Curtiss-Wright Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Curtiss-Wright Corp. has filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

CURTISS WRIGHT CORP (CW) filed a Annual Report (10-K) with the SEC on February 20, 2024. Curtiss-Wright Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 130 Harbour Place Drive, Suite 300, Davidson, NC 28036. Curtiss-Wright Corp. is incorporated in Delaware. The SIC code for the company is 3590 (MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT).

Why It Matters

For investors and stakeholders tracking CURTISS WRIGHT CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Curtiss-Wright's financial health and strategic direction for the fiscal year 2023, crucial for investors assessing its performance. The detailed financial data and risk factors disclosed in this report are essential for stakeholders to understand the company's operational landscape and potential future challenges.

Risk Assessment

Risk Level: medium — CURTISS WRIGHT CORP shows moderate risk based on this filing. The company operates in the industrial machinery and equipment sector, which can be subject to cyclical demand and economic downturns, as indicated by its SIC code 3590.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Curtiss-Wright's performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (Fiscal year end date)
• 2024-02-20 — Filing Date (Date the 10-K was filed)
• 134 — Document Count (Number of public documents in the filing)
• 3590 — SIC Code (Standard Industrial Classification code)

Key Players & Entities

• CURTISS WRIGHT CORP (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240220 (date) — Filed as of date
• 130 HARBOUR PLACE DRIVE (address) — Business address street 1
• DAVIDSON (city) — Business address city
• NC (state) — Business address state
• 28036 (zip_code) — Business address zip
• 3590 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Curtiss-Wright operates in the industrial and commercial machinery and equipment sector, a segment often characterized by complex supply chains and demand tied to industrial production and defense spending.

Regulatory Implications

As a publicly traded company, Curtiss-Wright is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-K filing for detailed financial performance data for fiscal year 2023.
2. Analyze the business segments and operational details provided in the report.
3. Examine any disclosed risk factors that could impact future performance.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year ended December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $1 — ber of shares Common stock, par value $1 per share 38,213,391 DOCUMENTS INCORP

Filing Documents

• cw-20231231.htm (10-K) — 2306KB
• exhibit19_20231231.htm (EX-19) — 30KB
• exhibit21_20231231.htm (EX-21) — 7KB
• exhibit23_20231231.htm (EX-23) — 2KB
• exhibit311_20231231.htm (EX-31.1) — 9KB
• exhibit312_20231231.htm (EX-31.2) — 9KB
• exhibit32_20231231.htm (EX-32) — 4KB
• exhibit97_20231231.htm (EX-97) — 14KB
• cw-20231231_g1.jpg (GRAPHIC) — 107KB
• 0000026324-24-000004.txt (&nbsp;) — 13454KB
• cw-20231231.xsd (EX-101.SCH) — 75KB
• cw-20231231_cal.xml (EX-101.CAL) — 127KB
• cw-20231231_def.xml (EX-101.DEF) — 387KB
• cw-20231231_lab.xml (EX-101.LAB) — 1073KB
• cw-20231231_pre.xml (EX-101.PRE) — 721KB
• cw-20231231_htm.xml (XML) — 2314KB

Business

Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 22

Cybersecurity

Item 1C. Cybersecurity 22

Properties

Item 2. Properties 23

Legal Proceedings

Item 3. Legal Proceedings 23

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 25

[Reserved]

Item 6. [Reserved] 27

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 42

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 43

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 80

Controls and Procedures

Item 9A. Controls and Procedures 80

Other Information

Item 9B. Other Information 80

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 81 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 81

Executive Compensation

Item 11. Executive Compensation 81

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 81

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 81

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 81 PART IV

Exhibits, Financial Statement Schedule

Item 15. Exhibits, Financial Statement Schedule 83

Form 10-K Summary

Item 16. Form 10-K Summary 88 Schedule II – Valuation and Qualifying Accounts 89

Signatures

Signatures 90 3 PART I

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Except for historical information, this Annual Report on Form 10-K may be deemed to contain "forward-looking statements" within the meaning of the Private Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to: (a) projections of or statements regarding return on investment, future earnings, interest income, sales, volume, other income, earnings or loss per share, growth prospects, capital structure, liquidity requirements, and other financial terms, (b) statements of plans and objectives of management, (c) statements of future economic performance and potential impacts from global supply chain disruptions, the inflationary environment, higher interest rates or deflation, labor shortages, and measures taken by governments and private industry in response, (d) statements of future economic performance and potential impacts due to the war between Russia and Ukraine as well as the Israel and Hamas war, and the related sanctions, (e) the effect of laws, rules, regulations, tax reform, new accounting pronouncements, and outstanding litigation on our business and future performance, and (f) statements of assumptions, such as economic conditions underlying other statements. Such forward-looking statements can be identified by the use of forward-looking terminology such as "anticipates," "believes," "continue," "could," "estimate," "expects," "intend," "may," "might," "outlook," "potential," "predict," "should," "will," as well as the negative of any of the foregoing or variations of such terms or comparable terminology, or by discussion of strategy. No assurance may be given that the future results described by the forward-looking statements will be achieved. While we believe these forward-looking statements are reasonable, they are only predictions and are subject to known and unknown risks, uncertainties, and other factors, many of which are beyond our control, which could cause actual results, pe

Business

Item 1. Business. BUSINESS DESCRIPTION Curtiss-Wright Corporation along with its subsidiaries (we, the Corporation, or the Company) is a global integrated business that provides highly engineered products, solutions, and services mainly to Aerospace & Defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets. We expect that the diversification and breadth of our portfolio should improve our competitive positions in our core markets, mitigate the impact of business cycles or economic volatility, and allow us to drive growth in new products and markets. We believe we are well positioned in the markets in which we operate as we seek to leverage and build upon our critical mass to expand our global manufacturing capabilities, sales channels and customer relationships. Through One Curtiss-Wright, we also have inherent synergies with significant potential to build upon crossover applications for our defense and commercial technologies that leverage our teams' collaborative efforts and the strength of our combined portfolio. Curtiss-Wright maintains a unique presence on high-performance platforms and critical applications that require our technical sophistication, and we benefit from decades of engineering expertise and knowledge transfer. Curtiss-Wright has been involved in a number of "firsts" in industry, and since the origin of many of our markets, including commercial aerospace (our history dates back to the Wright Brothers and their historical first manned flight), naval nuclear power (presence on the first nuclear naval vessel) and commercial power (Curtiss-Wright's products were in the first commercial nuclear power plant). We have built upon those long-standing customer relationships and are deeply embedded in our customers workflows today. We hold competitive positions in the majority of our key defense and commercial end markets through engineering and technological leadership, precision manufact