We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Curtiss Wright Corp | NYSE:CW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 262.93 | 0 | 09:09:41 |
Delaware
|
|
13-0612970
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
13925 Ballantyne Corporate Place,
|
|
|
Suite 400, Charlotte, North Carolina
|
|
28277
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
ý
|
|
Accelerated filer
o
|
Non-accelerated filer
o
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
o
|
|
|||
PART I – FINANCIAL INFORMATION
|
PAGE
|
||
|
|
|
|
|
|
|
|
Item 1.
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
Item 2.
|
|||
|
|
|
|
Item 3.
|
|||
|
|
|
|
Item 4.
|
|||
|
|
|
|
|
|
|
|
PART II – OTHER INFORMATION
|
|
||
|
|
|
|
|
|
|
|
Item 1.
|
|||
|
|
|
|
Item 1A.
|
|||
|
|
|
|
Item 2.
|
|||
|
|
|
|
Item 3.
|
|||
|
|
|
|
Item 4.
|
|||
|
|
|
|
Item 5.
|
|||
|
|
|
|
Item 6.
|
|||
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
(In thousands, except per share data)
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
|
|
|
|
|
|
|
||||||||
Product sales
|
$
|
413,905
|
|
|
$
|
427,732
|
|
|
$
|
1,244,148
|
|
|
$
|
1,313,290
|
|
Service sales
|
93,187
|
|
|
97,803
|
|
|
299,218
|
|
|
303,638
|
|
||||
Total net sales
|
507,092
|
|
|
525,535
|
|
|
1,543,366
|
|
|
1,616,928
|
|
||||
Cost of sales
|
|
|
|
|
|
|
|
||||||||
Cost of product sales
|
261,488
|
|
|
284,007
|
|
|
806,092
|
|
|
864,701
|
|
||||
Cost of service sales
|
61,128
|
|
|
56,034
|
|
|
195,515
|
|
|
193,286
|
|
||||
Total cost of sales
|
322,616
|
|
|
340,041
|
|
|
1,001,607
|
|
|
1,057,987
|
|
||||
Gross profit
|
184,476
|
|
|
185,494
|
|
|
541,759
|
|
|
558,941
|
|
||||
Research and development expenses
|
14,071
|
|
|
15,050
|
|
|
44,467
|
|
|
45,633
|
|
||||
Selling expenses
|
26,273
|
|
|
30,247
|
|
|
85,025
|
|
|
90,440
|
|
||||
General and administrative expenses
|
67,559
|
|
|
76,384
|
|
|
210,342
|
|
|
220,778
|
|
||||
Operating income
|
76,573
|
|
|
63,813
|
|
|
201,925
|
|
|
202,090
|
|
||||
Interest expense
|
10,488
|
|
|
8,972
|
|
|
30,694
|
|
|
26,953
|
|
||||
Other income, net
|
483
|
|
|
161
|
|
|
818
|
|
|
605
|
|
||||
Earnings from continuing operations before income taxes
|
66,568
|
|
|
55,002
|
|
|
172,049
|
|
|
175,742
|
|
||||
Provision for income taxes
|
(20,636
|
)
|
|
(16,860
|
)
|
|
(53,335
|
)
|
|
(54,256
|
)
|
||||
Earnings from continuing operations
|
45,932
|
|
|
38,142
|
|
|
118,714
|
|
|
121,486
|
|
||||
Loss from discontinued operations, net of taxes
|
—
|
|
|
(4,258
|
)
|
|
—
|
|
|
(45,874
|
)
|
||||
Net earnings
|
$
|
45,932
|
|
|
$
|
33,884
|
|
|
$
|
118,714
|
|
|
$
|
75,612
|
|
Basic earnings per share
|
|
|
|
|
|
|
|
||||||||
Earnings from continuing operations
|
$
|
1.04
|
|
|
$
|
0.82
|
|
|
$
|
2.67
|
|
|
$
|
2.58
|
|
Loss from discontinued operations
|
—
|
|
|
(0.09
|
)
|
|
—
|
|
|
(0.97
|
)
|
||||
Total
|
$
|
1.04
|
|
|
$
|
0.73
|
|
|
$
|
2.67
|
|
|
$
|
1.61
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
||||||||
Earnings from continuing operations
|
$
|
1.02
|
|
|
$
|
0.80
|
|
|
$
|
2.63
|
|
|
$
|
2.53
|
|
Loss from discontinued operations
|
—
|
|
|
(0.09
|
)
|
|
—
|
|
|
(0.96
|
)
|
||||
Total
|
$
|
1.02
|
|
|
$
|
0.71
|
|
|
$
|
2.63
|
|
|
$
|
1.57
|
|
Dividends per share
|
0.13
|
|
|
0.13
|
|
|
0.39
|
|
|
0.39
|
|
||||
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
44,323
|
|
|
46,366
|
|
|
44,457
|
|
|
47,082
|
|
||||
Diluted
|
44,997
|
|
|
47,395
|
|
|
45,128
|
|
|
48,106
|
|
||||
|
|
|
|
|
|
|
|
||||||||
See notes to condensed consolidated financial statements
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net earnings
|
$
|
45,932
|
|
|
$
|
33,884
|
|
|
$
|
118,714
|
|
|
$
|
75,612
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation, net of tax
(1)
|
$
|
(12,366
|
)
|
|
$
|
(37,689
|
)
|
|
$
|
(26,907
|
)
|
|
$
|
(62,281
|
)
|
Pension and postretirement adjustments, net of tax
(2)
|
1,634
|
|
|
908
|
|
|
4,766
|
|
|
5,677
|
|
||||
Other comprehensive loss, net of tax
|
(10,732
|
)
|
|
(36,781
|
)
|
|
(22,141
|
)
|
|
(56,604
|
)
|
||||
Comprehensive income (loss)
|
$
|
35,200
|
|
|
$
|
(2,897
|
)
|
|
$
|
96,573
|
|
|
$
|
19,008
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
452,053
|
|
|
$
|
288,697
|
|
Receivables, net
|
462,004
|
|
|
566,289
|
|
||
Inventories
|
399,638
|
|
|
379,591
|
|
||
Other current assets
|
49,438
|
|
|
40,306
|
|
||
Total current assets
|
1,363,133
|
|
|
1,274,883
|
|
||
Property, plant, and equipment, net
|
387,458
|
|
|
413,644
|
|
||
Goodwill
|
964,446
|
|
|
972,606
|
|
||
Other intangible assets, net
|
283,670
|
|
|
310,763
|
|
||
Other assets
|
15,277
|
|
|
17,715
|
|
||
Total assets
|
$
|
3,013,984
|
|
|
$
|
2,989,611
|
|
Liabilities
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
||||
Current portion of long-term and short-term debt
|
$
|
802
|
|
|
$
|
1,259
|
|
Accounts payable
|
133,101
|
|
|
163,286
|
|
||
Accrued expenses
|
116,778
|
|
|
131,863
|
|
||
Income taxes payable
|
6,461
|
|
|
7,956
|
|
||
Deferred revenue
|
196,609
|
|
|
181,671
|
|
||
Other current liabilities
|
34,264
|
|
|
37,190
|
|
||
Total current liabilities
|
488,015
|
|
|
523,225
|
|
||
Long-term debt, net
|
966,040
|
|
|
951,946
|
|
||
Deferred tax liabilities, net
|
73,650
|
|
|
54,447
|
|
||
Accrued pension and other postretirement benefit costs
|
100,999
|
|
|
103,723
|
|
||
Long-term portion of environmental reserves
|
14,534
|
|
|
14,017
|
|
||
Other liabilities
|
83,731
|
|
|
86,830
|
|
||
Total liabilities
|
1,726,969
|
|
|
1,734,188
|
|
||
Contingencies and commitments (Note 12)
|
|
|
|
|
|
||
Stockholders’ equity
|
|
|
|
||||
Common stock, $1 par value, 100,000,000 shares authorized at September 30, 2016 and December 31, 2015; shares issued were 49,187,378 at September 30, 2016 and 49,189,702 at December 31, 2015; outstanding shares were 44,228,169 at September 30, 2016 and 44,621,348 at December 31, 2015
|
49,187
|
|
|
49,190
|
|
||
Additional paid in capital
|
134,597
|
|
|
144,923
|
|
||
Retained earnings
|
1,692,026
|
|
|
1,590,645
|
|
||
Accumulated other comprehensive loss
|
(248,069
|
)
|
|
(225,928
|
)
|
||
Common treasury stock, at cost (4,959,209 shares at September 30, 2016 and 4,568,354 shares at December 31, 2015)
|
(340,726
|
)
|
|
(303,407
|
)
|
||
Total stockholders’ equity
|
1,287,015
|
|
|
1,255,423
|
|
||
Total liabilities and stockholders’ equity
|
$
|
3,013,984
|
|
|
$
|
2,989,611
|
|
|
|
|
|
||||
See notes to condensed consolidated financial statements
|
|
Nine Months Ended
|
||||||
|
September 30,
|
||||||
(In thousands)
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net earnings
|
$
|
118,714
|
|
|
$
|
75,612
|
|
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities
|
|
|
|
||||
Depreciation and amortization
|
72,419
|
|
|
76,428
|
|
||
(Gain) / Loss on sale of businesses
|
(845
|
)
|
|
15,759
|
|
||
Gain on fixed asset disposals
|
(194
|
)
|
|
(1,058
|
)
|
||
Deferred income taxes
|
(6,388
|
)
|
|
14,683
|
|
||
Share-based compensation
|
7,813
|
|
|
7,225
|
|
||
Impairment of assets held for sale
|
—
|
|
|
40,813
|
|
||
Change in operating assets and liabilities, net of businesses acquired and divested:
|
|
|
|
||||
Receivables, net
|
95,200
|
|
|
(13,079
|
)
|
||
Inventories
|
(18,613
|
)
|
|
(29,354
|
)
|
||
Progress payments
|
4,094
|
|
|
375
|
|
||
Accounts payable and accrued expenses
|
(58,162
|
)
|
|
(55,086
|
)
|
||
Deferred revenue
|
14,937
|
|
|
(27,900
|
)
|
||
Income taxes
|
8,936
|
|
|
19,750
|
|
||
Net pension and postretirement liabilities
|
2,723
|
|
|
(142,987
|
)
|
||
Termination of interest rate swap
|
20,405
|
|
|
—
|
|
||
Other current and long-term assets and liabilities
|
6,173
|
|
|
14,128
|
|
||
Net cash provided by (used for) operating activities
|
267,212
|
|
|
(4,691
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from sales and disposals of long lived assets
|
1,204
|
|
|
1,914
|
|
||
Proceeds from divestitures, net of cash sold and transaction costs
|
1,027
|
|
|
36,941
|
|
||
Additions to property, plant, and equipment
|
(26,127
|
)
|
|
(23,848
|
)
|
||
Acquisition of businesses, net of cash acquired
|
(295
|
)
|
|
(13,263
|
)
|
||
Additional consideration on prior period acquisitions
|
—
|
|
|
(436
|
)
|
||
Net cash provided by (used for) investing activities
|
(24,191
|
)
|
|
1,308
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Borrowings under revolving credit facility
|
7,504
|
|
|
68,841
|
|
||
Payment of revolving credit facility
|
(7,961
|
)
|
|
(68,521
|
)
|
||
Principal payments on debt
|
—
|
|
|
(8,400
|
)
|
||
Repurchases of common stock
|
(80,296
|
)
|
|
(185,224
|
)
|
||
Proceeds from share-based compensation
|
18,359
|
|
|
14,616
|
|
||
Dividends paid
|
(11,576
|
)
|
|
(12,289
|
)
|
||
Excess tax benefits from share-based compensation plans
|
6,771
|
|
|
4,243
|
|
||
Other
|
(469
|
)
|
|
429
|
|
||
Net cash used for financing activities
|
(67,668
|
)
|
|
(186,305
|
)
|
||
Effect of exchange-rate changes on cash
|
(11,997
|
)
|
|
(12,503
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
163,356
|
|
|
(202,191
|
)
|
||
Cash and cash equivalents at beginning of period
|
288,697
|
|
|
450,116
|
|
||
Cash and cash equivalents at end of period
|
$
|
452,053
|
|
|
$
|
247,925
|
|
Supplemental disclosure of non-cash activities:
|
|
|
|
|
|
||
Capital expenditures incurred but not yet paid
|
$
|
688
|
|
|
$
|
427
|
|
See notes to condensed consolidated financial statements
|
|
Common Stock
|
|
Additional Paid in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Treasury Stock
|
||||||||||
December 31, 2014
|
$
|
49,190
|
|
|
$
|
158,043
|
|
|
$
|
1,469,306
|
|
|
$
|
(128,411
|
)
|
|
$
|
(69,695
|
)
|
Net earnings
|
—
|
|
|
—
|
|
|
145,461
|
|
|
—
|
|
|
—
|
|
|||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(97,517
|
)
|
|
—
|
|
|||||
Dividends paid
|
—
|
|
|
—
|
|
|
(24,122
|
)
|
|
—
|
|
|
—
|
|
|||||
Restricted stock, net of tax
|
—
|
|
|
(10,303
|
)
|
|
—
|
|
|
—
|
|
|
13,734
|
|
|||||
Stock options exercised, net of tax
|
—
|
|
|
(11,349
|
)
|
|
—
|
|
|
—
|
|
|
45,743
|
|
|||||
Other
|
—
|
|
|
(647
|
)
|
|
—
|
|
|
—
|
|
|
647
|
|
|||||
Share-based compensation
|
—
|
|
|
9,179
|
|
|
—
|
|
|
—
|
|
|
294
|
|
|||||
Repurchase of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(294,130
|
)
|
|||||
December 31, 2015
|
$
|
49,190
|
|
|
$
|
144,923
|
|
|
$
|
1,590,645
|
|
|
$
|
(225,928
|
)
|
|
$
|
(303,407
|
)
|
Net earnings
|
—
|
|
|
—
|
|
|
118,714
|
|
|
—
|
|
|
—
|
|
|||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,141
|
)
|
|
—
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
(17,333
|
)
|
|
—
|
|
|
—
|
|
|||||
Restricted stock, net of tax
|
—
|
|
|
(10,921
|
)
|
|
—
|
|
|
—
|
|
|
14,450
|
|
|||||
Stock options exercised, net of tax
|
—
|
|
|
(5,695
|
)
|
|
—
|
|
|
—
|
|
|
27,297
|
|
|||||
Other
|
(3
|
)
|
|
(1,081
|
)
|
|
—
|
|
|
—
|
|
|
788
|
|
|||||
Share-based compensation
|
—
|
|
|
7,371
|
|
|
—
|
|
|
—
|
|
|
442
|
|
|||||
Repurchase of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(80,296
|
)
|
|||||
September 30, 2016
|
$
|
49,187
|
|
|
$
|
134,597
|
|
|
$
|
1,692,026
|
|
|
$
|
(248,069
|
)
|
|
$
|
(340,726
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
See notes to condensed consolidated financial statements
|
|
|
|
Reclassifications
|
|
|
||||||||||
|
December 31, 2015
as reported
|
|
Deferred Taxes
|
|
Debt Issuance Costs
|
|
December 31, 2015
as reclassified
|
||||||||
Deferred tax assets. net
|
$
|
41,737
|
|
|
$
|
(41,737
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Total current assets
|
$
|
1,316,620
|
|
|
$
|
(41,737
|
)
|
|
$
|
—
|
|
|
$
|
1,274,883
|
|
Other assets
|
$
|
15,745
|
|
|
$
|
3,107
|
|
|
$
|
(1,137
|
)
|
|
$
|
17,715
|
|
Total assets
|
$
|
3,029,378
|
|
|
$
|
(38,630
|
)
|
|
$
|
(1,137
|
)
|
|
$
|
2,989,611
|
|
Other current liabilities
|
$
|
39,152
|
|
|
$
|
(1,962
|
)
|
|
$
|
—
|
|
|
$
|
37,190
|
|
Total current liabilities
|
$
|
525,187
|
|
|
$
|
(1,962
|
)
|
|
$
|
—
|
|
|
$
|
523,225
|
|
Long-term debt
|
$
|
953,083
|
|
|
$
|
—
|
|
|
$
|
(1,137
|
)
|
|
$
|
951,946
|
|
Deferred tax liabilities, net
|
$
|
91,115
|
|
|
$
|
(36,668
|
)
|
|
$
|
—
|
|
|
$
|
54,447
|
|
Total liabilities
|
$
|
1,773,955
|
|
|
$
|
(38,630
|
)
|
|
$
|
(1,137
|
)
|
|
$
|
1,734,188
|
|
Total liabilities and stockholders' equity
|
$
|
3,029,378
|
|
|
$
|
(38,630
|
)
|
|
$
|
(1,137
|
)
|
|
$
|
2,989,611
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
727
|
|
|
$
|
—
|
|
|
$
|
58,011
|
|
Loss from discontinued operations before income taxes
(1)
|
|
—
|
|
|
(872
|
)
|
|
—
|
|
|
(40,831
|
)
|
||||
Income tax benefit / (expense)
|
|
—
|
|
|
(1,231
|
)
|
|
—
|
|
|
7,725
|
|
||||
Loss on sale of businesses
(2)
|
|
—
|
|
|
(2,155
|
)
|
|
—
|
|
|
(12,768
|
)
|
||||
Loss from discontinued operations
|
|
$
|
—
|
|
|
$
|
(4,258
|
)
|
|
$
|
—
|
|
|
$
|
(45,874
|
)
|
(In thousands)
|
September 30, 2016
|
|
December 31, 2015
|
||||
Billed receivables:
|
|
|
|
||||
Trade and other receivables
|
$
|
323,336
|
|
|
$
|
435,172
|
|
Less: Allowance for doubtful accounts
|
(5,296
|
)
|
|
(5,664
|
)
|
||
Net billed receivables
|
318,040
|
|
|
429,508
|
|
||
Unbilled receivables:
|
|
|
|
||||
Recoverable costs and estimated earnings not billed
|
167,151
|
|
|
153,045
|
|
||
Less: Progress payments applied
|
(23,187
|
)
|
|
(16,264
|
)
|
||
Net unbilled receivables
|
143,964
|
|
|
136,781
|
|
||
Receivables, net
|
$
|
462,004
|
|
|
$
|
566,289
|
|
(In thousands)
|
September 30, 2016
|
|
December 31, 2015
|
||||
Raw materials
|
$
|
205,598
|
|
|
$
|
196,684
|
|
Work-in-process
|
83,933
|
|
|
79,406
|
|
||
Finished goods and component parts
|
117,681
|
|
|
114,931
|
|
||
Inventoried costs related to long-term contracts
|
56,428
|
|
|
51,774
|
|
||
Gross inventories
|
463,640
|
|
|
442,795
|
|
||
Less: Inventory reserves
|
(52,531
|
)
|
|
(48,904
|
)
|
||
Progress payments applied
|
(11,471
|
)
|
|
(14,300
|
)
|
||
Inventories
|
$
|
399,638
|
|
|
$
|
379,591
|
|
(In thousands)
|
Commercial/Industrial
|
|
Defense
|
|
Power
|
|
Consolidated
|
||||||||
December 31, 2015
|
$
|
447,828
|
|
|
$
|
337,603
|
|
|
$
|
187,175
|
|
|
$
|
972,606
|
|
Divestiture
|
—
|
|
|
(452
|
)
|
|
—
|
|
|
(452
|
)
|
||||
Foreign currency translation adjustment
|
(6,181
|
)
|
|
(1,683
|
)
|
|
156
|
|
|
(7,708
|
)
|
||||
September 30, 2016
|
$
|
441,647
|
|
|
$
|
335,468
|
|
|
$
|
187,331
|
|
|
$
|
964,446
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
(In thousands)
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
|
Gross
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
Technology
|
|
$
|
169,558
|
|
|
$
|
(97,373
|
)
|
|
$
|
72,185
|
|
|
$
|
171,382
|
|
|
$
|
(91,430
|
)
|
|
$
|
79,952
|
|
Customer related intangibles
|
|
354,727
|
|
|
(154,559
|
)
|
|
200,168
|
|
|
357,538
|
|
|
(140,816
|
)
|
|
216,722
|
|
||||||
Other intangible assets
|
|
37,159
|
|
|
(25,842
|
)
|
|
11,317
|
|
|
37,200
|
|
|
(23,111
|
)
|
|
14,089
|
|
||||||
Total
|
|
$
|
561,444
|
|
|
$
|
(277,774
|
)
|
|
$
|
283,670
|
|
|
$
|
566,120
|
|
|
$
|
(255,357
|
)
|
|
$
|
310,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
September 30, 2016
|
|
December 31, 2015
|
||||
Assets
|
|
|
|
||||
Designated for hedge accounting
|
|
|
|
||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
3,083
|
|
Undesignated for hedge accounting
|
|
|
|
||||
Forward exchange contracts
|
$
|
25
|
|
|
$
|
223
|
|
Total asset derivatives (A)
|
$
|
25
|
|
|
$
|
3,306
|
|
Liabilities
|
|
|
|
||||
Undesignated for hedge accounting
|
|
|
|
||||
Forward exchange contracts
|
506
|
|
|
673
|
|
||
Total liability derivatives (B)
|
$
|
506
|
|
|
$
|
673
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
||||||||||||
(In thousands)
|
|
September 30,
|
|
September 30,
|
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
||||||||
Other income, net
|
|
|
|
|
|
|
|
|
|
||||||||
Gain on interest rate swaps
|
|
$
|
—
|
|
|
$
|
16,954
|
|
|
$
|
—
|
|
|
$
|
12,632
|
|
|
Loss on hedged fixed rate debt
|
|
—
|
|
|
(16,954
|
)
|
|
—
|
|
|
(12,632
|
)
|
|
||||
Total
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
|
September 30,
|
|
September 30,
|
||||||||||||
Derivatives not designated as hedging instrument
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Forward exchange contracts:
|
|
|
|
|
|
|
|
|
||||||||
General and administrative expenses
|
|
$
|
(3,596
|
)
|
|
$
|
(6,136
|
)
|
|
$
|
(8,632
|
)
|
|
$
|
(7,692
|
)
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||
(In thousands)
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
||||||||
5.51% Senior notes due 2017
|
150,000
|
|
|
155,759
|
|
|
150,000
|
|
|
158,024
|
|
||||
3.84% Senior notes due 2021
|
100,000
|
|
|
104,804
|
|
|
100,307
|
|
|
100,307
|
|
||||
3.70% Senior notes due 2023
|
225,000
|
|
|
233,284
|
|
|
225,000
|
|
|
224,322
|
|
||||
3.85% Senior notes due 2025
|
100,000
|
|
|
104,138
|
|
|
100,450
|
|
|
100,450
|
|
||||
4.24% Senior notes due 2026
|
200,000
|
|
|
212,880
|
|
|
201,422
|
|
|
201,422
|
|
||||
4.05% Senior notes due 2028
|
75,000
|
|
|
78,294
|
|
|
75,904
|
|
|
75,904
|
|
||||
4.11% Senior notes due 2028
|
100,000
|
|
|
104,931
|
|
|
100,000
|
|
|
99,720
|
|
||||
Other debt
|
802
|
|
|
802
|
|
|
1,259
|
|
|
1,259
|
|
||||
Total debt
|
950,802
|
|
|
994,892
|
|
|
954,342
|
|
|
961,408
|
|
||||
Unamortized debt issuance costs (1)
|
(1,022
|
)
|
|
(1,022
|
)
|
|
(1,137
|
)
|
|
(1,137
|
)
|
||||
Unamortized interest rate swap proceeds (2)
|
17,062
|
|
|
17,062
|
|
|
—
|
|
|
—
|
|
||||
Total debt, net
|
$
|
966,842
|
|
|
$
|
1,010,932
|
|
|
$
|
953,205
|
|
|
$
|
960,271
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Service cost
|
$
|
6,347
|
|
|
$
|
5,914
|
|
|
$
|
18,832
|
|
|
$
|
20,187
|
|
Interest cost
|
7,503
|
|
|
7,422
|
|
|
22,915
|
|
|
22,410
|
|
||||
Expected return on plan assets
|
(13,462
|
)
|
|
(13,601
|
)
|
|
(40,633
|
)
|
|
(40,968
|
)
|
||||
Amortization of prior service cost
|
(11
|
)
|
|
151
|
|
|
(34
|
)
|
|
462
|
|
||||
Amortization of unrecognized actuarial loss
|
2,837
|
|
|
5,180
|
|
|
9,023
|
|
|
12,911
|
|
||||
Settlement Charges
|
—
|
|
|
7,345
|
|
|
—
|
|
|
7,345
|
|
||||
Net periodic benefit cost
|
$
|
3,214
|
|
|
$
|
12,411
|
|
|
$
|
10,103
|
|
|
$
|
22,347
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
(In thousands)
|
September 30,
|
|
September 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Basic weighted-average shares outstanding
|
44,323
|
|
|
46,366
|
|
|
44,457
|
|
|
47,082
|
|
Dilutive effect of share based compensation
|
674
|
|
|
1,029
|
|
|
671
|
|
|
1,024
|
|
Diluted weighted-average shares outstanding
|
44,997
|
|
|
47,395
|
|
|
45,128
|
|
|
48,106
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net sales
|
|
|
|
|
|
|
|
||||||||
Commercial/Industrial
|
$
|
276,179
|
|
|
$
|
293,039
|
|
|
$
|
841,812
|
|
|
$
|
898,011
|
|
Defense
|
114,946
|
|
|
118,019
|
|
|
335,553
|
|
|
352,520
|
|
||||
Power
|
117,929
|
|
|
115,898
|
|
|
370,798
|
|
|
372,694
|
|
||||
Less: Intersegment revenues
|
(1,962
|
)
|
|
(1,421
|
)
|
|
(4,797
|
)
|
|
(6,297
|
)
|
||||
Total consolidated
|
$
|
507,092
|
|
|
$
|
525,535
|
|
|
$
|
1,543,366
|
|
|
$
|
1,616,928
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (expense)
|
|
|
|
|
|
|
|
||||||||
Commercial/Industrial
|
$
|
39,067
|
|
|
$
|
40,259
|
|
|
$
|
108,076
|
|
|
$
|
128,801
|
|
Defense
|
28,822
|
|
|
25,477
|
|
|
64,276
|
|
|
67,895
|
|
||||
Power
|
14,130
|
|
|
13,545
|
|
|
44,872
|
|
|
34,511
|
|
||||
Corporate and eliminations
(1)
|
(5,446
|
)
|
|
(15,468
|
)
|
|
(15,299
|
)
|
|
(29,117
|
)
|
||||
Total consolidated
|
$
|
76,573
|
|
|
$
|
63,813
|
|
|
$
|
201,925
|
|
|
$
|
202,090
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In thousands)
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Total operating income
|
$
|
76,573
|
|
|
$
|
63,813
|
|
|
$
|
201,925
|
|
|
$
|
202,090
|
|
Interest expense
|
10,488
|
|
|
8,972
|
|
|
30,694
|
|
|
26,953
|
|
||||
Other income, net
|
483
|
|
|
161
|
|
|
818
|
|
|
605
|
|
||||
Earnings from continuing operations before income taxes
|
$
|
66,568
|
|
|
$
|
55,002
|
|
|
$
|
172,049
|
|
|
$
|
175,742
|
|
(In thousands)
|
September 30, 2016
|
|
December 31, 2015
|
||||
Identifiable assets
|
|
|
|
||||
Commercial/Industrial
|
$
|
1,451,198
|
|
|
$
|
1,480,052
|
|
Defense
|
820,384
|
|
|
800,613
|
|
||
Power
|
528,052
|
|
|
629,612
|
|
||
Corporate and Other
|
214,350
|
|
|
79,334
|
|
||
Total consolidated
|
$
|
3,013,984
|
|
|
$
|
2,989,611
|
|
(In thousands)
|
Foreign currency translation adjustments, net
|
|
Total pension and postretirement adjustments, net
|
|
Accumulated other comprehensive income (loss)
|
||||||
December 31, 2014
|
$
|
(20,283
|
)
|
|
$
|
(108,128
|
)
|
|
$
|
(128,411
|
)
|
Current period other comprehensive loss
|
(87,527
|
)
|
|
(9,990
|
)
|
|
(97,517
|
)
|
|||
December 31, 2015
|
$
|
(107,810
|
)
|
|
$
|
(118,118
|
)
|
|
$
|
(225,928
|
)
|
Other comprehensive loss before reclassifications (1)
|
(26,907
|
)
|
|
(257
|
)
|
|
(27,164
|
)
|
|||
Amounts reclassified from accumulated other comprehensive loss (1)
|
—
|
|
|
5,023
|
|
|
5,023
|
|
|||
Net current period other comprehensive income (loss)
|
(26,907
|
)
|
|
4,766
|
|
|
(22,141
|
)
|
|||
September 30, 2016
|
$
|
(134,717
|
)
|
|
$
|
(113,352
|
)
|
|
$
|
(248,069
|
)
|
(1)
|
All amounts are after tax.
|
(In thousands)
|
Amount reclassified from AOCI
|
|
Affected line item in the statement where net earnings is presented
|
||
Defined benefit pension and other postretirement benefit plans
|
|
|
|
||
Amortization of prior service costs
|
527
|
|
|
(1)
|
|
Amortization of actuarial losses
|
(8,596
|
)
|
|
(1)
|
|
|
(8,069
|
)
|
|
Total before tax
|
|
|
3,046
|
|
|
Income tax
|
|
Total reclassifications
|
$
|
(5,023
|
)
|
|
Net of tax
|
(1)
|
These items are included in the computation of net periodic benefit cost. See Note
8
,
Pension and Other Postretirement Benefit Plans
.
|
Consolidated Statements of Earnings
|
|
|
|
|
|
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
(In thousands)
|
September 30,
|
|
September 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
% change
|
|
2016
|
|
2015
|
|
% change
|
||||||||||
Sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial/Industrial
|
$
|
275,649
|
|
|
$
|
292,557
|
|
|
(6
|
)%
|
|
$
|
840,422
|
|
|
$
|
894,909
|
|
|
(6
|
)%
|
Defense
|
113,949
|
|
|
117,444
|
|
|
(3
|
)%
|
|
333,301
|
|
|
350,595
|
|
|
(5
|
)%
|
||||
Power
|
117,494
|
|
|
115,534
|
|
|
2
|
%
|
|
369,643
|
|
|
371,424
|
|
|
—
|
%
|
||||
Total sales
|
$
|
507,092
|
|
|
$
|
525,535
|
|
|
(4
|
)%
|
|
$
|
1,543,366
|
|
|
$
|
1,616,928
|
|
|
(5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial/Industrial
|
$
|
39,067
|
|
|
$
|
40,259
|
|
|
(3
|
)%
|
|
$
|
108,076
|
|
|
$
|
128,801
|
|
|
(16
|
)%
|
Defense
|
28,822
|
|
|
25,477
|
|
|
13
|
%
|
|
64,276
|
|
|
67,895
|
|
|
(5
|
)%
|
||||
Power
|
14,130
|
|
|
13,545
|
|
|
4
|
%
|
|
44,872
|
|
|
34,511
|
|
|
30
|
%
|
||||
Corporate and eliminations
|
(5,446
|
)
|
|
(15,468
|
)
|
|
65
|
%
|
|
(15,299
|
)
|
|
(29,117
|
)
|
|
47
|
%
|
||||
Total operating income
|
$
|
76,573
|
|
|
$
|
63,813
|
|
|
20
|
%
|
|
$
|
201,925
|
|
|
$
|
202,090
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
10,488
|
|
|
8,972
|
|
|
17
|
%
|
|
30,694
|
|
|
26,953
|
|
|
14
|
%
|
||||
Other income, net
|
483
|
|
|
161
|
|
|
NM
|
|
|
818
|
|
|
605
|
|
|
NM
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings before taxes
|
66,568
|
|
|
55,002
|
|
|
21
|
%
|
|
172,049
|
|
|
175,742
|
|
|
(2
|
)%
|
||||
Provision for income taxes
|
(20,636
|
)
|
|
(16,860
|
)
|
|
22
|
%
|
|
(53,335
|
)
|
|
(54,256
|
)
|
|
(2
|
)%
|
||||
Net earnings from continuing operations
|
$
|
45,932
|
|
|
$
|
38,142
|
|
|
|
|
|
$
|
118,714
|
|
|
$
|
121,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New orders
|
$
|
500,127
|
|
|
$
|
494,096
|
|
|
1
|
%
|
|
$
|
1,652,396
|
|
|
$
|
1,648,080
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NM- not a meaningful percentage
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30,
|
|
September 30,
|
||||||||
|
2016 vs. 2015
|
|
2016 vs. 2015
|
||||||||
|
Sales
|
|
Operating Income
|
|
Sales
|
|
Operating Income
|
||||
Organic
|
(3
|
%)
|
|
17
|
%
|
|
(4
|
%)
|
|
(4
|
%)
|
Acquisitions
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Foreign currency
|
(1
|
%)
|
|
3
|
%
|
|
(1
|
%)
|
|
4
|
%
|
Total
|
(4
|
%)
|
|
20
|
%
|
|
(5
|
%)
|
|
—
|
%
|
•
|
Net earnings increased $12 million, primarily due to higher earnings from continuing operations of $8 million as higher operating income was partially offset by higher interest expense. Net earnings also benefited from higher earnings from discontinued operations of $4 million which were zero in the current period as compared to a loss of $4 million in the prior period.
|
•
|
Foreign currency translation adjustments in the third quarter of 2016 resulted in a $12 million comprehensive loss, compared to a $38 million comprehensive loss in the prior year period. The comprehensive loss during the current period was primarily attributed to decreases in the British Pound.
|
•
|
Pension and postretirement adjustments within comprehensive income of $2 million were essentially flat against the comparable prior year period.
|
•
|
Net earnings increased $43 million, primarily due to the increase in earnings from discontinued operations which were zero in the current period as compared to a loss of $46 million in the prior period. This increase was partially offset by a decrease of $3 million in earnings from continuing operations due primarily to higher interest expense.
|
•
|
Foreign currency translation adjustments for the first nine months of 2016 resulted in a $27 million comprehensive loss, compared to a $62 million comprehensive loss in the prior period. The comprehensive loss during the current period was primarily attributed to decreases in the British Pound, partially offset by increases in the Canadian dollar.
|
•
|
Pension and postretirement adjustments within comprehensive income decreased approximately $1 million, to $5 million, due to a reduction in the amortization of prior service costs and actuarial losses.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
(In thousands)
|
September 30,
|
|
September 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
% change
|
|
2016
|
|
2015
|
|
% change
|
||||||||||
Sales
|
$
|
275,649
|
|
|
$
|
292,557
|
|
|
(6
|
%)
|
|
$
|
840,422
|
|
|
$
|
894,909
|
|
|
(6
|
%)
|
Operating income
|
39,067
|
|
|
40,259
|
|
|
(3
|
%)
|
|
108,076
|
|
|
128,801
|
|
|
(16
|
%)
|
||||
Operating margin
|
14.2
|
%
|
|
13.8
|
%
|
|
40
|
bps
|
|
12.9
|
%
|
|
14.4
|
%
|
|
(150
|
) bps
|
||||
New orders
|
$
|
283,185
|
|
|
$
|
280,009
|
|
|
1
|
%
|
|
$
|
920,904
|
|
|
$
|
886,683
|
|
|
4
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30,
|
|
September 30,
|
||||||||
|
2016 vs. 2015
|
|
2016 vs. 2015
|
||||||||
|
Sales
|
|
Operating Income
|
|
Sales
|
|
Operating Income
|
||||
Organic
|
(5
|
%)
|
|
(6
|
%)
|
|
(5
|
%)
|
|
(19
|
%)
|
Acquisitions
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Foreign currency
|
(1
|
%)
|
|
3
|
%
|
|
(1
|
%)
|
|
3
|
%
|
Total
|
(6
|
%)
|
|
(3
|
%)
|
|
(6
|
%)
|
|
(16
|
%)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
(In thousands)
|
September 30,
|
|
September 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
% change
|
|
2016
|
|
2015
|
|
% change
|
||||||||||
Sales
|
$
|
113,949
|
|
|
$
|
117,444
|
|
|
(3
|
%)
|
|
$
|
333,301
|
|
|
$
|
350,595
|
|
|
(5
|
%)
|
Operating income
|
28,822
|
|
|
25,477
|
|
|
13
|
%
|
|
64,276
|
|
|
67,895
|
|
|
(5
|
%)
|
||||
Operating margin
|
25.3
|
%
|
|
21.7
|
%
|
|
360
|
bps
|
|
19.3
|
%
|
|
19.4
|
%
|
|
(10
|
) bps
|
||||
New orders
|
$
|
130,055
|
|
|
$
|
102,256
|
|
|
27
|
%
|
|
$
|
328,679
|
|
|
$
|
387,256
|
|
|
(15
|
%)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30,
|
|
September 30,
|
||||||||
|
2016 vs. 2015
|
|
2016 vs. 2015
|
||||||||
|
Sales
|
|
Operating Income
|
|
Sales
|
|
Operating Income
|
||||
Organic
|
(2
|
%)
|
|
10
|
%
|
|
(4
|
%)
|
|
(12
|
%)
|
Acquisitions
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Foreign currency
|
(1
|
%)
|
|
3
|
%
|
|
(1
|
%)
|
|
7
|
%
|
Total
|
(3
|
%)
|
|
13
|
%
|
|
(5
|
%)
|
|
(5
|
%)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
(In thousands)
|
September 30,
|
|
September 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
% change
|
|
2016
|
|
2015
|
|
% change
|
||||||||||
Sales
|
$
|
117,494
|
|
|
$
|
115,534
|
|
|
2
|
%
|
|
$
|
369,643
|
|
|
$
|
371,424
|
|
|
—
|
%
|
Operating income
|
14,130
|
|
|
13,545
|
|
|
4
|
%
|
|
44,872
|
|
|
34,511
|
|
|
30
|
%
|
||||
Operating margin
|
12.0
|
%
|
|
11.7
|
%
|
|
30
|
bps
|
|
12.1
|
%
|
|
9.3
|
%
|
|
280
|
bps
|
||||
New orders
|
$
|
86,887
|
|
|
$
|
111,831
|
|
|
(22
|
%)
|
|
$
|
402,813
|
|
|
$
|
374,141
|
|
|
8
|
%
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
September 30,
|
|
September 30,
|
||||||||
|
2016 vs. 2015
|
|
2016 vs. 2015
|
||||||||
|
Sales
|
|
Operating Income
|
|
Sales
|
|
Operating Income
|
||||
Organic
|
2
|
%
|
|
4
|
%
|
|
—
|
%
|
|
30
|
%
|
Acquisitions
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Foreign currency
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Total
|
2
|
%
|
|
4
|
%
|
|
—
|
%
|
|
30
|
%
|
Net Sales by End Market
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
(In thousands)
|
September 30,
|
|
September 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
% change
|
|
2016
|
|
2015
|
|
% change
|
||||||||||
Defense markets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Aerospace
|
$
|
77,990
|
|
|
$
|
81,758
|
|
|
(5
|
%)
|
|
$
|
215,586
|
|
|
$
|
228,865
|
|
|
(6
|
%)
|
Ground
|
19,599
|
|
|
18,522
|
|
|
6
|
%
|
|
58,654
|
|
|
61,415
|
|
|
(4
|
%)
|
||||
Naval
|
100,054
|
|
|
96,229
|
|
|
4
|
%
|
|
297,512
|
|
|
286,113
|
|
|
4
|
%
|
||||
Other
|
4,391
|
|
|
1,410
|
|
|
211
|
%
|
|
8,185
|
|
|
4,960
|
|
|
65
|
%
|
||||
Total Defense
|
$
|
202,034
|
|
|
$
|
197,919
|
|
|
2
|
%
|
|
$
|
579,937
|
|
|
$
|
581,353
|
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial markets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Aerospace
|
$
|
94,241
|
|
|
$
|
94,476
|
|
|
—
|
%
|
|
$
|
299,052
|
|
|
$
|
294,554
|
|
|
2
|
%
|
Power Generation
|
89,600
|
|
|
87,371
|
|
|
3
|
%
|
|
285,030
|
|
|
294,848
|
|
|
(3
|
%)
|
||||
General Industrial
|
121,217
|
|
|
145,769
|
|
|
(17
|
%)
|
|
379,347
|
|
|
446,173
|
|
|
(15
|
%)
|
||||
Total Commercial
|
$
|
305,058
|
|
|
$
|
327,616
|
|
|
(7
|
%)
|
|
$
|
963,429
|
|
|
$
|
1,035,575
|
|
|
(7
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Curtiss-Wright
|
$
|
507,092
|
|
|
$
|
525,535
|
|
|
(4
|
%)
|
|
$
|
1,543,366
|
|
|
$
|
1,616,928
|
|
|
(5
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows
|
|
|
|
||||
(In thousands)
|
September 30, 2016
|
|
September 30, 2015
|
||||
Cash provided by (used):
|
|
|
|
||||
Operating activities
|
$
|
267,212
|
|
|
$
|
(4,691
|
)
|
Investing activities
|
(24,191
|
)
|
|
1,308
|
|
||
Financing activities
|
(67,668
|
)
|
|
(186,305
|
)
|
||
Effect of exchange-rate changes on cash
|
(11,997
|
)
|
|
(12,503
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
163,356
|
|
|
(202,191
|
)
|
|
|
Total Number of shares purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of a Publicly Announced Program
|
|
Maximum Dollar amount of shares that may yet be Purchased Under the Program
|
||||||
July 1 - July 31
|
|
93,700
|
|
|
$
|
84.59
|
|
|
838,847
|
|
|
$
|
137,116,375
|
|
August 1 - August 31
|
|
101,800
|
|
|
89.26
|
|
|
940,647
|
|
|
128,030,037
|
|
||
September 1 - September 30
|
|
94,000
|
|
|
88.57
|
|
|
1,034,647
|
|
|
119,704,304
|
|
||
For the quarter ended
|
|
289,500
|
|
|
$
|
87.52
|
|
|
1,034,647
|
|
|
$
|
119,704,304
|
|
|
|
|
Incorporated by Reference
|
Filed
|
|
Exhibit No.
|
|
Exhibit Description
|
Form
|
Filing Date
|
Herewith
|
|
|
|
|
|
|
3.1
|
|
Amended and Restated Certificate of Incorporation of the Registrant
|
8-A/A
|
May 24, 2005
|
|
|
|
|
|
|
|
3.2
|
|
Amended and Restated Bylaws of the Registrant
|
8-K
|
May 18, 2015
|
|
|
|
|
|
|
|
31.1
|
|
Certification of David C. Adams, Chairman and CEO, Pursuant to Rules 13a – 14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended
|
|
|
X
|
|
|
|
|
|
|
31.2
|
|
Certification of Glenn E. Tynan, Chief Financial Officer, Pursuant to Rules 13a – 14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended
|
|
|
X
|
|
|
|
|
|
|
32
|
|
Certification of David C. Adams, Chairman and CEO, and Glenn E. Tynan, Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350
|
|
|
X
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
X
|
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
X
|
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
X
|
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
X
|
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
X
|
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
1 Year Curtiss Wright Chart |
1 Month Curtiss Wright Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions