Document and Entity Information

3 Months Ended

Mar. 31, 2015

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, 2015

Document Fiscal Year Focus

2015

Document Fiscal Period Focus

Q1

Amendment Flag

false

Entity common stock shares outstanding

47,555,199

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, 2015

Mar. 31, 2014

Net sales

Product sales

$ 445,687

$ 436,227

Service sales

100,512

106,732

Total net sales

546,199

542,959

Cost of sales

Cost of product sales

293,009

288,934

Cost of service sales

62,094

69,411

Total cost of sales

355,103

358,345

Gross profit

191,096

184,614

Research and development expenses

(15,262)

(16,877)

Selling expenses

(31,088)

(32,631)

General and administrative expenses

(71,911)

(74,072)

Operating income

72,835

61,034

Interest expense

(8,996)

(9,055)

Other income, net

481

112

Earnings before income taxes

64,320

52,091

Provision for income taxes

(21,097)

(15,661)

Earnings from continuing operations

43,223

36,430

Loss from discontinued operations, net of taxes

(27,232)

(1,266)

Net earnings

$ 15,991

$ 35,164

Earnings Per Share, Basic [Abstract]

Earnings from continuing operations

$ 0.91

$ 0.76

Loss from discontinued operations

$ (0.57)

$ (0.03)

Basic earnings per share (usd per share)

$ 0.34

$ 0.73

Earnings Per Share, Diluted [Abstract]

Earnings from continuing operations

$ 0.89

$ 0.74

Loss from discontinued operations

$ (0.56)

$ (0.02)

Diluted earnings per share (usd per share)

$ 0.33

$ 0.72

Dividends per share

$ 0.13

Weighted average shares outstanding:

Basic (shares)

47,724

47,982

Diluted (shares)

48,732

49,130

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $)

In Thousands, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Statement of Comprehensive Income [Abstract]

Net earnings

$ 15,991

$ 35,164

Other comprehensive income

Foreign currency translation, net of tax (1)

(56,473)¹

(9,917)¹

Pension and postretirement adjustments, net of tax (2)

2,403 ²

786 ²

Other comprehensive income (loss), net of tax

(54,070)

(9,131)

Comprehensive income (loss)

$ (38,079)

$ 26,033

[1] The tax benefit (expense) included in other comprehensive income (loss) for foreign currency translation adjustments for the three months ended, March 31, 2015 and 2014 were $2.2 million and ($0.3) million, respectively.

[2] The tax benefit (expense) included in other comprehensive income (loss) for pension and postretirement adjustments for the three months ended March 31, 2015 and 2014 were ($1.4) million and ($0.5) million, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) (USD $)

In Millions, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Statement of Comprehensive Income [Abstract]

Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax

$ 2.2

$ (0.3)

Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent

$ (1.4)

$ (0.5)

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)

In Thousands, unless otherwise specified

Mar. 31, 2015

Dec. 31, 2014

Current Assets:

Cash and cash equivalents

$ 215,594

$ 450,116

Receivables, net

496,019

495,480

Inventories, net

390,188

388,670

Deferred tax assets, net

45,953

44,311

Assets held for sale

92,169

147,347

Other current assets

100,925

45,151

Total current assets

1,340,848

1,571,075

Property, plant, and equipment, net

439,305

458,919

Goodwill

983,996

998,506

Other intangible assets, net

337,007

349,227

Other assets

24,243

21,784

Total assets

3,125,399

3,399,511

Current liabilities:

Current portion of long-term debt and short-term debt

965

1,069

Accounts payable

131,887

152,266

Accrued expenses

109,893

145,938

Income taxes payable

5,543

22,472

Deferred revenue

150,655

176,693

Liabilities held for sale

29,138

35,392

Other current liabilities

55,260

38,163

Total current liabilities

483,341

571,993

Long-term debt

965,189

953,279

Deferred tax liabilities, net

105,328

51,554

Accrued pension and other postretirement benefit costs

68,860

226,687

Long-term portion of environmental reserves

14,024

14,911

Other liabilities

87,950

102,654

Total liabilities

1,724,692

1,921,078

Stockholders' Equity

Common stock, $1 par value,100,000,000 shares authorized at March 31, 2015 and December 31, 2014; 49,189,702 shares issued at March 31, 2015 and December 31, 2014; outstanding shares were 47,555,199 at March 31, 2015 and 47,904,518 at December 31, 2014

49,190

Additional paid in capital

153,432

158,043

Retained earnings

1,479,107

1,469,306

Accumulated other comprehensive loss

(182,481)

(128,411)

Common treasury stock, at cost (1,634,503 shares at March 31, 2015 and 1,285,184 shares at December 31, 2014)

(98,541)

(69,695)

Total stockholders' equity

1,400,707

1,478,433

Total liabilities and stockholders' equity

$ 3,125,399

$ 3,399,511

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)

Mar. 31, 2015

Dec. 31, 2014

Statement of Financial Position [Abstract]

Common stock, par value (usd per share)

$ 1

Common Stock, Shares Authorized

100,000,000

Common Stock, Shares, Issued

49,189,702

Common Stock, Shares, Outstanding

47,555,199

47,904,518

Treasury Stock, Shares

1,634,503

1,285,184

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)

In Thousands, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Cash flows from operating activities:

Net earnings

$ 15,991

$ 35,164

Adjustments to reconcile net earnings to net cash used by operating activities:

Depreciation and amortization

25,708

30,952

(Gain)/loss on sale of businesses

(1,252)

0

(Gain)/loss on fixed asset disposals

(503)

(17)

Deferred income taxes

491

(2,940)

Share-based compensation

2,620

2,402

Impairment of assets held for sale

40,813

0

Change in operating assets and liabilities, net of businesses acquired and divested:

Accounts receivable, net

(9,993)

(10,842)

Inventories, net

(10,178)

(14,515)

Progress payments

(117)

(4,777)

Accounts payable and accrued expenses

(59,046)

(42,490)

Deferred revenue

(26,038)

(8,913)

Income taxes payable

(15,574)

10,871

Net pension and postretirement liabilities

(141,585)

(4,154)

Other current and long-term assets and liabilities

7,572

(5,334)

Net cash used for operating activities

(171,091)

(14,593)

Cash flows from investing activities:

Proceeds from sales and disposals of long lived assets

837

429

Proceeds from divestitures

4,010

0

Additions to property, plant, and equipment

(9,096)

(18,365)

Acquisition of businesses, net of cash acquired

(13,228)

(32,857)

Additional consideration of prior period acquisitions

(436)

(230)

Net cash used for investing activities

(17,913)

(51,023)

Cash flows from financing activities:

Borrowings under revolving credit facility

1,296

163,483

Repayments of Lines of Credit

(1,400)

(164,089)

Principal payments on debt

0

(80)

Repurchases of common stock

(46,985)

(5,013)

Proceeds from share-based compensation

7,616

21,135

Proceeds from (Payments for) Other Financing Activities

140

0

Excess tax benefits from share-based compensation

3,291

5,409

Net cash (used for) provided by financing activities

(36,042)

20,845

Effect of exchange-rate changes on cash

(9,476)

(2,556)

Net decrease in cash and cash equivalents

(234,522)

(47,327)

Cash and cash equivalents at beginning of period

450,116

175,294

Cash and cash equivalents at end of period

215,594

127,967

Supplemental disclosure of non-cash activities:

Capital expenditures incurred but not yet paid

502

1,160

Property and equipment acquired under build to suit transaction

$ 0

$ 8,008

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, 2013

$ 49,190

$ 150,618

$ 1,380,981

$ 25,259

$ (53,343)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net earnings

113,338

Other comprehensive loss, net of tax

(153,670)

Dividends paid/declared

(25,013)

Restricted stock

(722)

3,155

Stock options exercised, net of tax

311

45,049

Other

(430)

430

Share-based compensation

8,266

234

Repurchases of common stock

(65,220)

Ending Balance at Dec. 31, 2014

1,478,433

49,190

158,043

1,469,306

(128,411)

(69,695)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net earnings

15,991

Other comprehensive loss, net of tax

(54,070)

Dividends paid/declared

(6,190)

Restricted stock

(5,691)

8,076

Stock options exercised, net of tax

(674)

9,197

Other

(572)

572

Share-based compensation

2,326

294

Repurchases of common stock

(46,985)

Ending Balance at Mar. 31, 2015

$ 1,400,707

$ 49,190

$ 153,432

$ 1,479,107

$ (182,481)

$ (98,541)

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, automotive, shipbuilding, processing, oil, petrochemical, agricultural equipment, railroad, power generation, security, and metalworking industries.

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, 2015 and 2014, 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 2014 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.

Changes in Segment Presentation

In 2015, the Corporation revised its reportable segments as a result of previously announced discontinued operations to: Commercial/Industrial, Defense, and Power. Prior period financial information has been reclassified to conform to the current period presentation. See Note 11 for more information on the Corporation's reportable segments.

Recent accounting pronouncements



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, 2016 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, 2017
ASU 2015-03 Simplifying the Presentation of Debt Issuance Costs	In April 2015, the FASB issued guidance which changes the presentation of debt issuance costs in financial statements. An entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense.	The Corporation does not expect the standard to have a significant impact on its Consolidated Financial Statements.
Date of adoption: January 1, 2016

DISCONTINUED OPERATIONS (Notes)

DISCONTINUED OPERATIONS

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. As part of this initiative, the Corporation divested one business in the first quarter of 2015, that was previously held for sale. The results of operations of these businesses are reported as discontinued operations within our Condensed Consolidated Statements of Earnings and prior year amounts have been restated to conform to the current year presentation.

During the first quarter of 2015, due to continued uncertainty in the Oil & Gas markets, the Corporation recognized an impairment charge of $40 million in its Downstream Refining business.

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



(In thousands)	2015			2014
Net sales	$	34,259		$	98,453
Loss from discontinued operations before income taxes ⁽¹⁾	(40,112		)	(1,980		)
Income tax benefit/(expense)	12,678			714
Gain/(loss) on sale of businesses ⁽²⁾	202			—
Earnings from discontinued operations	$	(27,232	)	$	(1,266	)

⁽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 aggregate after tax gain of $0.9 million on the sale of our Aviation Ground Support Equipment business which operated within the Defense segment.

Assets held for sale

During the third quarter of 2014, the Corporation committed to a plan to sell two surface technology treatment facilities, its Engineered Packaging business, as well as its Downstream Refining business. As of March 31, 2015, these businesses continue to be classified as held for sale and their results of operations are presented as discontinued operations in the Condensed Consolidated Statement of Earnings.

The aggregate components of the assets classified as held for sale, are as follows:



(In thousands)	March 31, 2015
Assets held for sale:
Receivables, net	$	49,661
Inventories, net	23,801
Property, plant, and equipment, net	21,231
Goodwill	39,396
Other intangible assets, net	17,524
Other assets	129
Deferred tax assets, net	14,317
Reserve for assets held for sale	(73,890		)
Total assets held for sale, current	$	92,169
Liabilities held for sale
Accounts payable	$	7,222
Accrued expenses	4,723
Deferred revenue	14,606
Other current liabilities	2,262
Other liabilities	325
Total liabilities held for sale, current	$	29,138

The following table outlines the net sales and earnings/(loss) before income taxes attributable to the assets held for sale for the three months ended March 31. All impairment charges recorded are included herein:



	Net Sales				Earnings /(loss) before income taxes
(In thousands)	2015		2014		2015			2014
Surface Technologies - Domestic	1,110		1,328		38			165
Engineered Packaging	4,377		6,148		105			1,047
Downstream Refining	28,191		27,092		(38,929		)	(1,000		)
Total included in discontinued operations	$	33,678	$	34,568	$	(38,786	)	$	212

Divestitures and facility closures

On January 9, 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, 2014 were $7.0 million and $(0.8) million, respectively.

During 2014, the Corporation disposed of four businesses aggregating to cash proceeds of $153 million. The divestitures resulted in aggregate pre-tax losses in excess of $29 million, and tax benefits of approximately $6.7 million. During 2014, the Corporation also closed three international manufacturing facilities in its Surface Technologies business. Aggregate net sales and loss before income taxes attributable to 2014 divestitures and facility closures for the three months ended March 31, 2014 were $56.9 million and $1.4 million, respectively.

ACQUISITION

ACQUISITIONS

2015 Acquisitions

Bolt's Metallizing, Inc

On March 16, 2015, the Corporation acquired certain assets and assumed certain liabilities of Bolt's Metallizing, Inc. for $13.2 million in cash. The Asset Purchase Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type, including a portion of the purchase price held back as security for potential indemnification claims against the seller. Bolt's Metallizing is a provider of thermal spray coatings for critical aerospace applications, including high velocity oxygen fuel (HVOF) and plasma spray coating capabilities. The acquired business will operate within Curtiss-Wright's Commercial/Industrial segment.

There have been no significant purchase price adjustments to our 2014 acquisitions since December 31, 2014.

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, 2015			December 31, 2014
Billed receivables:
Trade and other receivables	$	362,348		$	363,241
Less: Allowance for doubtful accounts	(7,251		)	(5,619		)
Net billed receivables	355,097			357,622
Unbilled receivables:
Recoverable costs and estimated earnings not billed	153,182			150,526
Less: Progress payments applied	(12,260		)	(12,668		)
Net unbilled receivables	140,922			137,858
Receivables, net	$	496,019		$	495,480

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, 2015			December 31, 2014
Raw materials	$	208,380		$	201,998
Work-in-process	85,119			89,423
Finished goods and component parts	107,670			103,831
Inventoried costs related to long-term contracts	54,707			59,070
Gross inventories	455,876			454,322
Less: Inventory reserves	(51,180		)	(51,435		)
Progress payments applied	(14,508		)	(14,217		)
Inventories, net	$	390,188		$	388,670

Inventoried costs related to long-term contracts include capitalized contract development costs related to certain aerospace and defense programs of $29.4 million and $33.9 million, as of March 31, 2015 and December 31, 2014, respectively. These capitalized costs will be liquidated as production units are delivered to the customer. As of March 31, 2015 and December 31, 2014, $3.4 million and $7.2 million, respectively, are scheduled to be liquidated under existing firm orders.

GOODWILL

During the first quarter of 2015, the Corporation realigned its reportable segments as discussed in further in Note 11. The goodwill balances as of December 31, 2014 have been restated to reflect the change in reportable segments.

The changes in the carrying amount of goodwill for the three months ended March 31, 2015 are as follows:



	(In thousands)
	Commercial/ Industrial			Defense			Power			Consolidated
December 31, 2014	$	454,092		$	356,689		$	187,725		$	998,506
Acquisitions	6,798			—			—			6,798
Goodwill adjustments	—			1,131			—			1,131
Foreign currency translation adjustment	(9,167		)	(12,985		)	(287		)	(22,439		)
March 31, 2015	$	451,723		$	344,835		$	187,438		$	983,996

During the first quarter of 2015, the Corporation performed a goodwill impairment assessment as a result of the change in its reportable segments. The Corporation tests for goodwill impairment at the reporting unit level, which is generally one level below our reportable segments. As a result of the segment change, the Corporation performed a goodwill impairment assessment on the impacted reporting unit. Based on the results of our impairment analysis, the Corporation does not believe that an impairment exists.

OTHER INTANGIBLE ASSETS, NET

The following tables present the cumulative composition of the Corporation’s intangible assets:



(In thousands)	March 31, 2015							December 31, 2014
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Technology	$	172,885	$	(84,615	)	$	88,270	$	178,369	$	(84,584	)	$	93,785
Customer related intangibles	351,160		(125,151		)	226,009		356,844		(122,920		)	233,924
Other intangible assets	39,164		(16,436		)	22,728		38,460		(16,942		)	21,518
Total	$	563,209	$	(226,202	)	$	337,007	$	573,673	$	(224,446	)	$	349,227

During the first three months of 2015, the Corporation acquired intangible assets of $5.3 million; consisting of Customer related intangibles and Other intangibles of $3.7 million and $1.6 million, respectively.

Total intangible amortization expense for the three months ended March 31, 2015 was $8.6 million as compared to $10.3 million in the comparable prior year period. The estimated amortization expense for the five years ending December 31, 2015 through 2019 is $33.9 million, $33.4 million, $32.3 million, $30.5 million, and $28.5 million, respectively.

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. 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.

The notional amounts of the Corporation’s outstanding interest rate swaps designated as fair value hedges were $400 million at March 31, 2015.

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, 2015		December 31, 2014
Assets
Designated for hedge accounting
Interest rate swaps	$	6,789	$	—
Undesignated for hedge accounting
Forward exchange contracts	$	—	$	605
Total asset derivatives (A)	$	6,789	$	605
Liabilities
Designated for hedge accounting
Interest rate swaps	$	—	$	5,121
Undesignated for hedge accounting
Forward exchange contracts	$	820	$	676
Total liability derivatives (B)	$	820	$	5,797

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

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

Effects on Condensed Consolidated Statements of Earnings

Fair value hedge

The location and amount of gains or 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:



	Gain/(Loss) on Swap				Gain/(Loss) on Borrowings
	Three Months Ended				Three Months Ended
(In thousands)	March 31,				March 31,
Income Statement Classification	2015		2014		2015			2014
Other income, net	$	11,910	$	12,775	$	(11,910	)	$	(12,775	)

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	2015			2014
Forward exchange contracts:
General and administrative expenses	$	(972	)	$	(2,950	)

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, 2015. 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, 2015				December 31, 2014
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Industrial revenue bond, due 2023	$	8,400	$	8,400	$	8,400	$	8,400
Revolving credit agreement, due 2019	—		—		—		—
5.51% Senior notes due 2017	150,000		162,675		150,000		162,617
3.84% Senior notes due 2021	100,425		100,425		99,934		99,934
3.70% Senior notes due 2023	225,000		231,602		225,000		225,748
3.85% Senior notes due 2025	101,132		101,132		98,360		98,360
4.24% Senior notes due 2026	203,403		203,403		197,237		197,237
4.05% Senior notes due 2028	76,829		76,829		74,348		74,348
4.11% Senior notes due 2028	100,000		105,041		100,000		100,801
Other debt	965		965		1,069		1,069
Total debt	$	966,154	$	990,472	$	954,348	$	968,514

Nonrecurring measurements

As discussed in Note 2. Discontinued Operations and Assets Held For Sale, the Corporation classified certain businesses as held for sale during the third quarter. 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

The following tables are consolidated disclosures of all domestic and foreign defined pension plans as described in the Corporation’s 2014 Annual Report on Form 10-K.

Pension Plans

The components of net periodic pension cost for the three months ended March 31, 2015 and 2014 are as follows:



	(In thousands)
	Three Months Ended
	March 31,
	2015			2014
Service cost	$	7,136		$	6,370
Interest cost	7,491			7,544
Expected return on plan assets	(13,679		)	(10,413		)
Amortization of prior service cost	155			158
Amortization of unrecognized actuarial loss	3,865			1,483
Net periodic benefit cost	$	4,968		$	5,142

During the three months ended March 31, 2015, the Corporation made $145.0 million in contributions to the Curtiss-Wright Pension Plan. In addition, contributions of $0.7 million were made to the Corporation’s foreign benefit plans during the three months ended March 31, 2015. Contributions to the foreign benefit plans are expected to be $3.0 million in 2015.

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, 2015 and 2014, the expense relating to the plan was $4.1 million and $3.9 million, respectively. The Corporation made $8.7 million in contributions to the plan for the first quarter of 2015, and expects to make total contributions of $14.0 million in 2015.

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,
	2015	2014
Basic weighted-average shares outstanding	47,724	47,982
Dilutive effect of stock options and deferred stock compensation	1,008	1,148
Diluted weighted-average shares outstanding	48,732	49,130

As of the period ended March 31, 2015 and March 31, 2014 respectively, there were no stock options outstanding that were considered anti-dilutive.

SEGMENT INFORMATION

Prior to the first quarter of 2015, the Corporation reported its results of operations through three segments: Commercial/Industrial, Defense, and Energy. Beginning in the first quarter of 2015, the Corporation realigned its reportable segments as a result of previously announced discontinued operations. The Energy segment was renamed Power and businesses serving the nuclear naval defense and new build (AP1000) power generation markets, which had previously operated within the Defense segment have moved to the new Power segment. The remaining oil and gas businesses that had operated within the Energy segment have joined the Commercial/Industrial segment. As result of this realignment, the Corporation's new reportable segments are: Commercial/Industrial, Defense, and Power.

The Commercial/Industrial reportable segment is comprised of businesses that provide a diversified offering of highly engineered products and services supporting critical applications across the aerospace, automotive and general industrial markets. The products offered include electronic throttle control devices and transmission shifters; electro-mechanical actuation control components and pressure relief management systems.

The Defense reportable segment provides embedded computing board level modules, integrated subsystems, turret aiming and stabilization products, and weapons handling systems to defense markets.

The Power segment is comprised of businesses that manufacture and service main coolant pumps, power-dense compact motors, generators, and secondary propulsion systems. We also have been able to leverage proven defense technology and engineering expertise to provide Reactor Coolant Pump (RCP) technology, pump seals, and control rod drive mechanisms for commercial nuclear power plants. Additional products include a wide range of hardware, pumps, pressure vessels, fastening systems, specialized containment doors, airlock hatches, spent fuel management products, and fluid sealing technologies for nuclear power plants and nuclear equipment manufacturers.

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 because 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,
	2015			2014
Net sales
Commercial/Industrial	$	299,898		$	302,017
Defense	114,352			113,153
Power	135,135			130,275
Less: Intersegment revenues	(3,186		)	(2,486		)
Total consolidated	$	546,199		$	542,959

Operating income (expense)
Commercial/Industrial	$	43,289		$	38,496
Defense	18,027			15,784
Power	19,512			14,275
Corporate and eliminations ⁽¹⁾	(7,993		)	(7,521		)
Total consolidated	$	72,835		$	61,034

⁽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,
	2015			2014
Total operating income	$	72,835		$	61,034
Interest expense	(8,996		)	(9,055		)
Other income, net	481			112
Earnings before income taxes	$	64,320		$	52,091



	(In thousands)
	March 31, 2015		December 31, 2014
Identifiable assets
Commercial/Industrial	$	1,534,106	$	1,534,882
Defense	781,085		837,891
Power	584,062		588,366
Corporate and Other	133,977		291,025
Assets held for sale	$	92,169	$	147,347
Total consolidated	$	3,125,399	$	3,399,511

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, 2013	$	59,103		$	(33,844	)	$	25,259
Current period other comprehensive income (loss)	(79,386		)	(74,284		)	(153,670		)
December 31, 2014	$	(20,283	)	$	(108,128	)	$	(128,411	)
Other comprehensive loss before reclassifications ⁽¹⁾	(56,473		)	40			(56,433		)
Amounts reclassified from accumulated other comprehensive loss ⁽¹⁾	—			2,363			2,363
Net current period other comprehensive income (loss)	(56,473		)	2,403			(54,070		)
March 31, 2015	$	(76,756	)	$	(105,725	)	$	(182,481	)


(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	9			(1)
Amortization of actuarial losses	(3,727		)	(1)
	(3,718		)	Total before tax
	1,355			Income tax
Total reclassifications	$	(2,363	)	Net of tax


(1)	These items are included in the computation of net periodic pension cost. See Note 9, Pension and Other Postretirement Benefit Plans.

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, 2015 and December 31, 2014, there were $58.0 million and $54.3 million of stand-by letters of credit outstanding, respectively, and $13.4 million and $20.7 million of bank guarantees outstanding, respectively. As of March 31, 2015, letters of credit outstanding related to discontinuing operations were $14.6 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 $52.9 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, 2015, 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, 2015. The range of possible loss is $0 to $41 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, automotive, shipbuilding, processing, oil, petrochemical, agricultural equipment, railroad, power generation, security, and metalworking industries.

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, 2015 and 2014, 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 2014 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.

Reclassification, Policy [Policy Text Block]

Changes in Segment Presentation

In 2015, the Corporation revised its reportable segments as a result of previously announced discontinued operations to: Commercial/Industrial, Defense, and Power. Prior period financial information has been reclassified to conform to the current period presentation. See Note 11 for more information on the Corporation's reportable segments.

New Accounting Pronouncements, Policy [Policy Text Block]



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, 2016 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, 2017
ASU 2015-03 Simplifying the Presentation of Debt Issuance Costs	In April 2015, the FASB issued guidance which changes the presentation of debt issuance costs in financial statements. An entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense.	The Corporation does not expect the standard to have a significant impact on its Consolidated Financial Statements.
Date of adoption: January 1, 2016

DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Tables)

Disposal Groups, Including Discontinued Operations [Table Text Block]

The aggregate components of the assets classified as held for sale, are as follows:



(In thousands)	March 31, 2015
Assets held for sale:
Receivables, net	$	49,661
Inventories, net	23,801
Property, plant, and equipment, net	21,231
Goodwill	39,396
Other intangible assets, net	17,524
Other assets	129
Deferred tax assets, net	14,317
Reserve for assets held for sale	(73,890		)
Total assets held for sale, current	$	92,169
Liabilities held for sale
Accounts payable	$	7,222
Accrued expenses	4,723
Deferred revenue	14,606
Other current liabilities	2,262
Other liabilities	325
Total liabilities held for sale, current	$	29,138

The following table outlines the net sales and earnings/(loss) before income taxes attributable to the assets held for sale for the three months ended March 31. All impairment charges recorded are included herein:



	Net Sales				Earnings /(loss) before income taxes
(In thousands)	2015		2014		2015			2014
Surface Technologies - Domestic	1,110		1,328		38			165
Engineered Packaging	4,377		6,148		105			1,047
Downstream Refining	28,191		27,092		(38,929		)	(1,000		)
Total included in discontinued operations	$	33,678	$	34,568	$	(38,786	)	$	212

Disposal Groups, Including Discontinued Operations [Table Text Block]

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



(In thousands)	2015			2014
Net sales	$	34,259		$	98,453
Loss from discontinued operations before income taxes ⁽¹⁾	(40,112		)	(1,980		)
Income tax benefit/(expense)	12,678			714
Gain/(loss) on sale of businesses ⁽²⁾	202			—
Earnings from discontinued operations	$	(27,232	)	$	(1,266	)

RECEIVABLES (Table)

Schedule Of Accounts Notes Loans And Financing Receivable

The composition of receivables is as follows:



	(In thousands)
	March 31, 2015			December 31, 2014
Billed receivables:
Trade and other receivables	$	362,348		$	363,241
Less: Allowance for doubtful accounts	(7,251		)	(5,619		)
Net billed receivables	355,097			357,622
Unbilled receivables:
Recoverable costs and estimated earnings not billed	153,182			150,526
Less: Progress payments applied	(12,260		)	(12,668		)
Net unbilled receivables	140,922			137,858
Receivables, net	$	496,019		$	495,480

INVENTORIES (Table)

Schedule Of Inventory

The composition of inventories is as follows:



	(In thousands)
	March 31, 2015			December 31, 2014
Raw materials	$	208,380		$	201,998
Work-in-process	85,119			89,423
Finished goods and component parts	107,670			103,831
Inventoried costs related to long-term contracts	54,707			59,070
Gross inventories	455,876			454,322
Less: Inventory reserves	(51,180		)	(51,435		)
Progress payments applied	(14,508		)	(14,217		)
Inventories, net	$	390,188		$	388,670

GOODWILL (Table)

Schedule Of Goodwill

The changes in the carrying amount of goodwill for the three months ended March 31, 2015 are as follows:



	(In thousands)
	Commercial/ Industrial			Defense			Power			Consolidated
December 31, 2014	$	454,092		$	356,689		$	187,725		$	998,506
Acquisitions	6,798			—			—			6,798
Goodwill adjustments	—			1,131			—			1,131
Foreign currency translation adjustment	(9,167		)	(12,985		)	(287		)	(22,439		)
March 31, 2015	$	451,723		$	344,835		$	187,438		$	983,996

During the first quarter of 2015, the Corporation performed a goodwill impairment assessment as a result of the change in its reportable segments. The Corporation tests for goodwill impairment at the reporting unit level, which is generally one level below our reportable segments. As a result of the segment change, the Corporation performed a goodwill impairment assessment on the impacted reporting unit. Based on the results of our impairment analysis, the Corporation does not believe that an impairment exists.

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, 2015							December 31, 2014
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Technology	$	172,885	$	(84,615	)	$	88,270	$	178,369	$	(84,584	)	$	93,785
Customer related intangibles	351,160		(125,151		)	226,009		356,844		(122,920		)	233,924
Other intangible assets	39,164		(16,436		)	22,728		38,460		(16,942		)	21,518
Total	$	563,209	$	(226,202	)	$	337,007	$	573,673	$	(224,446	)	$	349,227

FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The location and amount of gains or 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:



	Gain/(Loss) on Swap				Gain/(Loss) on Borrowings
	Three Months Ended				Three Months Ended
(In thousands)	March 31,				March 31,
Income Statement Classification	2015		2014		2015			2014
Other income, net	$	11,910	$	12,775	$	(11,910	)	$	(12,775	)

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	2015			2014
Forward exchange contracts:
General and administrative expenses	$	(972	)	$	(2,950	)

The location and amounts of derivative instrument fair values in the condensed consolidated balance sheet are below.



	(In thousands)
	March 31, 2015		December 31, 2014
Assets
Designated for hedge accounting
Interest rate swaps	$	6,789	$	—
Undesignated for hedge accounting
Forward exchange contracts	$	—	$	605
Total asset derivatives (A)	$	6,789	$	605
Liabilities
Designated for hedge accounting
Interest rate swaps	$	—	$	5,121
Undesignated for hedge accounting
Forward exchange contracts	$	820	$	676
Total liability derivatives (B)	$	820	$	5,797

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

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

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]



	(In thousands)
	March 31, 2015				December 31, 2014
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Industrial revenue bond, due 2023	$	8,400	$	8,400	$	8,400	$	8,400
Revolving credit agreement, due 2019	—		—		—		—
5.51% Senior notes due 2017	150,000		162,675		150,000		162,617
3.84% Senior notes due 2021	100,425		100,425		99,934		99,934
3.70% Senior notes due 2023	225,000		231,602		225,000		225,748
3.85% Senior notes due 2025	101,132		101,132		98,360		98,360
4.24% Senior notes due 2026	203,403		203,403		197,237		197,237
4.05% Senior notes due 2028	76,829		76,829		74,348		74,348
4.11% Senior notes due 2028	100,000		105,041		100,000		100,801
Other debt	965		965		1,069		1,069
Total debt	$	966,154	$	990,472	$	954,348	$	968,514

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, 2015 and 2014 are as follows:



	(In thousands)
	Three Months Ended
	March 31,
	2015			2014
Service cost	$	7,136		$	6,370
Interest cost	7,491			7,544
Expected return on plan assets	(13,679		)	(10,413		)
Amortization of prior service cost	155			158
Amortization of unrecognized actuarial loss	3,865			1,483
Net periodic benefit cost	$	4,968		$	5,142

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,
	2015	2014
Basic weighted-average shares outstanding	47,724	47,982
Dilutive effect of stock options and deferred stock compensation	1,008	1,148
Diluted weighted-average shares outstanding	48,732	49,130

SEGMENT INFORMATION (Table)

Schedule Of Segment Reporting Information By Segment



	(In thousands)
	Three Months Ended
	March 31,
	2015			2014
Net sales
Commercial/Industrial	$	299,898		$	302,017
Defense	114,352			113,153
Power	135,135			130,275
Less: Intersegment revenues	(3,186		)	(2,486		)
Total consolidated	$	546,199		$	542,959

Operating income (expense)
Commercial/Industrial	$	43,289		$	38,496
Defense	18,027			15,784
Power	19,512			14,275
Corporate and eliminations ⁽¹⁾	(7,993		)	(7,521		)
Total consolidated	$	72,835		$	61,034

⁽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,
	2015			2014
Total operating income	$	72,835		$	61,034
Interest expense	(8,996		)	(9,055		)
Other income, net	481			112
Earnings before income taxes	$	64,320		$	52,091

Reconciliation Of Assets From Segment To Consolidated



	(In thousands)
	March 31, 2015		December 31, 2014
Identifiable assets
Commercial/Industrial	$	1,534,106	$	1,534,882
Defense	781,085		837,891
Power	584,062		588,366
Corporate and Other	133,977		291,025
Assets held for sale	$	92,169	$	147,347
Total consolidated	$	3,125,399	$	3,399,511

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, 2013	$	59,103		$	(33,844	)	$	25,259
Current period other comprehensive income (loss)	(79,386		)	(74,284		)	(153,670		)
December 31, 2014	$	(20,283	)	$	(108,128	)	$	(128,411	)
Other comprehensive loss before reclassifications ⁽¹⁾	(56,473		)	40			(56,433		)
Amounts reclassified from accumulated other comprehensive loss ⁽¹⁾	—			2,363			2,363
Net current period other comprehensive income (loss)	(56,473		)	2,403			(54,070		)
March 31, 2015	$	(76,756	)	$	(105,725	)	$	(182,481	)


(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	9			(1)
Amortization of actuarial losses	(3,727		)	(1)
	(3,718		)	Total before tax
	1,355			Income tax
Total reclassifications	$	(2,363	)	Net of tax


(1)	These items are included in the computation of net periodic pension cost. See Note 9, Pension and Other Postretirement Benefit Plans.

DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Narrative) (Details)

In Thousands, unless otherwise specified

3 Months Ended

12 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

Mar. 31, 2015

USD ($)

facility

Mar. 31, 2014

USD ($)

Dec. 31, 2014

USD ($)

facility

Mar. 31, 2015

Downstream [Member]

USD ($)

Jan. 9, 2015

Aviation Ground Support [Member]

USD ($)

Jan. 9, 2015

Aviation Ground Support [Member]

GBP (£)

Mar. 31, 2014

Aviation Ground Support [Member]

USD ($)

Sep. 30, 2014

Surface Technologies Domestic [Member]

facility

Mar. 31, 2014

Facility Closing [Member]

USD ($)

Dec. 31, 2014

Facility Closing [Member]

facility

Mar. 31, 2015

Discontinued Operations, Disposed of by Sale [Member]

Defense [Member]

Aviation Ground Support [Member]

USD ($)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of businesses divested

1

4

2

3

Impairment of assets held for sale

$ 40,813

$ 0

$ 40,000

Gain on sale of business

202 ¹

0 ¹

900

Proceeds from divestitures

4,010

0

153,000

4,010

3,000

Net sales

34,259

98,453

7,000

56,900

Earnings /(loss) before income taxes

(40,112)²

(1,980)²

(800)

(1,400)

(Gain)/loss on sale of businesses

1,252

0

29,000

Income tax benefit/(expense)

$ 12,678

$ 714

$ 6,700

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

[2] 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.

DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Income Statement) (Details) (USD $)

In Thousands, unless otherwise specified

3 Months Ended

12 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Net sales

$ 34,259

$ 98,453

Loss from discontinued operations before income taxes (1)

(40,112)¹

(1,980)¹

Income tax benefit/(expense)

12,678

714

6,700

Gain/(loss) on sale of businesses (2)

202 ²

0 ²

Earnings from discontinued operations

$ (27,232)

$ (1,266)

[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 aggregate after tax gain of $0.9 million on the sale of our Aviation Ground Support Equipment business which operated within the Defense segment.

DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Balance Sheet) (Details) (USD $)

In Thousands, unless otherwise specified

Mar. 31, 2015

Dec. 31, 2014

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Total assets held for sale, current

$ 92,169

$ 147,347

Total liabilities held for sale, current

29,138

35,392

Discontinued Operations, Held-for-sale [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Receivables, net

49,661

Inventories, net

23,801

Property, plant, and equipment, net

21,231

Goodwill

39,396

Other intangible assets, net

17,524

Other assets

129

Deferred tax assets, net

14,317

Reserve for assets held for sale

(73,890)

Total assets held for sale, current

92,169

Accounts payable

7,222

Accrued expenses

4,723

Deferred revenue

14,606

Other current liabilities

2,262

Other liabilities

325

Total liabilities held for sale, current

$ 29,138

DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Held For Sale Income Statement) (Details) (USD $)

In Thousands, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net Sales

$ 34,259

$ 98,453

Earnings /(loss) before income taxes

(40,112)¹

(1,980)¹

Discontinued Operations, Held-for-sale [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net Sales

33,678

34,568

Earnings /(loss) before income taxes

(38,786)

212

Surface Technologies Domestic [Member] |
Discontinued Operations, Held-for-sale [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net Sales

1,110

1,328

Earnings /(loss) before income taxes

38

165

Engineered Packaging [Member] |
Discontinued Operations, Held-for-sale [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net Sales

4,377

6,148

Earnings /(loss) before income taxes

105

1,047

Downstream [Member] |
Discontinued Operations, Held-for-sale [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net Sales

28,191

27,092

Earnings /(loss) before income taxes

$ (38,929)

$ (1,000)

[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.

ACQUISITION (Narrative) (Detail) (Bolts Metallizing Inc [Member], Commercial Industrial [Member], USD $)

In Millions, unless otherwise specified

0 Months Ended

3 Months Ended

Mar. 16, 2015

Mar. 31, 2015

Bolts Metallizing Inc [Member] |
Commercial Industrial [Member]

Business Acquisition [Line Items]

Effective date of acquisition

Mar. 16, 2015

Purchase price net of cash acquired

$ (13.2)

RECEIVABLES (Detail) (USD $)

In Thousands, unless otherwise specified

Mar. 31, 2015

Dec. 31, 2014

Billed receivables:

Trade and other receivables

$ 362,348

$ 363,241

Less: Allowance for doubtful accounts

(7,251)

(5,619)

Net billed receivables

355,097

357,622

Unbilled receivables:

Recoverable costs and estimated earnings not billed

153,182

150,526

Less: Progress payments applied

(12,260)

(12,668)

Net unbilled receivables

140,922

137,858

Receivables, net

$ 496,019

$ 495,480

INVENTORIES (Detail) (USD $)

In Thousands, unless otherwise specified

Mar. 31, 2015

Dec. 31, 2014

Inventory, Net [Abstract]

Raw material

$ 208,380

$ 201,998

Work-in-process

85,119

89,423

Finished goods and component parts

107,670

103,831

Inventoried costs related to long-term contracts

54,707

59,070

Inventory, Gross

455,876

454,322

Less: Inventory reserves

(51,180)

(51,435)

Progress payments applied

(14,508)

(14,217)

Inventories, net

$ 390,188

$ 388,670

INVENTORIES (Narrative) (Detail) (USD $)

In Millions, unless otherwise specified

Mar. 31, 2015

Dec. 31, 2014

Inventory, Net [Abstract]

Other inventory, capitalized costs

$ 29.4

$ 33.9

Other inventory, capitalized costs to be liquidated under firm orders

$ 3.4

$ 7.2

GOODWILL (Detail) (USD $)

In Thousands, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Goodwill [Roll Forward]

December 31, 2014

$ 998,506

Acquisitions

6,798

Goodwill adjustments

1,131

Foreign currency translation adjustment

(22,439)

March 31, 2015

983,996

Commercial Industrial [Member]

Goodwill [Roll Forward]

December 31, 2014

454,092

Acquisitions

6,798

Goodwill adjustments

0

Foreign currency translation adjustment

(9,167)

March 31, 2015

451,723

Defense [Member]

Goodwill [Roll Forward]

December 31, 2014

356,689

Acquisitions

0

Goodwill adjustments

1,131

Foreign currency translation adjustment

(12,985)

March 31, 2015

344,835

Power [Member]

Goodwill [Roll Forward]

December 31, 2014

187,725

Acquisitions

0

Goodwill adjustments

0

Foreign currency translation adjustment

(287)

March 31, 2015

$ 187,438

OTHER INTANGIBLE ASSETS, NET (Detail) (USD $)

In Thousands, unless otherwise specified

Mar. 31, 2015

Dec. 31, 2014

Finite Lived Intangible Assets [Line Items]

Gross

$ 563,209

$ 573,673

Accumulated Amortization

(226,202)

(224,446)

Net

337,007

349,227

Technology [Member]

Finite Lived Intangible Assets [Line Items]

Gross

172,885

178,369

Accumulated Amortization

(84,615)

(84,584)

Net

88,270

93,785

Customer Related Intangibles [Member]

Finite Lived Intangible Assets [Line Items]

Gross

351,160

356,844

Accumulated Amortization

(125,151)

(122,920)

Net

226,009

233,924

Other Intangible Assets [Member]

Finite Lived Intangible Assets [Line Items]

Gross

39,164

38,460

Accumulated Amortization

(16,436)

(16,942)

Net

$ 22,728

$ 21,518

OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) (USD $)

In Millions, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Finite Lived Intangible Assets [Line Items]

Acquired intangible assets

$ 5.3

Amortization expense

8.6

10.3

Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months

33.9

Future amortization expense in year two

33.4

Future amortization expense in year three

32.3

Future amortization expense in year four

30.5

Future amortization expense in year five

28.5

Customer-Related Intangible Assets [Member]

Finite Lived Intangible Assets [Line Items]

Acquired intangible assets

3.7

Other Intangible Assets [Member]

Finite Lived Intangible Assets [Line Items]

Acquired intangible assets

$ 1.6

FAIR VALUE OF FINANCIAL INSTRUMENTS (Interest Rate Swap) (Details) (USD $)

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Impairment of assets held for sale

$ 40,813,000

$ 0

Interest Rate Swap [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Notional amount

$ 400,000,000

FAIR VALUE OF FINANCIAL INSTRUMENTS (Balance Sheet) (Detail) (USD $)

In Thousands, unless otherwise specified

Mar. 31, 2015

Dec. 31, 2014

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets

$ 6,789 ¹

$ 605 ¹

Liabilities

820 ²

5,797 ²

Designated as Hedging Instrument [Member] |
Interest Rate Swap [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets

6,789

0

Liabilities

0

5,121

Not Designated as Hedging Instrument [Member] |
Foreign Exchange Forward [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets

0

605

Liabilities

$ 820

$ 676

[1] Forward exchange derivatives are included in Other current assets

[2] Forward exchange derivatives are included in Other current liabilities and interest rate swap liabilities are included in Other liabilities.

FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Detail) (USD $)

In Thousands, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

General And Administrative Expense [Member]

Derivative Instruments Gain Loss [Line Items]

General and administrative expenses

$ (972)

$ (2,950)

Swap [Member] |
Other Income [Member]

Derivative Instruments Gain Loss [Line Items]

Other income, net

11,910

12,775

Borrowings [Member] |
Other Income [Member]

Derivative Instruments Gain Loss [Line Items]

Other income, net

$ (11,910)

$ (12,775)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) (USD $)

In Thousands, unless otherwise specified

Mar. 31, 2015

Dec. 31, 2014

5.51% Senior notes due 2017 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Interest rate

5.51%

3.84% Senior notes due 2021 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Interest rate

3.84%

3.70% Senior notes due 2023 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Interest rate

3.70%

3.85% Senior notes due 2025 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Interest rate

3.85%

4.24% Senior notes due 2026 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Interest rate

4.24%

4.05% Senior notes due 2028 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Interest rate

4.05%

4.11% Senior Notes [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Interest rate

4.11%

Reported Value Measurement [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Carrying Value

$ 966,154

$ 954,348

Reported Value Measurement [Member] |
Industrial revenue bond, due 2023 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Carrying Value

8,400

Reported Value Measurement [Member] |
5.51% Senior notes due 2017 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Carrying Value

150,000

Reported Value Measurement [Member] |
3.84% Senior notes due 2021 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Carrying Value

100,425

99,934

Reported Value Measurement [Member] |
3.70% Senior notes due 2023 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Carrying Value

225,000

Reported Value Measurement [Member] |
3.85% Senior notes due 2025 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Carrying Value

101,132

98,360

Reported Value Measurement [Member] |
4.24% Senior notes due 2026 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Carrying Value

203,403

197,237

Reported Value Measurement [Member] |
4.05% Senior notes due 2028 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Carrying Value

76,829

74,348

Reported Value Measurement [Member] |
4.11% Senior Notes [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Carrying Value

100,000

Reported Value Measurement [Member] |
Other debt [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Carrying Value

965

1,069

Estimate of Fair Value Measurement [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Estimated Fair Value

990,472

968,514

Estimate of Fair Value Measurement [Member] |
Industrial revenue bond, due 2023 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Estimated Fair Value

8,400

Estimate of Fair Value Measurement [Member] |
5.51% Senior notes due 2017 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Estimated Fair Value

162,675

162,617

Estimate of Fair Value Measurement [Member] |
3.84% Senior notes due 2021 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Estimated Fair Value

100,425

99,934

Estimate of Fair Value Measurement [Member] |
3.70% Senior notes due 2023 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Estimated Fair Value

231,602

225,748

Estimate of Fair Value Measurement [Member] |
3.85% Senior notes due 2025 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Estimated Fair Value

101,132

98,360

Estimate of Fair Value Measurement [Member] |
4.24% Senior notes due 2026 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Estimated Fair Value

203,403

197,237

Estimate of Fair Value Measurement [Member] |
4.05% Senior notes due 2028 [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Estimated Fair Value

76,829

74,348

Estimate of Fair Value Measurement [Member] |
4.11% Senior Notes [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Estimated Fair Value

105,041

100,801

Estimate of Fair Value Measurement [Member] |
Other debt [Member]

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Estimated Fair Value

$ 965

$ 1,069

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) (Pension Plans Defined Benefit [Member], USD $)

In Thousands, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Pension Plans Defined Benefit [Member]

Defined Benefit Plan Disclosure [Line Items]

Service cost

$ 7,136

$ 6,370

Interest cost

7,491

7,544

Expected return on plan assets

(13,679)

(10,413)

Amortization of prior service cost

155

158

Amortization of unrecognized actuarial loss

3,865

1,483

Net postretirement benefit cost (income)

$ 4,968

$ 5,142

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Additional) (Detail) (USD $)

In Millions, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Defined Benefit Plan Disclosure [Line Items]

Defined contribution plan, employer contribution, maximum percentage

6.00%

Defined contribution plan, expense relating to the plan

$ 4.1

$ 3.9

Contributions made by the corporation to the plan

8.7

Estimated future contributions for the current fiscal year

14.0

Pension Plans Defined Benefit [Member]

Defined Benefit Plan Disclosure [Line Items]

Contributions by employer

145.0

Foreign Pension Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Contributions by employer

0.7

Future employer contributions

$ 3.0

EARNINGS PER SHARE (Detail)

In Thousands, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Earnings Per Share Reconciliation [Abstract]

Basic weighted-average shares outstanding (shares)

47,724

47,982

Dilutive effect of stock options and deferred stock compensation (shares)

1,008

1,148

Diluted weighted-average shares outstanding (shares)

48,732

49,130

SEGMENT INFORMATION (Detail) (USD $)

In Thousands, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Segment Reporting Information [Line Items]

Net sales

$ 546,199

$ 542,959

Operating income (expense)

72,835

61,034

Identifiable assets

3,125,399

3,399,511

Commercial Industrial [Member]

Segment Reporting Information [Line Items]

Net sales

299,898

302,017

Operating income (expense)

43,289

38,496

Identifiable assets

1,534,106

1,534,882

Defense [Member]

Segment Reporting Information [Line Items]

Net sales

114,352

113,153

Operating income (expense)

18,027

15,784

Identifiable assets

781,085

837,891

Power [Member]

Segment Reporting Information [Line Items]

Net sales

135,135

130,275

Operating income (expense)

19,512

14,275

Identifiable assets

584,062

588,366

Discontinued Operations, Held-for-sale or Disposed of by Sale [Member]

Segment Reporting Information [Line Items]

Identifiable assets

92,169

147,347

Intersegment Eliminations [Member]

Segment Reporting Information [Line Items]

Net sales

(3,186)

(2,486)

Corporate and Eliminations [Member]

Segment Reporting Information [Line Items]

Operating income (expense)

(7,993)¹

(7,521)¹

Corporate and Other [Member]

Segment Reporting Information [Line Items]

Identifiable assets

$ 133,977

$ 291,025

[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.

SEGMENT INFORMATION (Reconciliation) (Detail) (USD $)

In Thousands, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Segment Reporting [Abstract]

Total operating income

$ 72,835

$ 61,034

Interest expense

(8,996)

(9,055)

Other income, net

481

112

Earnings before income taxes

$ 64,320

$ 52,091

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) (USD $)

In Thousands, unless otherwise specified

3 Months Ended

12 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Beginning balance

$ (128,411)

$ 25,259

Other comprehensive income (loss) before reclassifications

(56,433)¹

Amounts reclassified from accumulated other comprehensive loss

2,363 ¹

Other comprehensive income (loss), net of tax

(54,070)

(9,131)

(153,670)

Ending balance

(182,481)

(128,411)

Foreign Currency Translation Adjustments, Net [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Beginning balance

(20,283)

59,103

Other comprehensive income (loss) before reclassifications

(56,473)¹

Amounts reclassified from accumulated other comprehensive loss

0 ¹

Other comprehensive income (loss), net of tax

(56,473)

(79,386)

Ending balance

(76,756)

(20,283)

Total Pension and Postretirment Adjustments, Net [Member]

Accumulated Other Comprehensive Income (Loss) [Roll Forward]

Beginning balance

(108,128)

(33,844)

Other comprehensive income (loss) before reclassifications

40 ¹

Amounts reclassified from accumulated other comprehensive loss

2,363 ¹

Other comprehensive income (loss), net of tax

2,403

(74,284)

Ending balance

$ (105,725)

$ (108,128)

[1] All amounts are after tax.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) (USD $)

In Thousands, unless otherwise specified

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Accumulated Other Comprehensive Income (Loss) [Line Items]

Earnings before income taxes

$ 64,320

$ 52,091

Income tax

(21,097)

(15,661)

Net earnings

15,991

35,164

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

9 ¹

Amortization of actuarial losses

(3,727)¹

Earnings before income taxes

(3,718)

Income tax

1,355

Net earnings

$ (2,363)

[1] These items are included in the computation of net periodic pension cost. See Note 9, Pension and Other Postretirement Benefit Plans.

CONTINGENCIES AND COMMITMENTS (Detail) (USD $)

12 Months Ended

0 Months Ended

Dec. 31, 2013

Mar. 31, 2015

Oct. 10, 2013

Failure to Meet Contractual Obligations [Member]

Mar. 31, 2015

Standby Letters Of Credit [Member]

Dec. 31, 2014

Standby Letters Of Credit [Member]

Mar. 31, 2015

FinancialStandbyLetterOfCreditMember

Dec. 31, 2014

FinancialStandbyLetterOfCreditMember

Mar. 31, 2015

Discontinued Operations, Held-for-sale [Member]

Standby Letters Of Credit [Member]

Loss Contingencies [Line Items]

Letters of credit, outstanding

$ 58,000,000

$ 54,300,000

$ 13,400,000

$ 20,700,000

$ 14,600,000

Surety Bond Outstanding

52,900,000

Damages sought

1,000,000,000

25,000,000

Range of possible loss, minimum

0

Range of possible loss, maximum

$ 41,000,000