CURTISS WRIGHT CORP, DEF 14A filed on 3/22/2024
Proxy Statement (definitive)
v3.24.1
Cover
 12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name CURTISS-WRIGHT CORPORATION
Entity Central Index Key 0000026324
v3.24.1
Pay vs Performance Disclosure
pure in Thousands
 12 Months Ended 24 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2022
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

PAY VERSUS PERFORMANCE

 

The following table shows the total compensation for our NEOs for the past four fiscal years, the “compensation actually paid” to our PEO and prior PEO and, on an average basis, our other NEOs (in each case, as determined under SEC rules), our TSR, the TSR of the Aerospace & Defense Select Industry Index over the same period, our Net Income, and our financial performance measure for compensatory purposes, Adjusted Operating Income.

 

                     Value of Initial $100
Investment Based On:		     Company-
Selected
Measure
Fiscal
Year (a)		  Summary
Compensation
Table (SCT)
Total for
PEO (b)		  Summary
Compensation
Table (SCT)
Total for
Prior PEO (b)		  Compensation
Actually Paid
to PEO
(CAP) (c)		  Compensation
Actually Paid
to Prior PEO
(CAP) (c)		  Average
Summary
Compensation
Table (SCT)
Total for Non-
PEO Named
Executive
Officers (d)		  Average
Compensation
Actually Paid to
Non-PEO
Named
Executive
Officers
(CAP) (e)		  Company
Total
Shareholder
Return ($) (f)		  Peer Group
Total
Shareholder
Return ($) (g)		  Net
Income
(in
thousands,
$) (h)		  Adjusted
Operating
Income
(in thousands,
$) (i)
                               
2023      $8,562,311                    $13,007,261                  $2,534,244         $3,872,036           $161.65           $129.25            $354,509         $493,800     
2022  $4,462,698        $7,890,517        $4,654,705   $6,383,850   $120.65   $104.16   $294,348   $443,078 
2021  $4,491,811        $4,925,333        $2,753,543   $3,265,294   $99.69   $109.35   $267,159   $420,423 
2020       $8,922,118        $6,497,412   $2,138,218   $1,253,639   $83.17   $106.45   $201,392   $375,495 
 
(a) The Pay Versus Performance table reflects required disclosures for fiscal years 2023, 2022, 2021 and 2020.
   
(b) For fiscal years 2023, 2022 and 2021, Lynn M. Bamford was the Principle Executive Officer (PEO) for the Company. For fiscal year 2020, David C. Adams was the Principle Executive Officer (PEO) for the Company.
   
(c) The Compensation Actually Paid (CAP) was calculated beginning with the PEO’s Summary Compensation Table (SCT) total then deducting the aggregate change in actuarial present value of her/his accumulated benefit under all defined benefit and actuarial pension plans reported in the SCT; deducting the amounts reported in the SCT for performance share and restricted stock unit awards; adding the pension service cost; adding the fair value as of the end of the covered fiscal year of all awards granted during the fiscal year that are outstanding and unvested as of the fiscal year-end; adding the amount equal to the change in fair value as of the end of the covered fiscal year, whether positive or negative, of any awards granted in any prior fiscal year that are outstanding and unvested as of the end of the covered fiscal year; and adding the amount equal to the change in fair value as of the vesting date, whether positive or negative, of any award granted in any prior fiscal year for which all applicable vesting conditions were satisfied at the end of or during the covered fiscal year. Relative to the PEO’s CAP, the following amounts were deducted from and added to SCT total compensation:

 

PEO SCT Total to CAP Reconciliation:

 

Fiscal
Year		  Summary
Compensation
Table Total		  Deductions
from SCT Total
for Equity
Awards (i)		  Deductions
from SCT Total
for Pension
Benefits (ii)		  Additions
to SCT Total
for Equity
Awards (iii)		  Additions
to SCT Total for
Pension Service
Costs (iv)		  CAP
                   
2023    $8,562,311     -$3,010,000      -$864,041     $7,958,761       $360,230      $13,007,261 
2022  $4,462,698   -$2,441,259    -$110,837    $5,568,041   $411,874   $7,890,517 
2021  $4,491,811   -$1,636,250    -$639,485    $2,416,502   $292,755   $4,925,333 
2020  $8,922,118   -$2,309,978    -$3,461,735    $2,676,941   $670,066   $6,497,412 

 

  (i) Represents the grant date fair value of equity-based awards granted each year.
  (ii) Represents the aggregate change in the actuarial present value of accumulated benefit under pension.
     
  (iii) The additions to the SCT Total reflect the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown.
     
  (iv) The additions to the SCT Total reflect the pension service cost calculated in accordance with the SEC methodology for determining CAP for each year shown.

 

Supplemental

 

PEO Equity Component of CAP:

 

Year  Year End Fair Value
of Equity Awards
Granted in the Year (i)		  Year over Year Change in
Fair Value of Outstanding
Unvested Equity Awards
Granted in Prior Years (i)		  Year over Year
Change in Fair Value
of Equity Awards
Granted in Prior
Years that Vested in
the Year (i)		  Total
Equity
Award
Adjustments (ii)
             
2023         $4,492,413                 $3,454,852                   $11,496            $7,958,761  
2022  $3,680,802   $1,876,150   $11,088   $5,568,041 
2021  $2,283,203   $134,440   -$1,141   $2,416,502 
2020  $3,213,825   -$1,405,645   $868,761   $2,676,941 
 
  (i) The amounts include both Performance Share and Restricted Stock Unit awards.
     
  (ii) Total Equity Award Adjustments includes dividend equivalents units earned in each fiscal year. No equity awards failed to meet vesting conditions for the fiscal years.

 

(d) Each of the four fiscal years presented include the average SCT totals of the Non-PEO Named Executive Officers (NEOs) as applicable in each reporting year. For fiscal year 2023, non-PEO Named Executive Officers were: Kevin M. Rayment, K. Christopher Farkas, Paul J. Ferdenzi, and John C. Watts. For fiscal year 2022, non-PEO Named Executive Officers were: David C. Adams, Kevin M. Rayment, K. Christopher Farkas, Paul J. Ferdenzi, and John C. Watts. For fiscal year 2021, non-PEO Named Executive Officers were: David C. Adams, Kevin M. Rayment, Paul J. Ferdenzi, and K. Christopher Farkas. For fiscal year 2020, non-PEO Named Executive Officers were: Glenn E. Tynan, Thomas P. Quinly, Paul J. Ferdenzi, K. Christopher Farkas, and Harry S. Jakubowitz.
   
(e) The Average Compensation Actually Paid was calculated by averaging the following when applicable, by year, for the non-PEO NEOs; SCT total then deducting the aggregate change in actuarial present value of their accumulated benefit under all defined benefit and actuarial pension plans reported in the SCT; deducting the amounts reported in the SCT for performance share and restricted stock unit awards; adding the pension service cost; adding the fair value as of the end of the covered fiscal year of all awards granted during the fiscal year that are outstanding and unvested as of the fiscal year-end; adding the amount equal to the change in fair value as of the end of the covered fiscal, whether positive or negative, of any awards granted in any prior fiscal year that are outstanding and unvested as of the end of the covered fiscal year; and adding the amount equal to the change in fair value as of the vesting date, whether positive or negative, of any award granted in any prior fiscal year for which all applicable vesting conditions were satisfied at the end of or during the covered fiscal year. Relative to CAP, the following amounts were deducted from and added to SCT total compensation:

Average Non-PEO SCT Total to CAP Reconciliation:

 

Fiscal
Year		  Summary
Compensation
Table Total (i)		  Deductions
from SCT Total
for Equity
Awards (ii)		  Deductions
from SCT Total
for Pension
Benefits (iii)		  Additions
to SCT Total
for Equity
Awards (iv)		  Additions
to SCT Total
for Pension
Service
Costs (v)		  CAP
                   
2023     $2,534,244      -$664,125        -$180,323      $2,083,304     $98,936     $3,872,036 
2022  $4,654,705   -$485,155    -$131,443    $2,106,528   $239,215   $6,383,850 
2021  $2,753,543   -$1,086,255    -$57,090    $1,381,658   $273,438   $3,265,294 
2020  $2,138,218   -$360,814    -$975,281    $232,461   $219,055   $1,253,639 
 
  (i) The amount in 2022 is inflated due to the lump sum distribution from the Curtiss-Wright Corporation Retirement Benefits Restoration Plan for the prior PEO Mr. Adams.
     
  (ii) Represents the grant date fair value of equity-based awards granted each year.
     
  (iii) Represents the aggregate change in the actuarial present value of accumulated benefit under pension.
     
  (iv) The additions to the SCT Total reflect the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown.
     
  (v) The additions to the SCT Total reflect the pension service cost calculated in accordance with the SEC methodology for determining CAP for each year shown.

 

Supplemental

 

Average Non-PEO Equity Component of CAP:

 

Year  Year End Fair
Value of Equity
Awards Granted in
the Year (i)		  Year over Year
Change in Fair
Value of
Outstanding Unvested
Equity Awards Granted in
Prior Years (i)		  Year over Year
Change in Fair
Value of Equity
Awards Granted in
Prior Years that
Vested in the Year (i)		  Total Equity
Award
Adjustments (ii)
             
2023        $991,219                $1,084,299                    $7,786             $2,083,304  
2022  $731,409   $1,360,288   $14,832   $2,106,529 
2021  $1,431,205   -$47,701   -$1,846   $1,381,658 
2020  $501,969   -$455,390   $185,882   $232,461 
 
  (i) The amounts include both Performance Shares and Restricted Stock Unit awards.
     
  (ii) Total Equity Award Adjustments includes dividend equivalents units earned in each fiscal year. No equity awards failed to meet vesting conditions for the fiscal years.

 

(f) The amount represents the value of an initial fixed $100 Investment in Curtiss-Wright stock on December 31, 2019 assuming reinvestment of all dividends.
   
(g) Peer group companies are the Aerospace & Defense Select Industry Index. The amount represents an initial fixed $100 Investment in the Company’s Peer Group on December 31, 2019 assuming reinvestment of all dividends.
   
(h) Reflects net income in the Company’s Consolidated Statement of Earnings included in the Company’s Annual Reports on Form 10-K for each of the years ended December 31, 2023, 2022, 2021, and 2020.
   
(i) Adjusted Operating Income, a non-GAAP measure, is operating income as adjusted for items referenced in the Company’s fourth quarter 2023, 2022, 2021, and 2020 earnings releases, respectively, furnished to the SEC on February 15, 2024, February 22, 2023, February 24, 2022, and February 25, 2021, respectively.
        
Named Executive Officers, Footnote   (d)Each of the four fiscal years presented include the average SCT totals of the Non-PEO Named Executive Officers (NEOs) as applicable in each reporting year. For fiscal year 2023, non-PEO Named Executive Officers were: Kevin M. Rayment, K. Christopher Farkas, Paul J. Ferdenzi, and John C. Watts. For fiscal year 2022, non-PEO Named Executive Officers were: David C. Adams, Kevin M. Rayment, K. Christopher Farkas, Paul J. Ferdenzi, and John C. Watts. For fiscal year 2021, non-PEO Named Executive Officers were: David C. Adams, Kevin M. Rayment, Paul J. Ferdenzi, and K. Christopher Farkas. For fiscal year 2020, non-PEO Named Executive Officers were: Glenn E. Tynan, Thomas P. Quinly, Paul J. Ferdenzi, K. Christopher Farkas, and Harry S. Jakubowitz.      
Peer Group Issuers, Footnote   Peer group companies are the Aerospace & Defense Select Industry Index. The amount represents an initial fixed $100 Investment in the Company’s Peer Group on December 31, 2019 assuming reinvestment of all dividends.      
PEO Total Compensation Amount $ 8,562,311 $ 4,462,698 $ 4,491,811 $ 8,922,118  
PEO Actually Paid Compensation Amount 13,007,261 $ 7,890,517 4,925,333 6,497,412  
Adjustment To PEO Compensation, Footnote   The Compensation Actually Paid (CAP) was calculated beginning with the PEO’s Summary Compensation Table (SCT) total then deducting the aggregate change in actuarial present value of her/his accumulated benefit under all defined benefit and actuarial pension plans reported in the SCT; deducting the amounts reported in the SCT for performance share and restricted stock unit awards; adding the pension service cost; adding the fair value as of the end of the covered fiscal year of all awards granted during the fiscal year that are outstanding and unvested as of the fiscal year-end; adding the amount equal to the change in fair value as of the end of the covered fiscal year, whether positive or negative, of any awards granted in any prior fiscal year that are outstanding and unvested as of the end of the covered fiscal year; and adding the amount equal to the change in fair value as of the vesting date, whether positive or negative, of any award granted in any prior fiscal year for which all applicable vesting conditions were satisfied at the end of or during the covered fiscal year. Relative to the PEO’s CAP, the following amounts were deducted from and added to SCT total compensation:

PEO SCT Total to CAP Reconciliation:

Fiscal
Year		  Summary
Compensation
Table Total		  Deductions
from SCT Total
for Equity
Awards (i)		  Deductions
from SCT Total
for Pension
Benefits (ii)		  Additions
to SCT Total
for Equity
Awards (iii)		  Additions
to SCT Total for
Pension Service
Costs (iv)		  CAP
                   
2023    $8,562,311     -$3,010,000      -$864,041     $7,958,761       $360,230      $13,007,261 
2022  $4,462,698   -$2,441,259    -$110,837    $5,568,041   $411,874   $7,890,517 
2021  $4,491,811   -$1,636,250    -$639,485    $2,416,502   $292,755   $4,925,333 
2020  $8,922,118   -$2,309,978    -$3,461,735    $2,676,941   $670,066   $6,497,412 

 

  (i) Represents the grant date fair value of equity-based awards granted each year.
  (ii) Represents the aggregate change in the actuarial present value of accumulated benefit under pension.
     
  (iii) The additions to the SCT Total reflect the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown.
     
  (iv) The additions to the SCT Total reflect the pension service cost calculated in accordance with the SEC methodology for determining CAP for each year shown.

Supplemental

PEO Equity Component of CAP:

Year  Year End Fair Value
of Equity Awards
Granted in the Year (i)		  Year over Year Change in
Fair Value of Outstanding
Unvested Equity Awards
Granted in Prior Years (i)		  Year over Year
Change in Fair Value
of Equity Awards
Granted in Prior
Years that Vested in
the Year (i)		  Total
Equity
Award
Adjustments (ii)
             
2023         $4,492,413                 $3,454,852                   $11,496            $7,958,761  
2022  $3,680,802   $1,876,150   $11,088   $5,568,041 
2021  $2,283,203   $134,440   -$1,141   $2,416,502 
2020  $3,213,825   -$1,405,645   $868,761   $2,676,941 
 
  (i) The amounts include both Performance Share and Restricted Stock Unit awards.
     
  (ii) Total Equity Award Adjustments includes dividend equivalents units earned in each fiscal year. No equity awards failed to meet vesting conditions for the fiscal years.
      
Non-PEO NEO Average Total Compensation Amount [1],[2],[3] 2,534,244 $ 4,654,705 2,753,543 2,138,218  
Non-PEO NEO Average Compensation Actually Paid Amount [2],[4] $ 3,872,036 $ 6,383,850 3,265,294 1,253,639  
Adjustment to Non-PEO NEO Compensation Footnote   The Average Compensation Actually Paid was calculated by averaging the following when applicable, by year, for the non-PEO NEOs; SCT total then deducting the aggregate change in actuarial present value of their accumulated benefit under all defined benefit and actuarial pension plans reported in the SCT; deducting the amounts reported in the SCT for performance share and restricted stock unit awards; adding the pension service cost; adding the fair value as of the end of the covered fiscal year of all awards granted during the fiscal year that are outstanding and unvested as of the fiscal year-end; adding the amount equal to the change in fair value as of the end of the covered fiscal, whether positive or negative, of any awards granted in any prior fiscal year that are outstanding and unvested as of the end of the covered fiscal year; and adding the amount equal to the change in fair value as of the vesting date, whether positive or negative, of any award granted in any prior fiscal year for which all applicable vesting conditions were satisfied at the end of or during the covered fiscal year. Relative to CAP, the following amounts were deducted from and added to SCT total compensation:

Average Non-PEO SCT Total to CAP Reconciliation:

Fiscal
Year		  Summary
Compensation
Table Total (i)		  Deductions
from SCT Total
for Equity
Awards (ii)		  Deductions
from SCT Total
for Pension
Benefits (iii)		  Additions
to SCT Total
for Equity
Awards (iv)		  Additions
to SCT Total
for Pension
Service
Costs (v)		  CAP
                   
2023     $2,534,244      -$664,125        -$180,323      $2,083,304     $98,936     $3,872,036 
2022  $4,654,705   -$485,155    -$131,443    $2,106,528   $239,215   $6,383,850 
2021  $2,753,543   -$1,086,255    -$57,090    $1,381,658   $273,438   $3,265,294 
2020  $2,138,218   -$360,814    -$975,281    $232,461   $219,055   $1,253,639 
 
  (i) The amount in 2022 is inflated due to the lump sum distribution from the Curtiss-Wright Corporation Retirement Benefits Restoration Plan for the prior PEO Mr. Adams.
     
  (ii) Represents the grant date fair value of equity-based awards granted each year.
     
  (iii) Represents the aggregate change in the actuarial present value of accumulated benefit under pension.
     
  (iv) The additions to the SCT Total reflect the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown.
     
  (v) The additions to the SCT Total reflect the pension service cost calculated in accordance with the SEC methodology for determining CAP for each year shown.

Supplemental

Average Non-PEO Equity Component of CAP:

Year  Year End Fair
Value of Equity
Awards Granted in
the Year (i)		  Year over Year
Change in Fair
Value of
Outstanding Unvested
Equity Awards Granted in
Prior Years (i)		  Year over Year
Change in Fair
Value of Equity
Awards Granted in
Prior Years that
Vested in the Year (i)		  Total Equity
Award
Adjustments (ii)
             
2023        $991,219                $1,084,299                    $7,786             $2,083,304  
2022  $731,409   $1,360,288   $14,832   $2,106,529 
2021  $1,431,205   -$47,701   -$1,846   $1,381,658 
2020  $501,969   -$455,390   $185,882   $232,461 
 
  (i) The amounts include both Performance Shares and Restricted Stock Unit awards.
     
  (ii) Total Equity Award Adjustments includes dividend equivalents units earned in each fiscal year. No equity awards failed to meet vesting conditions for the fiscal years.
      
Compensation Actually Paid vs. Total Shareholder Return

The following graph compares the compensation actually paid to our PEO(s), the average of the compensation actually paid to our non-PEOs and the Company’s TSR performance with the TSR performance of the Aerospace & Defense Select Industry Index. The TSR amount represents the value of an initial fixed $100 Investment in Curtiss-Wright stock on December 31, 2019 assuming reinvestment of all dividends.

 

Compensation Actually Paid versus Total Shareholder Return

 

        
Compensation Actually Paid vs. Net Income

The following graph compares the compensation actually paid to our PEO(s) and the average of the compensation actually paid to our non-PEOs with the Company’s Net Income.

 

Compensation Actually Paid versus Net Income

 

        
Compensation Actually Paid vs. Company Selected Measure

The following graph compares the compensation actually paid to our PEO(s) and the average of the compensation actually paid to our non-PEOs with the Company’s Adjusted Operating Income.

 

Compensation Actually Paid versus Adjusted Operating Income

 

        
Tabular List, Table

For the fiscal year ending December 31, 2023, the most important financial performance measures used to link compensation actually paid to our NEOs to Company performance are set forth in the table below:

 

Most Important Financial Performance
Measures
Adjusted Operating Income
Adjusted Earnings per Share
Total Shareholder Return
Total Sales Growth
        
Total Shareholder Return Amount [2],[5] $ 161.65 $ 120.65 99.69 83.17  
Peer Group Total Shareholder Return Amount [2],[6] 129.25 104.16 109.35 106.45  
Net Income (Loss) [2],[7] $ 354,509,000 $ 294,348,000 $ 267,159,000 $ 201,392,000  
Company Selected Measure Amount [2],[8] 493,800 443,078 420,423 375,495  
PEO Name       David C. Adams Lynn M. Bamford
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted Operating Income        
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted Earnings per Share        
Measure:: 3          
Pay vs Performance Disclosure          
Name Total Shareholder Return        
Measure:: 4          
Pay vs Performance Disclosure          
Name Total Sales Growth        
Lynn M. Bamford [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount [2],[9] $ 8,562,311 $ 4,462,698 $ 4,491,811    
PEO Actually Paid Compensation Amount [2],[10] 13,007,261 7,890,517 4,925,333    
David C. Adams [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount [2],[9]       $ 8,922,118  
PEO Actually Paid Compensation Amount [2],[10]       6,497,412  
PEO | Deductions from SCT Total for Equity Rewards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [11] (3,010,000) (2,441,259) (1,636,250) (2,309,978)  
PEO | Deductions from SCT Total for Pension Benefits [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [12] (864,041) (110,837) (639,485) (3,461,735)  
PEO | Additions to SCT Total for Equity Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [13] 7,958,761 5,568,041 2,416,502 2,676,941  
PEO | Additions to SCT Total for Pension Service Costs [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [14] 360,230 411,874 292,755 670,066  
PEO | Year End Fair Value of Equity Awards Granted in the Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [15] 4,492,413 3,680,802 2,283,203 3,213,825  
PEO | Year over Year Change in Fair Value of Outstanding Unvested Equity Awards Granted in Prior Years [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [15] 3,454,852 1,876,150 134,440 (1,405,645)  
PEO | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [15] 11,496 11,088 (1,141) 868,761  
PEO | Total Equity Award Adjustments [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [16] 7,958,761 5,568,041 2,416,502 2,676,941  
Non-PEO NEO | Deductions from SCT Total for Pension Benefits [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [17] (180,323) (131,443) (57,090) (975,281)  
Non-PEO NEO | Additions to SCT Total for Equity Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [18] 2,083,304 2,106,528 1,381,658 232,461  
Non-PEO NEO | Additions to SCT Total for Pension Service Costs [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [19] 98,936 239,215 273,438 219,055  
Non-PEO NEO | Year End Fair Value of Equity Awards Granted in the Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [3] 991,219 731,409 1,431,205 501,969  
Non-PEO NEO | Year over Year Change in Fair Value of Outstanding Unvested Equity Awards Granted in Prior Years [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [3] 1,084,299 1,360,288 (47,701) (455,390)  
Non-PEO NEO | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [3] 7,786 14,832 (1,846) 185,882  
Non-PEO NEO | Total Equity Award Adjustments [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [20] 2,083,304 2,106,529 1,381,658 232,461  
Non-PEO NEO | Deductions from SCT Total for Equity Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount [21] $ (664,125) $ (485,155) $ (1,086,255) $ (360,814)  
[1] (d)Each of the four fiscal years presented include the average SCT totals of the Non-PEO Named Executive Officers (NEOs) as applicable in each reporting year. For fiscal year 2023, non-PEO Named Executive Officers were: Kevin M. Rayment, K. Christopher Farkas, Paul J. Ferdenzi, and John C. Watts. For fiscal year 2022, non-PEO Named Executive Officers were: David C. Adams, Kevin M. Rayment, K. Christopher Farkas, Paul J. Ferdenzi, and John C. Watts. For fiscal year 2021, non-PEO Named Executive Officers were: David C. Adams, Kevin M. Rayment, Paul J. Ferdenzi, and K. Christopher Farkas. For fiscal year 2020, non-PEO Named Executive Officers were: Glenn E. Tynan, Thomas P. Quinly, Paul J. Ferdenzi, K. Christopher Farkas, and Harry S. Jakubowitz.
[2] The Pay Versus Performance table reflects required disclosures for fiscal years 2023, 2022, 2021 and 2020.
[3] The amounts include both Performance Shares and Restricted Stock Unit awards.
[4] The Average Compensation Actually Paid was calculated by averaging the following when applicable, by year, for the non-PEO NEOs; SCT total then deducting the aggregate change in actuarial present value of their accumulated benefit under all defined benefit and actuarial pension plans reported in the SCT; deducting the amounts reported in the SCT for performance share and restricted stock unit awards; adding the pension service cost; adding the fair value as of the end of the covered fiscal year of all awards granted during the fiscal year that are outstanding and unvested as of the fiscal year-end; adding the amount equal to the change in fair value as of the end of the covered fiscal, whether positive or negative, of any awards granted in any prior fiscal year that are outstanding and unvested as of the end of the covered fiscal year; and adding the amount equal to the change in fair value as of the vesting date, whether positive or negative, of any award granted in any prior fiscal year for which all applicable vesting conditions were satisfied at the end of or during the covered fiscal year. Relative to CAP, the following amounts were deducted from and added to SCT total compensation:

Average Non-PEO SCT Total to CAP Reconciliation:

Fiscal
Year		  Summary
Compensation
Table Total (i)		  Deductions
from SCT Total
for Equity
Awards (ii)		  Deductions
from SCT Total
for Pension
Benefits (iii)		  Additions
to SCT Total
for Equity
Awards (iv)		  Additions
to SCT Total
for Pension
Service
Costs (v)		  CAP
                   
2023     $2,534,244      -$664,125        -$180,323      $2,083,304     $98,936     $3,872,036 
2022  $4,654,705   -$485,155    -$131,443    $2,106,528   $239,215   $6,383,850 
2021  $2,753,543   -$1,086,255    -$57,090    $1,381,658   $273,438   $3,265,294 
2020  $2,138,218   -$360,814    -$975,281    $232,461   $219,055   $1,253,639 
 
  (i) The amount in 2022 is inflated due to the lump sum distribution from the Curtiss-Wright Corporation Retirement Benefits Restoration Plan for the prior PEO Mr. Adams.
     
  (ii) Represents the grant date fair value of equity-based awards granted each year.
     
  (iii) Represents the aggregate change in the actuarial present value of accumulated benefit under pension.
     
  (iv) The additions to the SCT Total reflect the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown.
     
  (v) The additions to the SCT Total reflect the pension service cost calculated in accordance with the SEC methodology for determining CAP for each year shown.

Supplemental

Average Non-PEO Equity Component of CAP:

Year  Year End Fair
Value of Equity
Awards Granted in
the Year (i)		  Year over Year
Change in Fair
Value of
Outstanding Unvested
Equity Awards Granted in
Prior Years (i)		  Year over Year
Change in Fair
Value of Equity
Awards Granted in
Prior Years that
Vested in the Year (i)		  Total Equity
Award
Adjustments (ii)
             
2023        $991,219                $1,084,299                    $7,786             $2,083,304  
2022  $731,409   $1,360,288   $14,832   $2,106,529 
2021  $1,431,205   -$47,701   -$1,846   $1,381,658 
2020  $501,969   -$455,390   $185,882   $232,461 
 
  (i) The amounts include both Performance Shares and Restricted Stock Unit awards.
     
  (ii) Total Equity Award Adjustments includes dividend equivalents units earned in each fiscal year. No equity awards failed to meet vesting conditions for the fiscal years.
[5] The amount represents the value of an initial fixed $100 Investment in Curtiss-Wright stock on December 31, 2019 assuming reinvestment of all dividends.
[6] Peer group companies are the Aerospace & Defense Select Industry Index. The amount represents an initial fixed $100 Investment in the Company’s Peer Group on December 31, 2019 assuming reinvestment of all dividends.
[7] Reflects net income in the Company’s Consolidated Statement of Earnings included in the Company’s Annual Reports on Form 10-K for each of the years ended December 31, 2023, 2022, 2021, and 2020.
[8] Adjusted Operating Income, a non-GAAP measure, is operating income as adjusted for items referenced in the Company’s fourth quarter 2023, 2022, 2021, and 2020 earnings releases, respectively, furnished to the SEC on February 15, 2024, February 22, 2023, February 24, 2022, and February 25, 2021, respectively.
[9] (b)For fiscal years 2023, 2022 and 2021, Lynn M. Bamford was the Principle Executive Officer (PEO) for the Company. For fiscal year 2020, David C. Adams was the Principle Executive Officer (PEO) for the Company.
[10] The Compensation Actually Paid (CAP) was calculated beginning with the PEO’s Summary Compensation Table (SCT) total then deducting the aggregate change in actuarial present value of her/his accumulated benefit under all defined benefit and actuarial pension plans reported in the SCT; deducting the amounts reported in the SCT for performance share and restricted stock unit awards; adding the pension service cost; adding the fair value as of the end of the covered fiscal year of all awards granted during the fiscal year that are outstanding and unvested as of the fiscal year-end; adding the amount equal to the change in fair value as of the end of the covered fiscal year, whether positive or negative, of any awards granted in any prior fiscal year that are outstanding and unvested as of the end of the covered fiscal year; and adding the amount equal to the change in fair value as of the vesting date, whether positive or negative, of any award granted in any prior fiscal year for which all applicable vesting conditions were satisfied at the end of or during the covered fiscal year. Relative to the PEO’s CAP, the following amounts were deducted from and added to SCT total compensation:

PEO SCT Total to CAP Reconciliation:

Fiscal
Year		  Summary
Compensation
Table Total		  Deductions
from SCT Total
for Equity
Awards (i)		  Deductions
from SCT Total
for Pension
Benefits (ii)		  Additions
to SCT Total
for Equity
Awards (iii)		  Additions
to SCT Total for
Pension Service
Costs (iv)		  CAP
                   
2023    $8,562,311     -$3,010,000      -$864,041     $7,958,761       $360,230      $13,007,261 
2022  $4,462,698   -$2,441,259    -$110,837    $5,568,041   $411,874   $7,890,517 
2021  $4,491,811   -$1,636,250    -$639,485    $2,416,502   $292,755   $4,925,333 
2020  $8,922,118   -$2,309,978    -$3,461,735    $2,676,941   $670,066   $6,497,412 

 

  (i) Represents the grant date fair value of equity-based awards granted each year.
  (ii) Represents the aggregate change in the actuarial present value of accumulated benefit under pension.
     
  (iii) The additions to the SCT Total reflect the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown.
     
  (iv) The additions to the SCT Total reflect the pension service cost calculated in accordance with the SEC methodology for determining CAP for each year shown.

Supplemental

PEO Equity Component of CAP:

Year  Year End Fair Value
of Equity Awards
Granted in the Year (i)		  Year over Year Change in
Fair Value of Outstanding
Unvested Equity Awards
Granted in Prior Years (i)		  Year over Year
Change in Fair Value
of Equity Awards
Granted in Prior
Years that Vested in
the Year (i)		  Total
Equity
Award
Adjustments (ii)
             
2023         $4,492,413                 $3,454,852                   $11,496            $7,958,761  
2022  $3,680,802   $1,876,150   $11,088   $5,568,041 
2021  $2,283,203   $134,440   -$1,141   $2,416,502 
2020  $3,213,825   -$1,405,645   $868,761   $2,676,941 
 
  (i) The amounts include both Performance Share and Restricted Stock Unit awards.
     
  (ii) Total Equity Award Adjustments includes dividend equivalents units earned in each fiscal year. No equity awards failed to meet vesting conditions for the fiscal years.
[11] Represents the grant date fair value of equity-based awards granted each year.
[12] Represents the aggregate change in the actuarial present value of accumulated benefit under pension.
[13] The additions to the SCT Total reflect the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown.
[14] The additions to the SCT Total reflect the pension service cost calculated in accordance with the SEC methodology for determining CAP for each year shown.
[15] The amounts include both Performance Share and Restricted Stock Unit awards.
[16] (ii)Total Equity Award Adjustments includes dividend equivalents units earned in each fiscal year. No equity awards failed to meet vesting conditions for the fiscal years.
[17] Represents the aggregate change in the actuarial present value of accumulated benefit under pension.
[18] The additions to the SCT Total reflect the value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown.
[19] The additions to the SCT Total reflect the pension service cost calculated in accordance with the SEC methodology for determining CAP for each year shown.
[20] (ii)Total Equity Award Adjustments includes dividend equivalents units earned in each fiscal year. No equity awards failed to meet vesting conditions for the fiscal years.
[21] Represents the grant date fair value of equity-based awards granted each year.
v3.24.1
Recovery of Erroneously Awarded Compensation
 12 Months Ended
Dec. 31, 2023
Restatement Determination Date:: 2024-02-24  
Erroneously Awarded Compensation Recovery  
Erroneous Compensation Analysis

Therefore, in accordance with SAB 108, the Company revised the applicable prior period financial statements included within its quarterly report on Form 10-Q for the third quarter ended September 30, 2023, as summarized below. The net impact of the error resulted in an overstatement of previously reported total net sales and net earnings of approximately $5 million and $4 million, respectively, for the year ended December 31, 2021, and an overstatement of previously reported total net sales and net earnings of approximately $8 million and $7 million, respectively, for the year ended December 31, 2020. The impact of the error on previously reported total net sales and net earnings was inconsequential for the year ended December 31, 2022. The Company revised its consolidated financial statements as of December 31, 2022 and for the year ended December 31, 2021 in its Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024.

 

The Committee, the Company’s outside legal counsel, and FW Cook performed an analysis of the impact that the immaterial restatement discussed immediately above (the “Immaterial Restatement”) had on the Company’s past and future payouts under its incentive compensation plans, and whether recovery of such incentive compensation payouts is required under its Dodd-Frank Clawback Policy. Because the Dodd-Frank Clawback Policy only applied to incentive compensation payments received after December 1, 2023, any incentive compensation received prior to such date would not be subject to recoupment under the policy. Accordingly, only annual and long-term incentive compensation received in early 2024 under the Company’s ICP and LTIP for financial performance of the Company against pre-established financial performance measures for the 2023 performance period (ICP) and 2021 – 2023 performance period (LTIP), would be subject to the policy. As noted above, the Committee determined that since the Immaterial Restatement did not impact the 2023 performance period (only impacting prior year periods 2020 through 2022), the receipt of annual incentive compensation under the ICP in early 2024 was not required to be recovered under the Dodd-Frank Clawback Policy. With respect to the receipt of LTIP, the payment of cash-based performance units (PUPs) in early 2024 was based on Company performance against pre-established financial performance measures for the 2021 – 2023 performance period. Based on Company financial performance resulting from the Immaterial Restatement against its performance targets during such performance period, it was determined that Company performance would have resulted in a maximum payout against target with or without the Immaterial Restatement. Therefore, because payment of PUPs was at maximum with giving effect to the Immaterial Restatement, no excess incentive compensation was received by the Section 16 executive officers based on the Immaterial Restatement, and therefore, no recovery was required under the Dodd-Frank Clawback Policy.

The receipt of performance share units (PSUs) under the LTIP in early 2024 was based on Company total shareholder return (TSR) relative to its peer group for the 2021 – 2023 performance period. The Company performed an analysis assessing the impact of the Immaterial Restatement on its TSR and the payouts associated with its TSR. After reviewing the relatively minor financial impacts to 2021 and 2022 performance the Committee reasonably estimated that the Immaterial Restatement was immaterial to the overall financial results of the Company during this period, and reasonably concluded that the restated financials resulting from the Immaterial Restatement would not have impacted the Company’s TSR and PSU payouts. Additionally, the Committee, after advice from the Company’s outside legal counsel and FW Cook, determined that the payouts would have been 200% of target regardless due to the high levels of Company financial performance even as restated. Therefore, because payment of PSUs was 200% of target without giving effect to the Immaterial Restatement, no excess PSUs were received by the Section 16 executive officers based on the Immaterial Restatement, and therefore, no recovery was required under the Dodd-Frank Clawback Policy.

 

Finally, a recovery analysis was also performed under the Company’s general employee incentive compensation recoupment policy discussed above, which has a one-year look back period. Because the general policy only mandates a clawback in the event of a full restatement of financials and the overall Company financial performance was nominally impacted for the 2022 performance period under the ICP and 2020 – 2022 performance period under the LTIP, the Committee determined that no excess incentive compensation was received by the Section 16 executive officers in early 2023 based on the Immaterial Restatement and therefore no recovery was required under the Company’s general employee incentive compensation recoupment policy.
v3.24.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2023
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true