46 added · 48 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.
Newly disclosed
Further, on January 5, 2026, the OECD released a comprehensive package for a “side-by-side arrangement” with respect to Pillar Two global minimum tax rules that includes new administrative guidance.
Given that laws and regulations around AI are continuously evolving, our obligation to comply with them could entail significant costs, negatively affect our business, or hinder our ability to incorporate certain AI capabilities into our operations and products.
The amount of the fee recovered, if any, is related to the portion of the work accomplished prior to termination and is determined by negotiation. 15 A termination arising out of our default could have a material adverse effect on our ability to compete for future contracts and orders.
Due to the inherent uncertainties of litigation, the ultimate outcome is difficult to assess or quantify, as plaintiffs may seek recovery of very large or indeterminate amounts in these types of lawsuits, including punitive damages, civil penalties, consequential damages or other losses, or injunctive or declaratory relief, and the magnitude of the potential loss may remain unknown for substantial periods of time.
U.S. lawmakers on several occasions have passed legislation to raise the federal debt ceiling, the most recent of which was through the passage on July 4, 2025 of the One Big Beautiful Bill Act ("OBBBA"), which raised the federal debt ceiling by $5 trillion.
On July 4, 2025, the U.S. government enacted the OBBBA, which extended various expiring tax provisions from the Tax Cuts and Jobs Act of 2017 ("TCJA") and introduced a variety of other substantial tax law changes.
Furthermore, while we do not currently use artificial intelligence (“AI”) in the design and development of our products, we may seek to utilize AI in the future.
The development, deployment, and integration of AI technologies presents risks, challenges, and potential unintended consequences that could affect our business.
For Curtiss-Wright, the most significant impact relates to the immediate expensing of research and development expenditures in 2025, reducing total estimated 2025 tax payments.
We may be subject to periodic litigation and regulatory proceedings, which may adversely affect our business and financial performance.
Watts Executive Vice President and Chief Growth Officer Executive Vice President and Chief Growth Officer of the Corporation since January 2026.
In 2025, 2024, and 2023, our foreign operations as a percentage of pre-tax earnings were 41% , 38%, and 35%, respectively.
No longer disclosed
Department of the Treasury has announced that, since then, it has been using extraordinary measures to prevent the U.S. government’s default on its payment obligations, and to extend the time that the U.S. government has to raise its statutory debt limit, reinstate a suspension or otherwise resolve its funding situation.
We may be subject to periodic litigation and regulatory proceedings, which may adversely affect our business and financial performance. 17 From time to time, we are involved in lawsuits and regulatory actions brought or threatened against us in the ordinary course of business.
The outcome of litigation, particularly class action lawsuits and regulatory actions, is difficult to assess or quantify, as plaintiffs may seek recovery of very large or indeterminate amounts in these types of lawsuits, and the magnitude of the potential loss may remain unknown for substantial periods of time.
U.S. lawmakers on several occasions have passed legislation to raise the federal debt ceiling, including the suspension to the federal debt ceiling in June 2023, which allowed the U.S. government to cover its debt obligations until January 1, 2025.
On August 16, 2022, the Inflation Reduction Act of 2022 (IRA) was signed into law, with tax provisions primarily focused on implementing a 15% minimum corporate tax on global adjusted financial statement income and a 1% excise tax on share repurchases.
These actions and proceedings may involve claims for, among other things, compensation for alleged personal injury, workers’ compensation, employment discrimination, or breach of contract.
In both 2021 and 2022, the Biden administration announced, and in certain cases has enacted, several tax proposals to fund new government investments in infrastructure, healthcare, and education, among others.
In 2024, 2023, and 2022, our foreign operations as a percentage of pre-tax earnings were 38% , 35%, and 39%, respectively, adjusted for the loss on sale of our industrial valves business in Germany in 2022.
See “Critical Accounting Estimates and Policies” in Part II, Item 7 of this Form 10-K. 19 Our future financial results could be adversely impacted by asset impairment charges.
The Code is available within the Corporate Governance section of the Company’s website at https://curtisswright.com/investor-relations/governance/default.aspx.
We are continuing to actively pursue additional acquisition opportunities, some of which may be material to our business and financial performance.
A termination arising out of our default could have a material adverse effect on our ability to compete for future contracts and orders.