CURTISS WRIGHT CORPCW
CURTISS WRIGHT CORP Segments Disclosure
17. SEGMENT INFORMATION
The Corporation’s segments are composed of similar product groupings that serve the same or similar end markets. Based on this approach, the Corporation has three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power, as described below in further detail.
The Aerospace & Industrial reportable segment is comprised of businesses that provide a diversified offering of highly engineered products and services supporting critical applications primarily across the commercial aerospace and general industrial markets, and to a lesser extent, the defense markets. The products offered include sensors, controls, electro-mechanical actuation components, surface technology services such as shot peening, laser peening, and engineered coatings, and industrial products such as power management electronics, traction inverters, transmission shifters, and control systems.
The Defense Electronics reportable segment is comprised of businesses that primarily provide products to the defense markets and to a lesser extent the commercial aerospace market. The products offered include commercial off-the-shelf ("COTS") embedded computing board level modules, integrated subsystems, turret aiming and stabilization products, tactical
communications solutions for battlefield network management, weapons handling systems, avionics and electronics, flight test equipment, and aircraft data management solutions.
The Naval & Power reportable segment is comprised of businesses that primarily provide products to the naval defense and power & process markets, and to a lesser extent, the aerospace defense markets. The products offered include main coolant pumps, power-dense compact motors, generators, secondary propulsion systems, pumps, pump seals, valves, control rod drive mechanisms, fastening systems, specialized containment doors, airlock hatches, spent fuel management products, fluid sealing products, reactor protection systems, and arresting systems.
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 ("CODM"), its Chief Executive Officer. The CODM uses operating income to assess the performance of each segment by evaluating current period results against budget and prior period results when determining the allocation of operating and capital resources to each segment.
Operating results by reportable segment are as follows:
| Year Ended December 31, | ||||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Net sales | ||||||||||||||||||||
| Aerospace & Industrial | $ | 977,188 | $ | 933,206 | $ | 889,744 | ||||||||||||||
| Defense Electronics | 1,021,820 | 914,358 | 818,547 | |||||||||||||||||
| Naval & Power | 1,503,494 | 1,278,895 | 1,142,590 | |||||||||||||||||
| Less: Intersegment Revenues | (4,130) | (5,270) | (5,508) | |||||||||||||||||
| Total net sales | $ | 3,498,372 | $ | 3,121,189 | $ | 2,845,373 | ||||||||||||||
| Cost of sales | ||||||||||||||||||||
| Aerospace & Industrial | $ | 621,542 | $ | 600,131 | $ | 577,038 | ||||||||||||||
| Defense Electronics | 520,923 | 481,374 | 432,313 | |||||||||||||||||
| Naval & Power | 1,027,850 | 868,109 | 761,202 | |||||||||||||||||
| Total cost of sales | $ | 2,170,315 | $ | 1,949,614 | $ | 1,770,553 | ||||||||||||||
| Research and development expenses | ||||||||||||||||||||
| Aerospace & Industrial | $ | 23,531 | $ | 26,729 | $ | 23,211 | ||||||||||||||
| Defense Electronics | 54,723 | 52,132 | 50,865 | |||||||||||||||||
| Naval & Power | 15,688 | 11,435 | 10,793 | |||||||||||||||||
| Total research and development expenses | $ | 93,942 | $ | 90,296 | $ | 84,869 | ||||||||||||||
| Selling expenses | ||||||||||||||||||||
| Aerospace & Industrial | $ | 28,692 | $ | 25,614 | $ | 25,897 | ||||||||||||||
| Defense Electronics | 67,843 | 58,705 | 54,811 | |||||||||||||||||
| Naval & Power | 69,164 | 58,332 | 54,847 | |||||||||||||||||
| Total selling expenses | $ | 165,699 | $ | 142,651 | $ | 135,555 | ||||||||||||||
| General and administrative expenses | ||||||||||||||||||||
| Aerospace & Industrial | $ | 133,926 | $ | 123,907 | $ | 118,320 | ||||||||||||||
| Defense Electronics | 99,974 | 95,472 | 88,783 | |||||||||||||||||
| Naval & Power | 158,693 | 140,696 | 126,521 | |||||||||||||||||
| Total general and administrative expenses | $ | 392,593 | $ | 360,075 | $ | 333,624 | ||||||||||||||
Other segment items(2) | ||||||||||||||||||||
| Aerospace & Industrial | $ | 3,331 | $ | 8,802 | $ | — | ||||||||||||||
| Defense Electronics | 341 | 1,936 | — | |||||||||||||||||
| Naval & Power | 815 | 660 | — | |||||||||||||||||
| Total other segment items | $ | 4,487 | $ | 11,398 | $ | — | ||||||||||||||
| Operating income | ||||||||||||||||||||
| Aerospace & Industrial | $ | 166,166 | $ | 148,023 | $ | 145,278 | ||||||||||||||
| Defense Electronics | 278,016 | 224,739 | 191,775 | |||||||||||||||||
| Naval & Power | 231,284 | 199,663 | 189,227 | |||||||||||||||||
| Total Segment | $ | 675,466 | $ | 572,425 | $ | 526,280 | ||||||||||||||
Corporate and Eliminations (1) | (41,945) | (43,828) | (41,678) | |||||||||||||||||
| Total Consolidated | $ | 633,521 | $ | 528,597 | $ | 484,602 | ||||||||||||||
| Depreciation and amortization expense | ||||||||||||||||||||
| Aerospace & Industrial | $ | 31,674 | $ | 32,217 | $ | 33,994 | ||||||||||||||
| Defense Electronics | 30,869 | 31,017 | 33,347 | |||||||||||||||||
| Naval & Power | 59,325 | 41,499 | 46,165 | |||||||||||||||||
| Corporate | 2,949 | 2,934 | 2,666 | |||||||||||||||||
| Total Consolidated | $ | 124,817 | $ | 107,667 | $ | 116,172 | ||||||||||||||
| Capital expenditures | ||||||||||||||||||||
| Aerospace & Industrial | $ | 31,411 | $ | 19,861 | $ | 17,067 | ||||||||||||||
| Defense Electronics | 12,719 | 11,180 | 5,573 | |||||||||||||||||
| Naval & Power | 42,188 | 25,952 | 18,112 | |||||||||||||||||
| Corporate | 3,374 | 3,981 | 3,914 | |||||||||||||||||
| Total Consolidated | $ | 89,692 | $ | 60,974 | $ | 44,666 | ||||||||||||||
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, and other expenses.
(2) Other segment items includes restructuring expenses associated with the 2024 Restructuring Program.
| As of December 31, | ||||||||||||||
| (In thousands) | 2025 | 2024 | ||||||||||||
| Segment assets | ||||||||||||||
| Aerospace & Industrial | $ | 1,118,986 | $ | 1,090,739 | ||||||||||
| Defense Electronics | 1,557,858 | 1,446,949 | ||||||||||||
| Naval & Power | 2,018,076 | 1,927,325 | ||||||||||||
| Corporate | 526,372 | 520,691 | ||||||||||||
| Total Consolidated | $ | 5,221,292 | $ | 4,985,704 | ||||||||||
Reconciliations
| Year Ended December 31, | ||||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Earnings before taxes: | ||||||||||||||||||||
| Total reportable segment operating income | $ | 675,466 | $ | 572,425 | $ | 526,280 | ||||||||||||||
| Corporate and Eliminations | (41,945) | (43,828) | (41,678) | |||||||||||||||||
| Interest expense | 43,148 | 44,869 | 51,393 | |||||||||||||||||
| Other income, net | 29,637 | 38,328 | 29,861 | |||||||||||||||||
| Earnings before income taxes | $ | 620,010 | $ | 522,056 | $ | 463,070 | ||||||||||||||
| As of December 31, | ||||||||||||||
| (In thousands) | 2025 | 2024 | ||||||||||||
| Assets: | ||||||||||||||
| Total assets for reportable segments | $ | 4,694,920 | $ | 4,465,013 | ||||||||||
| Non-segment cash | 125,918 | 165,762 | ||||||||||||
| Other assets | 400,454 | 354,929 | ||||||||||||
| Total consolidated assets | $ | 5,221,292 | $ | 4,985,704 | ||||||||||
Geographic Information
| Year Ended December 31, | ||||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Revenues | ||||||||||||||||||||
| United States of America | $ | 2,548,239 | $ | 2,287,285 | $ | 2,060,986 | ||||||||||||||
| United Kingdom | 197,489 | 134,621 | 115,078 | |||||||||||||||||
| Other foreign countries | 752,644 | 699,283 | 669,309 | |||||||||||||||||
| Consolidated total | $ | 3,498,372 | $ | 3,121,189 | $ | 2,845,373 | ||||||||||||||
| As of December 31, | ||||||||||||||
| (In thousands) | 2025 | 2024 | ||||||||||||
| Long-Lived Assets - Property, plant, and equipment, net | ||||||||||||||
| United States of America | $ | 281,277 | $ | 250,781 | ||||||||||
| United Kingdom | 27,385 | 26,244 | ||||||||||||
| Other foreign countries | 73,538 | 62,093 | ||||||||||||
| Consolidated total | $ | 382,200 | $ | 339,118 | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.