296 
Repayments of Lines of Credit
(2,737)
(1,400)
Repurchases of common stock
(29,608)
(46,985)
Proceeds from share-based compensation
7,910 
7,616 
Proceeds from (Payments for) Other Financing Activities
(154)
140 
Excess tax benefits from share-based compensation
4,528 
3,291 
Net cash used for financing activities
(17,670)
(36,042)
Effect of exchange-rate changes on cash
4,598 
(9,476)
Net increase (decrease) in cash and cash equivalents
48,566 
(234,522)
Cash and cash equivalents at beginning of period
288,697 
450,116 
Cash and cash equivalents at end of period
337,263 
215,594 
Supplemental disclosure of non-cash activities:
 
 
Capital expenditures incurred but not yet paid
$ 580 
$ 502 
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (USD $)
In Thousands, unless otherwise specified
Total
Common Stock Member
Additional Paid In Capital Member
Retained Earnings Member
Accumulated Other Comprehensive Income (Loss) Member
Treasury Stock Member
Beginning Balance at Dec. 31, 2014
 
$ 49,190 
$ 158,043 
$ 1,469,306 
$ (128,411)
$ (69,695)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
Net earnings
15,991 
 
 
145,461 
 
 
Other comprehensive loss, net of tax
(54,070)
 
 
 
(97,517)
 
Dividends paid/declared
 
 
 
(24,122)
 
 
Restricted stock
 
 
(10,303)
 
 
13,734 
Stock options exercised, net of tax
 
 
(11,349)
 
 
45,743 
Other
 
 
(647)
 
 
647 
Share-based compensation
 
 
9,179 
 
 
294 
Repurchases of common stock
 
 
 
 
 
(294,130)
Ending Balance at Mar. 31, 2015
 
 
 
 
 
 
Beginning Balance at Dec. 31, 2015
1,255,423 
49,190 
144,923 
1,590,645 
(225,928)
(303,407)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
Net earnings
32,819 
 
 
32,819 
 
 
Other comprehensive loss, net of tax
18,717 
 
 
 
18,717 
 
Dividends paid/declared
 
 
 
(5,805)
 
 
Restricted stock
 
 
(10,918)
 
 
14,447 
Stock options exercised, net of tax
 
 
(2,757)
 
 
11,666 
Other
 
 
(732)
 
 
735 
Share-based compensation
 
 
2,356 
 
 
367 
Repurchases of common stock
 
 
 
 
 
(29,608)
Ending Balance at Mar. 31, 2016
$ 1,286,707 
$ 49,187 
$ 132,872 
$ 1,617,659 
$ (207,211)
$ (305,800)
BASIS OF PRESENTATION
BASIS OF PRESENTATION
BASIS OF PRESENTATION

Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a diversified multinational manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power generation, and general 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 long-term contracts under the percentage-of-completion accounting methods, the estimate of useful lives for property, plant, and equipment, cash flow estimates used for testing the recoverability of assets, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, 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. In the three month periods ended March 31, 2016 and 2015, there were no individual 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 2015 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.

Recent accounting pronouncements adopted
Accounting pronouncement ASU 2015-17 - Balance Sheet Classification of Deferred Taxes was early adopted effective January 1, 2016 and accounting pronouncement ASU 2015-03 - Simplifying the Presentation of Debt Issuance Costs was adopted effective January 1, 2016. Both pronouncements were retrospectively adopted and, accordingly, certain amounts reported in the previous periods have been reclassified to conform to the current year presentation.

A summary of the impact of the reclassifications as of December 31, 2015 is shown in the below table.
 
 
 
Reclassifications
 
 
 
December 31, 2015
as reported
 
Deferred Taxes
 
Debt Issuance Costs 
 
December 31, 2015
as reclassified
Deferred tax assets. net
$
41,737

 
$
(41,737
)
 
$
—

 
$
—

Total current assets
$
1,316,620

 
$
(41,737
)
 
$
—

 
$
1,274,883

Other assets
$
15,745

 
$
3,107

 
$
(1,137
)
 
$
17,715

Total assets
$
3,029,378

 
$
(38,630
)
 
$
(1,137
)
 
$
2,989,611

Other current liabilities
$
39,152

 
$
(1,962
)
 
$
—

 
$
37,190

Total current liabilities
$
525,187

 
$
(1,962
)
 
$
—

 
$
523,225

Long-term debt
$
953,083

 
$
—

 
$
(1,137
)
 
$
951,946

Deferred tax liabilities, net
$
91,115

 
$
(36,668
)
 
$
—

 
$
54,447

Total liabilities
$
1,773,955

 
$
(38,630
)
 
$
(1,137
)
 
$
1,734,188

Total liabilities and stockholders' equity
$
3,029,378

 
$
(38,630
)
 
$
(1,137
)
 
$
2,989,611


Recent accounting pronouncements to be adopted
Standard
Description
Effect on the financial statements
ASU 2014-09 Revenue from contracts with customers

In May 2014, the FASB issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption.

The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements.
Date of adoption: January 1, 2018
ASU 2016-02 Leases
In February 2016, the FASB issued final guidance that will require lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to today’s accounting.

The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements.
Date of adoption: January 1, 2019
ASU 2016-09 Improvements to Employee Share-Based Payment Accounting
In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows.

The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements.
Date of adoption: January 1, 2017
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

As part of a strategic portfolio review conducted in 2014, the Corporation had identified certain businesses it considered non-core. The Corporation considers businesses non-core when the business’ products or services do not complement its existing businesses and where the long-term growth and profitability prospects are below the Corporation’s expectations. In 2015, the Corporation divested all five businesses that were classified as held for sale as of December 31, 2014. The results of operations of these businesses are reported as discontinued operations within our Condensed Consolidated Statements of Earnings.

The aggregate financial results of all discontinued operations for the three months ended March 31 were as follows:

(In thousands)
 
2016
 
2015
Net sales
 
$
—

 
$
34,259

Loss from discontinued operations before income taxes (1)
 
—

 
(40,112
)
Income tax benefit
 
—

 
12,678

Gain on sale of business (2)
 
—

 
202

Earnings from discontinued operations
 
$
—

 
$
(27,232
)


(1) Loss from discontinued operations before income taxes includes approximately $41 million of Held for sale impairment expense in the three months ended March 31, 2015.

(2) In the first quarter ended March 31, 2015, the Corporation recognized an aggregate after tax gain of $0.9 million on the sale of our Aviation Ground Support Equipment business, which operated within the Defense segment.

Divestitures and facility closures

In January 2015, the Corporation sold the assets of its Aviation Ground support business for £3 million ($4 million). Net sales and loss before income taxes attributable to this business for the three months ended March 31, 2015 were $0.6 million and $(1.0) million, respectively.

During 2015, the Corporation disposed of five businesses aggregating to cash proceeds of $31 million. The divestitures resulted in aggregate pre-tax losses in excess of $17 million, and tax benefits of approximately $3.3 million. Aggregate net sales and loss before income taxes attributable to these 2015 divestitures and facility closures for the three months ended March 31, 2015 were $34.3 million and $40.1 million, respectively.
RECEIVABLES
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, 2016
 
December 31, 2015
Billed receivables:
 
 
 
Trade and other receivables
$
353,816

 
$
435,172

Less: Allowance for doubtful accounts
(5,759
)
 
(5,664
)
Net billed receivables
348,057

 
429,508

Unbilled receivables:
 
 
 
Recoverable costs and estimated earnings not billed
151,063

 
153,045

Less: Progress payments applied
(17,352
)
 
(16,264
)
Net unbilled receivables
133,711

 
136,781

Receivables, net
$
481,768

 
$
566,289

INVENTORIES
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 market. The composition of inventories is as follows:
 
(In thousands)
 
March 31, 2016
 
December 31, 2015
Raw materials
$
206,484

 
$
196,684

Work-in-process
87,722

 
79,406

Finished goods and component parts
118,053

 
114,931

Inventoried costs related to long-term contracts
53,996

 
51,774

Gross inventories
466,255

 
442,795

Less:  Inventory reserves
(51,479
)
 
(48,904
)
Progress payments applied
(11,749
)
 
(14,300
)
Inventories, net
$
403,027

 
$
379,591



Inventoried costs related to long-term contracts include capitalized contract development costs related to certain aerospace and defense programs of $30.3 million and $29.7 million, as of March 31, 2016 and December 31, 2015, respectively. These capitalized costs will be liquidated as production units are delivered to the customer. As of March 31, 2016 and December 31, 2015, $1.8 million and $2.5 million, respectively, are scheduled to be liquidated under existing firm orders.
GOODWILL
GOODWILL
GOODWILL

The changes in the carrying amount of goodwill for the three months ended March 31, 2016 are as follows:
 
(In thousands)
 
Commercial/ Industrial
 
Defense
 
Power
 
Consolidated
December 31, 2015
$
447,828

 
$
337,603

 
$
187,175

 
$
972,606

Foreign currency translation adjustment
748

 
5,085

 
185

 
6,018

March 31, 2016
$
448,576

 
$
342,688

 
$
187,360

 
$
978,624

OTHER INTANGIBLE ASSETS, NET
OTHER INTANGIBLE ASSETS, NET
OTHER INTANGIBLE ASSETS, NET

The following tables present the cumulative composition of the Corporation’s intangible assets:
(In thousands)
 
March 31, 2016
 
December 31, 2015
 
 
Gross
 
Accumulated Amortization
 
Net
 
Gross
 
Accumulated Amortization
 
Net
Technology
 
$
172,959

 
$
(94,475
)
 
$
78,484

 
$
171,382

 
$
(91,430
)
 
$
79,952

Customer related intangibles
 
359,734

 
(146,920
)
 
212,814

 
357,538

 
(140,816
)
 
216,722

Other intangible assets
 
37,522

 
(22,817
)
 
14,705

 
37,200

 
(23,111
)
 
14,089

Total
 
$
570,215

 
$
(264,212
)
 
$
306,003

 
$
566,120

 
$
(255,357
)
 
$
310,763



Total intangible amortization expense for the three months ended March 31, 2016 was $8.4 million as compared to $8.6 million in the comparable prior year period.  The estimated amortization expense for the five years ending December 31, 2016 through 2020 is $33.8 million, $33.2 million, $32.2 million, $30.4 million, and $28.4 million, respectively.
FAIR VALUE OF FINANCIAL INSTRUMENTS
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 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. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount.

For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates.

On February 5, 2016, the Corporation terminated its March 2013 and January 2012 interest rate swap agreements. As a result of the termination, the Corporation received a cash payment of $20.4 million, representing the fair value of the interest rate swaps on the date of termination. In connection with the termination, the Corporation and the counterparties released each other from all obligations under the interest rate swaps agreement, including, without limitation, the obligation to make periodic payments under such agreements. The gain on termination will be reflected as a bond premium to our notes' carrying value and amortized prospectively into interest expense over the remaining terms of the Senior Notes.

The fair value accounting guidance requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities that the company has the ability to access.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates, and yield curves.

Level 3: Inputs are unobservable data points that are not corroborated by market data.

Based upon the fair value hierarchy, all of the forward foreign exchange contracts and interest rate swaps are valued at a Level 2.

Effects on Consolidated Balance Sheets

The location and amounts of derivative instrument fair values in the condensed consolidated balance sheet are below.
 
(In thousands)
 
March 31, 2016
 
December 31, 2015
Assets
 
 
 
Designated for hedge accounting
 
 
 
Interest rate swaps
$
—

 
$
3,083

Undesignated for hedge accounting
 
 
 
Forward exchange contracts
$
256

 
$
223

Total asset derivatives (A)
$
256

 
$
3,306

Liabilities
 
 
 
Undesignated for hedge accounting
 
 
 
Forward exchange contracts
$
471

 
$
673

Total liability derivatives (B)
$
471

 
$
673



(A)Forward exchange derivatives are included in Other current assets and interest rate swaps assets are included in Other assets.
(B)Forward exchange derivatives are included in Other current liabilities.

Effects on Condensed Consolidated Statements of Earnings

Fair value hedge

The location and amount of gains and (losses) on the hedged fixed rate debt attributable to changes in the market interest rates and the offsetting gain (loss) on the related interest rate swaps for the three months ended March 31, were as follows:
 
 
Three Months Ended
(In thousands)
 
March 31,
 
 
2016
 
2015
Other income, net
 
 
 
 
Gain on interest rate swaps
 
$
—

 
$
11,910

Loss on hedged fixed rate debt
 
—

 
(11,910
)
Total
 
$
—

 
$
—



Undesignated hedges

The location and amount of gains and (losses) recognized in income on forward exchange derivative contracts not designated for hedge accounting for the three months ended March 31, were as follows:
 
 
Three Months Ended
(In thousands)
 
March 31,
Derivatives not designated as hedging instrument
 
2016
 
2015
Forward exchange contracts:
 
 
 
 
General and administrative expenses
 
$
(584
)
 
$
(972
)


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 issues as of March 31, 2016.  Accordingly, all of the Corporation’s debt is valued at a Level 2.  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.

The carrying amount of the variable interest rate debt approximates fair value as the interest rates are reset periodically to reflect current market conditions.

 
(In thousands)
 
March 31, 2016
 
December 31, 2015
 
Carrying Value
 
Estimated Fair Value
 
Carrying Value
 
Estimated Fair Value
 
 
 
 
 
 
 
 
5.51% Senior notes due 2017
$
150,000

 
$
157,605

 
$
150,000

 
$
158,024

3.84% Senior notes due 2021
100,000

 
103,929

 
100,307

 
100,307

3.70% Senior notes due 2023
225,000

 
230,145

 
225,000

 
224,322

3.85% Senior notes due 2025
100,000

 
102,314

 
100,450

 
100,450

4.24% Senior notes due 2026
200,000

 
208,472

 
201,422

 
201,422

4.05% Senior notes due 2028
75,000

 
76,374

 
75,904

 
75,904

4.11% Senior notes due 2028
100,000

 
102,250

 
100,000

 
99,720

Other debt
919

 
919

 
1,259

 
1,259

Total debt
950,919

 
982,008

 
954,342

 
961,408

Unamortized debt issuance costs (1)
(1,099
)
 
(1,099
)
 
(1,137
)
 
(1,137
)
Unamortized interest rate swap proceeds (2)
17,959

 
17,959

 
—

 
—

Total debt, net
$
967,779

 
$
998,868

 
$
953,205

 
$
960,271



(1) Effective for 2016, the Company adopted ASU 2015-03 - Simplifying the Presentation of Debt Issuance Costs requiring unamortized debt issuance costs to be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. Prior year balances have been reclassified to reflect the current year presentation.

(2) In February 2016, the Company terminated its interest rate swap agreements.   Upon termination of the interest rate swaps, we received $20.4 million in cash and recorded a deferred gain of $18.3 million.  As of March 31, 2016 the remaining benefit of $18.0 million was recorded as an increase in the long-term debt balance and will be recognized ratably as a reduction to future interest expense over the remaining life of the related debt.

Nonrecurring measurements
As discussed in Note 2. Discontinued Operations and Assets Held For Sale, the Corporation classified certain businesses as held for sale in 2014. In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets guidance of FASB Codification Subtopic 360–10, the carrying amount of the disposal groups were written down to their estimated fair value, less costs to sell, resulting in an impairment charge of $40.8 million, which was included in the loss from discontinued operations before income taxes for the three months ended March 31, 2015. The fair value of the disposal groups were determined primarily by using non-binding quotes. In accordance with the fair value hierarchy, the impairment charge is classified as a Level 3 measurement as it is based on significant other unobservable inputs.
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2015 Annual Report on Form 10-K filed with the SEC.  

Pension Plans

The components of net periodic pension cost for the three months ended March 31, 2016 and 2015 are as follows:

 
 
(In thousands)
 
 
Three Months Ended
 
 
March 31,
 
 
2016
 
2015
Service cost
 
$
6,237

 
$
7,136

Interest cost
 
7,703

 
7,491

Expected return on plan assets
 
(13,581
)
 
(13,679
)
Amortization of prior service cost
 
(12
)
 
155

Amortization of unrecognized actuarial loss
 
3,093

 
3,865

Net periodic benefit cost
 
$
3,440

 
$
4,968



During the three months ended March 31, 2016, the Corporation made no contributions to the Curtiss-Wright Pension Plan, and does not expect to make any contributions in 2016. Contributions to the foreign benefit plans are not expected to be material in 2016.

Defined Contribution Retirement Plan

Effective January 1, 2014, all non-union employees who are not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation's sponsored 401(k) plan. The employer contributions include both employer match and non-elective contribution components, up to a maximum employer contribution of 6% of eligible compensation.  During the three months ended March 31, 2016 and 2015, the expense relating to the plan was $3.2 million and $4.1 million, respectively.  The Corporation made $7.8 million in contributions to the plan for the first quarter of 2016, and expects to make total contributions of $12.4 million in 2016.
EARNINGS PER SHARE
EARNINGS PER SHARE
EARNINGS PER SHARE

Diluted earnings per share were 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:
 
 
(In thousands)
 
 
Three Months Ended
 
 
March 31,
 
 
2016
 
2015
Basic weighted-average shares outstanding
 
44,578

 
47,724

Dilutive effect of stock options and deferred stock compensation
 
662

 
1,008

Diluted weighted-average shares outstanding
 
45,240

 
48,732



As of the period ended March 31, 2016 and March 31, 2015, respectively, there were no stock options outstanding that were considered anti-dilutive.
SEGMENT INFORMATION
SEGMENT INFORMATION
SEGMENT INFORMATION

The Corporation manages and evaluates its operations based on end markets to strengthen its ability to service customers and recognize certain organizational efficiencies. Based on this approach, the Corporation has three reportable segments: Commercial/Industrial, Defense, and 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.
Net sales and operating income by reportable segment were as follows:
 
 
(In thousands)
 
 
Three Months Ended
 
 
March 31,
 
 
2016
 
2015
Net sales
 
 
 
 
Commercial/Industrial
 
$
275,205

 
$
299,898

Defense
 
105,730

 
114,352

Power
 
123,746

 
135,135

Less: Intersegment revenues
 
(1,174
)
 
(3,186
)
Total consolidated
 
$
503,507

 
$
546,199

 
 
 
 
 
Operating income (expense)
 
 
 
 
Commercial/Industrial
 
$
30,052

 
$
43,289

Defense
 
16,845

 
18,027

Power
 
14,628

 
19,512

Corporate and eliminations (1)
 
(4,262
)
 
(7,993
)
Total consolidated
 
$
57,263

 
$
72,835


(1) Corporate and eliminations 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:

 
 
(In thousands)
 
 
Three Months Ended
 
 
March 31,
 
 
2016
 
2015
Total operating income
 
$
57,263

 
$
72,835

Interest expense
 
9,933

 
8,996

Other income, net
 
(234
)
 
(481
)
Earnings before income taxes
 
$
47,564

 
$
64,320



 
(In thousands)
 
March 31, 2016
 
December 31, 2015
Identifiable assets
 
 
 
Commercial/Industrial
$
1,502,825

 
$
1,480,052

Defense
804,191

 
800,613

Power
539,730

 
629,612

Corporate and Other
116,906

 
79,334

Total consolidated
$
2,963,652

 
$
2,989,611

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The cumulative balance of each component of accumulated other comprehensive income (loss), 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, 2014
$
(20,283
)
 
$
(108,128
)
 
$
(128,411
)
Current period other comprehensive income (loss)
(87,527
)
 
(9,990
)
 
(97,517
)
December 31, 2015
$
(107,810
)
 
$
(118,118
)
 
$
(225,928
)
Other comprehensive loss before reclassifications (1)
17,105

 
(116
)
 
16,989

Amounts reclassified from accumulated other comprehensive loss (1)
—

 
1,728

 
1,728

Net current period other comprehensive income (loss)
17,105

 
1,612

 
18,717

March 31, 2016
$
(90,705
)
 
$
(116,506
)
 
$
(207,211
)


(1)
All amounts are after tax.

Details of amounts reclassified from accumulated other comprehensive income (loss) are below: 
 
(In thousands)
 
 
 
Amount reclassified from Accumulated other comprehensive income (loss)
 
Affected line item in the statement where net earnings is presented
Defined benefit pension and other postretirement benefit plans
 
 
 
Amortization of prior service costs
176

 
(1)
Amortization of actuarial losses
(2,950
)
 
(1)
 
(2,774
)
 
Total before tax
 
1,046

 
Income tax
Total reclassifications
$
(1,728
)
 
Net of tax


(1)
These items are included in the computation of net periodic pension cost.  See Note 8, Pension and Other Postretirement Benefit Plans.
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES AND COMMITMENTS

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 case.  The Corporation believes its minimal use of asbestos in its past and current operations and the relatively non-friable condition of asbestos in its 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 for these potential liabilities and believes adequate coverage exists to cover any unanticipated asbestos liability.

In December 2013, the Corporation, along with other unaffiliated parties, received a claim from Canadian Natural Resources Limited (CNRL) filed in the Court of Queen's Bench of Alberta, Judicial District of Calgary. The claim pertains to a January 2011 fire and explosion at a delayed coker unit at its Fort McMurray refinery that resulted in the injury of five CNRL employees, damage to property and equipment, and various forms of consequential loss, such as loss of profit, lost opportunities, and business interruption. The fire and explosion occurred when a CNRL employee bypassed certain safety controls and opened an operating coker unit. The total quantum of alleged damages arising from the incident has not been finalized, but is estimated to meet or exceed $1 billion.  The Corporation maintains various forms of commercial, property and casualty, product liability, and other forms of insurance; however, such insurance may not be adequate to cover the costs associated with a judgment against us. The Corporation is currently unable to estimate an amount, or range of potential losses, if any, from this matter. The Corporation believes it has adequate legal defenses and intends to defend this matter vigorously. The Corporation's financial condition, results of operations, and cash flows, could be materially affected during a future fiscal quarter or fiscal year by unfavorable developments or outcome regarding this claim.

In addition to the CNRL litigation, the Corporation is party to a number of other legal actions and claims, none of which individually or in the aggregate, in the opinion of management, are expected to have a material effect on the Corporation’s results of operations or financial position.

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. At March 31, 2016 and December 31, 2015, there were $36.0 million and $37.3 million of stand-by letters of credit outstanding, respectively, and $13.6 million and $14.7 million of bank guarantees outstanding, respectively. As of March 31, 2016, letters of credit outstanding related to discontinued operations were $2.4 million. 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 $56.0 million surety bond.

AP1000 Program

Within the Corporation’s Power segment, our Electro-Mechanical Division is the reactor coolant pump (RCP) supplier for the Westinghouse AP1000 nuclear power plants under construction in China and the United States.  The terms of the AP1000 China and United States contracts include liquidated damage penalty provisions for failure to meet contractual delivery dates if the Corporation caused the delay and the delay was not excusable.  On October 10, 2013, the Corporation received a letter from Westinghouse stating entitlements to the maximum amount of liquidated damages allowable under the AP1000 China contract of approximately $25 million.  The Corporation would be liable for liquidated damages under the contract if certain contractual delivery dates were not met and if the Corporation was deemed responsible for the delay. As of March 31, 2016, the Corporation has not met certain contractual delivery dates under its AP 1000 contracts; however there are significant uncertainties as to which parties are responsible for the delays.  The Corporation believes it has adequate legal defenses and intends to vigorously defend this matter. Given the uncertainties surrounding the responsibility for the delays no accrual has been made for this matter as of March 31, 2016.  The range of possible loss is $0 to $48 million.
BASIS OF PRESENTATION (Policies)
Basis Of Accounting 

Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a diversified multinational manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power generation, and general 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 long-term contracts under the percentage-of-completion accounting methods, the estimate of useful lives for property, plant, and equipment, cash flow estimates used for testing the recoverability of assets, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, 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. In the three month periods ended March 31, 2016 and 2015, there were no individual 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 2015 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.

New Accounting Pronouncements, Policy [Policy Text Block] 
Recent accounting pronouncements adopted
Accounting pronouncement ASU 2015-17 - Balance Sheet Classification of Deferred Taxes was early adopted effective January 1, 2016 and accounting pronouncement ASU 2015-03 - Simplifying the Presentation of Debt Issuance Costs was adopted effective January 1, 2016. Both pronouncements were retrospectively adopted and, accordingly, certain amounts reported in the previous periods have been reclassified to conform to the current year presentation.

A summary of the impact of the reclassifications as of December 31, 2015 is shown in the below table.
 
 
 
Reclassifications
 
 
 
December 31, 2015
as reported
 
Deferred Taxes
 
Debt Issuance Costs 
 
December 31, 2015
as reclassified
Deferred tax assets. net
$
41,737

 
$
(41,737
)
 
$
—

 
$
—

Total current assets
$
1,316,620

 
$
(41,737
)
 
$
—

 
$
1,274,883

Other assets
$
15,745

 
$
3,107

 
$
(1,137
)
 
$
17,715

Total assets
$
3,029,378

 
$
(38,630
)
 
$
(1,137
)
 
$
2,989,611

Other current liabilities
$
39,152

 
$
(1,962
)
 
$
—

 
$
37,190

Total current liabilities
$
525,187

 
$
(1,962
)
 
$
—

 
$
523,225

Long-term debt
$
953,083

 
$
—

 
$
(1,137
)
 
$
951,946

Deferred tax liabilities, net
$
91,115

 
$
(36,668
)
 
$
—

 
$
54,447

Total liabilities
$
1,773,955

 
$
(38,630
)
 
$
(1,137
)
 
$
1,734,188

Total liabilities and stockholders' equity
$
3,029,378

 
$
(38,630
)
 
$
(1,137
)
 
$
2,989,611


Recent accounting pronouncements to be adopted
Standard
Description
Effect on the financial statements
ASU 2014-09 Revenue from contracts with customers

In May 2014, the FASB issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2017 and allows for either full retrospective or modified retrospective adoption.

The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements.
Date of adoption: January 1, 2018
ASU 2016-02 Leases
In February 2016, the FASB issued final guidance that will require lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to today’s accounting.

The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements.
Date of adoption: January 1, 2019
ASU 2016-09 Improvements to Employee Share-Based Payment Accounting
In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows.

The Corporation is currently evaluating the impact of the adoption of this standard on its Consolidated Financial Statements.
Date of adoption: January 1, 2017
BASIS OF PRESENTATION (Tables)
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
 
 
 
Reclassifications
 
 
 
December 31, 2015
as reported
 
Deferred Taxes
 
Debt Issuance Costs 
 
December 31, 2015
as reclassified
Deferred tax assets. net
$
41,737

 
$
(41,737
)
 
$
—

 
$
—

Total current assets
$
1,316,620

 
$
(41,737
)
 
$
—

 
$
1,274,883

Other assets
$
15,745

 
$
3,107

 
$
(1,137
)
 
$
17,715

Total assets
$
3,029,378

 
$
(38,630
)
 
$
(1,137
)
 
$
2,989,611

Other current liabilities
$
39,152

 
$
(1,962
)
 
$
—

 
$
37,190

Total current liabilities
$
525,187

 
$
(1,962
)
 
$
—

 
$
523,225

Long-term debt
$
953,083

 
$
—

 
$
(1,137
)
 
$
951,946

Deferred tax liabilities, net
$
91,115

 
$
(36,668
)
 
$
—

 
$
54,447

Total liabilities
$
1,773,955

 
$
(38,630
)
 
$
(1,137
)
 
$
1,734,188

Total liabilities and stockholders' equity
$
3,029,378

 
$
(38,630
)
 
$
(1,137
)
 
$
2,989,611

DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE (Tables)
Summary of Financial Results of All Discontinued Operations
The aggregate financial results of all discontinued operations for the three months ended March 31 were as follows:

(In thousands)
 
2016
 
2015
Net sales
 
$
—

 
$
34,259

Loss from discontinued operations before income taxes (1)
 
—

 
(40,112
)
Income tax benefit
 
—

 
12,678

Gain on sale of business (2)
 
—

 
202

Earnings from discontinued operations
 
$
—

 
$
(27,232
)


(1) Loss from discontinued operations before income taxes includes approximately $41 million of Held for sale impairment expense in the three months ended March 31, 2015.

(2) In the first quarter ended March 31, 2015, the Corporation recognized an aggregate after tax gain of $0.9 million on the sale of our Aviation Ground Support Equipment business, which operated within the Defense segment.

RECEIVABLES (Table)
Schedule Of Accounts Notes Loans And Financing Receivable
The composition of receivables is as follows:
 
(In thousands)
 
March 31, 2016
 
December 31, 2015
Billed receivables:
 
 
 
Trade and other receivables
$
353,816

 
$
435,172

Less: Allowance for doubtful accounts
(5,759
)
 
(5,664
)
Net billed receivables
348,057

 
429,508

Unbilled receivables:
 
 
 
Recoverable costs and estimated earnings not billed
151,063

 
153,045

Less: Progress payments applied
(17,352
)
 
(16,264
)
Net unbilled receivables
133,711

 
136,781

Receivables, net
$
481,768

 
$
566,289

INVENTORIES (Table)
Schedule Of Inventory
The composition of inventories is as follows:
 
(In thousands)
 
March 31, 2016
 
December 31, 2015
Raw materials
$
206,484

 
$
196,684

Work-in-process
87,722

 
79,406

Finished goods and component parts
118,053

 
114,931

Inventoried costs related to long-term contracts
53,996

 
51,774

Gross inventories
466,255

 
442,795

Less:  Inventory reserves
(51,479
)
 
(48,904
)
Progress payments applied
(11,749
)
 
(14,300
)
Inventories, net
$
403,027

 
$
379,591

GOODWILL (Table)
Schedule Of Goodwill
The changes in the carrying amount of goodwill for the three months ended March 31, 2016 are as follows:
 
(In thousands)
 
Commercial/ Industrial
 
Defense
 
Power
 
Consolidated
December 31, 2015
$
447,828

 
$
337,603

 
$
187,175

 
$
972,606

Foreign currency translation adjustment
748

 
5,085

 
185

 
6,018

March 31, 2016
$
448,576

 
$
342,688

 
$
187,360

 
$
978,624

OTHER INTANGIBLE ASSETS, NET (Table)
Schedule Of Intangible Assets By Major Class
The following tables present the cumulative composition of the Corporation’s intangible assets:
(In thousands)
 
March 31, 2016
 
December 31, 2015
 
 
Gross
 
Accumulated Amortization
 
Net
 
Gross
 
Accumulated Amortization
 
Net
Technology
 
$
172,959

 
$
(94,475
)
 
$
78,484

 
$
171,382

 
$
(91,430
)
 
$
79,952

Customer related intangibles
 
359,734

 
(146,920
)
 
212,814

 
357,538

 
(140,816
)
 
216,722

Other intangible assets
 
37,522

 
(22,817
)
 
14,705

 
37,200

 
(23,111
)
 
14,089

Total
 
$
570,215

 
$
(264,212
)
 
$
306,003

 
$
566,120

 
$
(255,357
)
 
$
310,763

FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location 
The location and amount of gains and (losses) on the hedged fixed rate debt attributable to changes in the market interest rates and the offsetting gain (loss) on the related interest rate swaps for the three months ended March 31, were as follows:
 
 
Three Months Ended
(In thousands)
 
March 31,
 
 
2016
 
2015
Other income, net
 
 
 
 
Gain on interest rate swaps
 
$
—

 
$
11,910

Loss on hedged fixed rate debt
 
—

 
(11,910
)
Total
 
$
—

 
$
—



Undesignated hedges

The location and amount of gains and (losses) recognized in income on forward exchange derivative contracts not designated for hedge accounting for the three months ended March 31, were as follows:
 
 
Three Months Ended
(In thousands)
 
March 31,
Derivatives not designated as hedging instrument
 
2016
 
2015
Forward exchange contracts:
 
 
 
 
General and administrative expenses
 
$
(584
)
 
$
(972
)
The location and amounts of derivative instrument fair values in the condensed consolidated balance sheet are below.
 
(In thousands)
 
March 31, 2016
 
December 31, 2015
Assets
 
 
 
Designated for hedge accounting
 
 
 
Interest rate swaps
$
—

 
$
3,083

Undesignated for hedge accounting
 
 
 
Forward exchange contracts
$
256

 
$
223

Total asset derivatives (A)
$
256

 
$
3,306

Liabilities
 
 
 
Undesignated for hedge accounting
 
 
 
Forward exchange contracts
$
471

 
$
673

Total liability derivatives (B)
$
471

 
$
673



(A)Forward exchange derivatives are included in Other current assets and interest rate swaps assets are included in Other assets.
(B)Forward exchange derivatives are included in Other current liabilities
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments 
 
(In thousands)
 
March 31, 2016
 
December 31, 2015
 
Carrying Value
 
Estimated Fair Value
 
Carrying Value
 
Estimated Fair Value
 
 
 
 
 
 
 
 
5.51% Senior notes due 2017
$
150,000

 
$
157,605

 
$
150,000

 
$
158,024

3.84% Senior notes due 2021
100,000

 
103,929

 
100,307

 
100,307

3.70% Senior notes due 2023
225,000

 
230,145

 
225,000

 
224,322

3.85% Senior notes due 2025
100,000

 
102,314

 
100,450

 
100,450

4.24% Senior notes due 2026
200,000

 
208,472

 
201,422

 
201,422

4.05% Senior notes due 2028
75,000

 
76,374

 
75,904

 
75,904

4.11% Senior notes due 2028
100,000

 
102,250

 
100,000

 
99,720

Other debt
919

 
919

 
1,259

 
1,259

Total debt
950,919

 
982,008

 
954,342

 
961,408

Unamortized debt issuance costs (1)
(1,099
)
 
(1,099
)
 
(1,137
)
 
(1,137
)
Unamortized interest rate swap proceeds (2)
17,959

 
17,959

 
—

 
—

Total debt, net
$
967,779

 
$
998,868

 
$
953,205

 
$
960,271



(1) Effective for 2016, the Company adopted ASU 2015-03 - Simplifying the Presentation of Debt Issuance Costs requiring unamortized debt issuance costs to be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. Prior year balances have been reclassified to reflect the current year presentation.

(2) In February 2016, the Company terminated its interest rate swap agreements.   Upon termination of the interest rate swaps, we received $20.4 million in cash and recorded a deferred gain of $18.3 million.  As of March 31, 2016 the remaining benefit of $18.0 million was recorded as an increase in the long-term debt balance and will be recognized ratably as a reduction to future interest expense over the remaining life of the related debt.
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)
Schedule Of Defined Benefit Plans Disclosures
The components of net periodic pension cost for the three months ended March 31, 2016 and 2015 are as follows:

 
 
(In thousands)
 
 
Three Months Ended
 
 
March 31,
 
 
2016
 
2015
Service cost
 
$
6,237

 
$
7,136

Interest cost
 
7,703

 
7,491

Expected return on plan assets
 
(13,581
)
 
(13,679
)
Amortization of prior service cost
 
(12
)
 
155

Amortization of unrecognized actuarial loss
 
3,093

 
3,865

Net periodic benefit cost
 
$
3,440

 
$
4,968

EARNINGS PER SHARE (Table)
Schedule of Earnings Per Share Reconciliation
A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:
 
 
(In thousands)
 
 
Three Months Ended
 
 
March 31,
 
 
2016
 
2015
Basic weighted-average shares outstanding
 
44,578

 
47,724

Dilutive effect of stock options and deferred stock compensation
 
662

 
1,008

Diluted weighted-average shares outstanding
 
45,240

 
48,732

SEGMENT INFORMATION (Table)
Schedule Of Segment Reporting Information By Segment 
 
 
(In thousands)
 
 
Three Months Ended
 
 
March 31,
 
 
2016
 
2015
Net sales
 
 
 
 
Commercial/Industrial
 
$
275,205

 
$
299,898

Defense
 
105,730

 
114,352

Power
 
123,746

 
135,135

Less: Intersegment revenues
 
(1,174
)
 
(3,186
)
Total consolidated
 
$
503,507

 
$
546,199

 
 
 
 
 
Operating income (expense)
 
 
 
 
Commercial/Industrial
 
$
30,052

 
$
43,289

Defense
 
16,845

 
18,027

Power
 
14,628

 
19,512

Corporate and eliminations (1)
 
(4,262
)
 
(7,993
)
Total consolidated
 
$
57,263

 
$
72,835


(1) Corporate and eliminations 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 

 
 
(In thousands)
 
 
Three Months Ended
 
 
March 31,
 
 
2016
 
2015
Total operating income
 
$
57,263

 
$
72,835

Interest expense
 
9,933

 
8,996

Other income, net
 
(234
)
 
(481
)
Earnings before income taxes
 
$
47,564

 
$
64,320

Reconciliation Of Assets From Segment To Consolidated 
 
(In thousands)
 
March 31, 2016
 
December 31, 2015
Identifiable assets
 
 
 
Commercial/Industrial
$
1,502,825

 
$
1,480,052

Defense
804,191

 
800,613

Power
539,730

 
629,612

Corporate and Other
116,906

 
79,334

Total consolidated
$
2,963,652

 
$
2,989,611

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)
Schedule of Comprehensive Income (Loss) 
The cumulative balance of each component of accumulated other comprehensive income (loss), 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, 2014
$
(20,283
)
 
$
(108,128
)
 
$
(128,411
)
Current period other comprehensive income (loss)
(87,527
)
 
(9,990
)
 
(97,517
)
December 31, 2015
$
(107,810
)
 
$
(118,118
)
 
$
(225,928
)
Other comprehensive loss before reclassifications (1)
17,105

 
(116
)
 
16,989

Amounts reclassified from accumulated other comprehensive loss (1)
—

 
1,728

 
1,728

Net current period other comprehensive income (loss)
17,105

 
1,612

 
18,717

March 31, 2016
$
(90,705
)
 
$
(116,506
)
 
$
(207,211
)


(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 Accumulated other comprehensive income (loss)
 
Affected line item in the statement where net earnings is presented
Defined benefit pension and other postretirement benefit plans
 
 
 
Amortization of prior service costs
176

 
(1)
Amortization of actuarial losses
(2,950
)
 
(1)
 
(2,774
)
 
Total before tax
 
1,046

 
Income tax
Total reclassifications
$
(1,728
)
 
Net of tax


(1)
These items are included in the computation of net periodic pension cost.  See Note 8, Pension and Other Postretirement Benefit Plans.
BASIS OF PRESENTATION Reclassifications for Accounting Pronouncements (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
Total current assets
$ 1,260,204 
$ 1,274,883 
Other assets
11,707 
17,715 
Total assets
2,963,652 
2,989,611 
Other current liabilities
36,928 
37,190 
Total current liabilities
457,179 
523,225 
Long-term debt
966,861 
951,946 
Deferred tax liabilities, net
56,912 
54,447 
Total liabilities
1,676,945 
1,734,188 
Total liabilities and stockholders' equity
2,963,652 
2,989,611 
Deferred Taxes [Member]
 
 
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
Deferred tax assets. net
 
(41,737)
Total current assets
 
(41,737)
Other assets
 
3,107 
Total assets
 
(38,630)
Other current liabilities
 
(1,962)
Total current liabilities
 
(1,962)
Deferred tax liabilities, net
 
(36,668)
Total liabilities
 
(38,630)
Total liabilities and stockholders' equity
 
(38,630)
Debt Issuance Costs [Member]
 
 
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
Other assets
 
(1,137)
Total assets
 
(1,137)
Long-term debt
 
(1,137)
Total liabilities
 
(1,137)
Total liabilities and stockholders' equity
 
(1,137)
Scenario, Previously Reported [Member]
 
 
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
Deferred tax assets. net
 
41,737 
Total current assets
 
1,316,620 
Other assets
 
15,745 
Total assets
 
3,029,378 
Other current liabilities
 
39,152 
Total current liabilities
 
525,187 
Long-term debt
 
953,083 
Deferred tax liabilities, net
 
91,115 
Total liabilities
 
1,773,955 
Total liabilities and stockholders' equity
 
$ 3,029,378 
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE - Narrative (Details)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended 0 Months Ended 3 Months Ended
Mar. 31, 2016
USD ($)
Mar. 31, 2015
USD ($)
facility
Dec. 31, 2015
USD ($)
Jan. 9, 2015
Aviation Ground Support [Member]
USD ($)
Jan. 9, 2015
Aviation Ground Support [Member]
GBP (£)
Mar. 31, 2015
Aviation Ground Support [Member]
USD ($)
Mar. 31, 2015
Facility Closing [Member]
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
 
 
Disposal date
 
 
 
Jan. 09, 2015 
Jan. 09, 2015 
 
 
Proceeds from divestitures
 
$ 4,010 
$ 31,000 
$ 4,000 
£ 3,000 
 
 
Net sales
0 
34,259 
 
 
 
600 
34,300 
Earnings /(loss) before income taxes
0 
(40,112)
 
 
 
(1,000)
(40,100)
Number of businesses divested
 
5 
 
 
 
 
 
(Gain)/loss on sale of businesses
 
1,252 
17,000 
 
 
 
 
Income tax expense (benefit)
$ 0 
$ (12,678)
$ (3,300)
 
 
 
 
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE - Summary of Financial Results (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Net Sales
$ 0 
$ 34,259 
 
Loss from discontinued operations before income taxes
0 
(40,112)
 
Income tax benefit
0 
12,678 
3,300 
Gain on sale of business
0 
202 
 
Earnings from discontinued operations
0 
(27,232)
 
Impairment of Long-Lived Assets to be Disposed of
 
40,813 
 
Aviation Ground Support [Member]
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Net Sales
 
600 
 
Loss from discontinued operations before income taxes
 
(1,000)
 
Defense [Member] |
Discontinued Operations, Disposed of by Sale [Member] |
Aviation Ground Support [Member]
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Gain on sale of business
 
$ 900 
 
RECEIVABLES (Detail) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Billed receivables:
 
 
Trade and other receivables
$ 353,816 
$ 435,172 
Less: Allowance for doubtful accounts
(5,759)
(5,664)
Net billed receivables
348,057 
429,508 
Unbilled receivables:
 
 
Recoverable costs and estimated earnings not billed
151,063 
153,045 
Less: Progress payments applied
(17,352)
(16,264)
Net unbilled receivables
133,711 
136,781 
Receivables, net
$ 481,768 
$ 566,289 
INVENTORIES (Detail) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Inventory, Net [Abstract]
 
 
Raw material
$ 206,484 
$ 196,684 
Work-in-process
87,722 
79,406 
Finished goods and component parts
118,053 
114,931 
Inventoried costs related to long-term contracts
53,996 
51,774 
Inventory, Gross
466,255 
442,795 
Less: Inventory reserves
(51,479)
(48,904)
Progress payments applied
(11,749)
(14,300)
Inventories, net
$ 403,027 
$ 379,591 
INVENTORIES (Narrative) (Detail) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Inventory, Net [Abstract]
 
 
Other inventory, capitalized costs
$ 30.3 
$ 29.7 
Other inventory, capitalized costs to be liquidated under firm orders
$ 1.8 
$ 2.5 
GOODWILL (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Goodwill [Roll Forward]
 
December 31, 2015
$ 972,606 
Foreign currency translation adjustment
6,018 
March 31, 2016
978,624 
Commercial Industrial [Member]
 
Goodwill [Roll Forward]
 
December 31, 2015
447,828 
Foreign currency translation adjustment
748 
March 31, 2016
448,576 
Defense [Member]
 
Goodwill [Roll Forward]
 
December 31, 2015
337,603 
Foreign currency translation adjustment
5,085 
March 31, 2016
342,688 
Power [Member]
 
Goodwill [Roll Forward]
 
December 31, 2015
187,175 
Foreign currency translation adjustment
185 
March 31, 2016
$ 187,360 
OTHER INTANGIBLE ASSETS, NET (Detail) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Finite Lived Intangible Assets [Line Items]
 
 
Gross
$ 570,215 
$ 566,120 
Accumulated Amortization
(264,212)
(255,357)
Net
306,003 
310,763 
Technology [Member]
 
 
Finite Lived Intangible Assets [Line Items]
 
 
Gross
172,959 
171,382 
Accumulated Amortization
(94,475)
(91,430)
Net
78,484 
79,952 
Customer Related Intangibles [Member]
 
 
Finite Lived Intangible Assets [Line Items]
 
 
Gross
359,734 
357,538 
Accumulated Amortization
(146,920)
(140,816)
Net
212,814 
216,722 
Other Intangible Assets [Member]
 
 
Finite Lived Intangible Assets [Line Items]
 
 
Gross
37,522 
37,200 
Accumulated Amortization
(22,817)
(23,111)
Net
$ 14,705 
$ 14,089 
OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Intangible Assets, Net (Excluding Goodwill) [Abstract]
 
 
Amortization expense
$ 8.4 
$ 8.6 
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months
33.8 
 
Future amortization expense in year two
33.2 
 
Future amortization expense in year three
32.2 
 
Future amortization expense in year four
30.4 
 
Future amortization expense in year five
$ 28.4 
 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Interest Rate Swap) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
Other Operating Activities, Cash Flow Statement
$ 20,405 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Balance Sheet) (Detail) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2016
Dec. 31, 2015
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
Assets
$ 256 1
$ 3,306 1
Liabilities
471 2
673 2
Designated as Hedging Instrument [Member] |
Interest Rate Swap [Member]
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
Assets
 
3,083 
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Forward [Member]
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
Assets
256 
223 
Liabilities
$ 471 
$ 673 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
General And Administrative Expense [Member]
 
 
Derivative Instruments Gain Loss [Line Items]
 
 
General and administrative expenses
$ (584)
$ (972)
Swap [Member] |
Other Income [Member]
 
 
Derivative Instruments Gain Loss [Line Items]
 
 
Gain on interest rate swaps
 
11,910 
Borrowings [Member] |
Other Income [Member]
 
 
Derivative Instruments Gain Loss [Line Items]
 
 
Gain on interest rate swaps
 
$ (11,910)
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2016
Feb. 29, 2016
Dec. 31, 2015
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
 
Long-term Debt, Gross
$ 950,919 
 
$ 954,342 
Unamortized interest rate swap proceeds
17,959 
18,258 
 
Less: Debt Issuance Costs, Net
(1,099)
 
(1,137)
Carrying Value
967,779 
 
953,205 
Estimated Fair Value
998,868 
 
960,271 
Long-term Debt, Gross [Member]
 
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
 
Estimated Fair Value
982,008 
 
961,408 
5.51% Senior notes due 2017 [Member]
 
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
 
Carrying Value
150,000 
 
150,000 
Estimated Fair Value
157,605 
 
158,024 
Interest rate
5.51% 
 
 
3.84% Senior notes due 2021 [Member]
 
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
 
Carrying Value
100,000 
 
100,307 
Estimated Fair Value
103,929 
 
100,307 
Interest rate
3.84% 
 
 
3.70% Senior notes due 2023 [Member]
 
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
 
Carrying Value
225,000 
 
225,000 
Estimated Fair Value
230,145 
 
224,322 
Interest rate
3.70% 
 
 
3.85% Senior notes due 2025 [Member]
 
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
 
Carrying Value
100,000 
 
100,450 
Estimated Fair Value
102,314 
 
100,450 
Interest rate
3.85% 
 
 
4.24% Senior notes due 2026 [Member]
 
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
 
Carrying Value
200,000 
 
201,422 
Estimated Fair Value
208,472 
 
201,422 
Interest rate
4.24% 
 
 
4.05% Senior notes due 2028 [Member]
 
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
 
Carrying Value
75,000 
 
75,904 
Estimated Fair Value
76,374 
 
75,904 
Interest rate
4.05% 
 
 
4.11% Senior notes due 2028 [Member]
 
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
 
Carrying Value
100,000 
 
100,000 
Estimated Fair Value
102,250 
 
99,720 
Interest rate
4.11% 
 
 
Other debt [Member]
 
 
 
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
 
 
 
Carrying Value
919 
 
1,259 
Estimated Fair Value
$ 919 
 
$ 1,259 
FAIR VALUE OF FINANCIAL INSTRUMENTS Nonrecurring measurements (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Fair Value Disclosures [Abstract]
 
Impairment of assets held for sale
$ 40,813 
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) (Pension Plans Defined Benefit [Member], USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Pension Plans Defined Benefit [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Service cost
$ 6,237 
$ 7,136 
Interest cost
7,703 
7,491 
Expected return on plan assets
(13,581)
(13,679)
Amortization of prior service cost
(12)
155 
Amortization of unrecognized actuarial loss
3,093 
3,865 
Net postretirement benefit cost (income)
$ 3,440 
$ 4,968 
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Additional) (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
 
 
Defined contribution plan, employer contribution, maximum percentage
6.00% 
 
Defined contribution plan, expense relating to the plan
$ 3.2 
$ 4.1 
Contributions made by the corporation to the plan
7.8 
 
Estimated future contributions for the current fiscal year
$ 12.4 
 
EARNINGS PER SHARE (Detail)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Earnings Per Share Reconciliation [Abstract]
 
 
Basic weighted-average shares outstanding (shares)
44,578 
47,724 
Dilutive effect of stock options and deferred stock compensation (shares)
662 
1,008 
Diluted weighted-average shares outstanding (shares)
45,240 
48,732 
SEGMENT INFORMATION (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Segment Reporting Information [Line Items]
 
 
 
Net sales
$ 503,507 
$ 546,199 
 
Operating income (expense)
57,263 
72,835 
 
Identifiable assets
2,963,652 
 
2,989,611 
Commercial Industrial [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net sales
275,205 
299,898 
 
Operating income (expense)
30,052 
43,289 
 
Identifiable assets
1,502,825 
 
1,480,052 
Defense [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net sales
105,730 
114,352 
 
Operating income (expense)
16,845 
18,027 
 
Identifiable assets
804,191 
 
800,613 
Power [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net sales
123,746 
135,135 
 
Operating income (expense)
14,628 
19,512 
 
Identifiable assets
539,730 
 
629,612 
Intersegment Eliminations [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Net sales
(1,174)
(3,186)
 
Corporate and Eliminations [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Operating income (expense)
(4,262)1
(7,993)1
 
Corporate and Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Identifiable assets
$ 116,906 
 
$ 79,334 
SEGMENT INFORMATION (Reconciliation) (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Segment Reporting [Abstract]
 
 
Total operating income
$ 57,263 
$ 72,835 
Interest expense
(9,933)
(8,996)
Other income, net
234 
481 
Earnings before income taxes
$ 47,564 
$ 64,320 
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Beginning balance
$ (225,928)
$ (128,411)
$ (128,411)
Other comprehensive income (loss) before reclassifications
16,989 
 
 
Amounts reclassified from accumulated other comprehensive loss
1,728 
 
 
Other comprehensive income (loss), net of tax
18,717 
(54,070)
(97,517)
Ending balance
(207,211)
 
(225,928)
Foreign Currency Translation Adjustments, Net [Member]
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Beginning balance
(107,810)
(20,283)
(20,283)
Other comprehensive income (loss) before reclassifications
17,105 
 
 
Amounts reclassified from accumulated other comprehensive loss
0 
 
 
Other comprehensive income (loss), net of tax
17,105 
 
(87,527)
Ending balance
(90,705)
 
(107,810)
Total Pension and Postretirment Adjustments, Net [Member]
 
 
 
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
 
 
 
Beginning balance
(118,118)
(108,128)
(108,128)
Other comprehensive income (loss) before reclassifications
(116)
 
 
Amounts reclassified from accumulated other comprehensive loss
1,728 
 
 
Other comprehensive income (loss), net of tax
1,612 
 
(9,990)
Ending balance
$ (116,506)
 
$ (118,118)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
Earnings before income taxes
$ 47,564 
$ 64,320 
Income tax
(14,745)
(21,097)
Net earnings
32,819 
15,991 
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
176 1
 
Amortization of actuarial losses
(2,950)1
 
Earnings before income taxes
(2,774)
 
Income tax
1,046 
 
Net earnings
$ (1,728)
 
CONTINGENCIES AND COMMITMENTS (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 0 Months Ended
Mar. 31, 2016
Oct. 10, 2013
Failure to Meet Contractual Obligations [Member]
Mar. 31, 2016
Standby Letters Of Credit [Member]
Dec. 31, 2015
Standby Letters Of Credit [Member]
Mar. 31, 2016
FinancialStandbyLetterOfCreditMember
Dec. 31, 2015
FinancialStandbyLetterOfCreditMember
Mar. 31, 2016
Discontinued Operations, Held-for-sale [Member]
Standby Letters Of Credit [Member]
Mar. 31, 2016
Minimum [Member]
Mar. 31, 2016
Maximum [Member]
Loss Contingencies [Line Items]
 
 
 
 
 
 
 
 
 
Letters of credit, outstanding
 
 
$ 36.0 
$ 37.3 
$ 13.6 
$ 14.7 
$ 2.4 
 
 
Surety Bond Outstanding
56.0 
 
 
 
 
 
 
 
 
Damages sought
1,000 
25 
 
 
 
 
 
 
 
Range of possible loss, maximum
 
 
 
 
 
 
 
$ 0 
$ 48