XML 43 R2.htm IDEA: XBRL DOCUMENT v3.26.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE
As required by Item 402(v) of Regulation S-K, we are providing the following information regarding the relationship between executive compensation and our financial performance for each of the last three completed calendar years. In determining the “compensation actually paid” to our Named Executives ("NEOs"), we are required to make various adjustments to amounts that have been previously reported in the Summary Compensation Table in previous years, as the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. The table below summarizes compensation values both previously reported in our Summary Compensation Table, as well as the adjusted values required in this section for the 2021, 2022, 2023, 2024 and 2025 calendar years. Note that compensation for our NEOs other than our chief executive officer (“CEO”) is reported as an average.
Value of Initial Fixed $100 Investment Based on:
Year
Summary Compensation Table Total for CEO(1)
Compensation Actually Paid to CEO(2)
Average Summary Compensation Table Total for Non-CEO NEOs(3)
Average Compensation Actually Paid to Non-CEO NEOs(4)
Total Shareholder Return(5)
Peer Group Total Shareholder Return(6)
Net Income
Adjusted EBITDA(7)
2025$15,742,833 $37,801,072 $1,892,655 $3,905,251 $304.82 $220.22 $332,748,000 $574,300,000 
20248,242,096 15,630,369 2,187,863 3,290,470 194.94 150.03 282,298,000 498,700,000 
20236,673,090 11,709,806 1,772,043 2,368,608 133.04 121.41 246,321,000 471,888,000 
20225,716,692 8,897,926 1,492,560 1,346,116 99.38 97.85 238,620,000 439,412,000 
20215,124,046 3,459,395 1,465,707 1,199,585 80.60 102.72 306,288,000 418,077,000 
(1) The CEO for each year is Rex D. Geveden.
(2) A reconciliation of CEO compensation from the Summary Compensation Table ("SCT") to the Pay Versus Performance ("PVP") table can be found below.
(3) The Non-CEO NEOs for each year are as follows:
For 2025, Michael T. Fitzgerald, Gonzalo R. Cajade, Joseph K. Miller, Omar F. Meguid, Robb A. LeMasters, Kevin M. McCoy and Robert L. Duffy
For 2024, Robb A. LeMasters, Kevin M. McCoy and Robert L. Duffy
For 2023, Robb A. LeMasters, Kevin M. McCoy, Omar F. Meguid and Robert L. Duffy
For 2022, Robb A. LeMasters, Kevin M. McCoy, Thomas E. McCabe and Robert L. Duffy
(4) A reconciliation of the average non-CEO NEO compensation to the SCT Table to the PVP Table can be found below.
(5) The TSR values disclosed represent the measurement period value of an investment of $100 in our units as of December 31, 2021, and then valued again on each of December 31, 2022, December 31, 2023, December 31, 2024 and December 31, 2025.
(6) The TSR values disclosed represent the measurement period value of an investment of $100 in our peer group's units as of December 31, 2021, and then valued again on each of December 31, 2022, December 31, 2023, December 31, 2024 and December 31, 2025. For purposes of the PVP Table, our peer group is the S&P 500 A&D Select Index, which conforms to our disclosures as required by Item 201(e) of Regulation S-K.
(7) The Company believes that adjusted EBITDA most closely aligns pay and performance. This measure demonstrates the profitability of the organization on a like-for-like, year-over-year basis, removing non-recurring, irregular and one-time items that may distort the Company's actual performance during any given period of time. Please refer to Appendix A, "Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results," for a reconciliation of adjusted EBITDA.
Reconciliation of CEO SCT to PVP Compensation
YearSCT Total Compensation
Deductions from SCT Total(1)
Additions to SCT Total(2)
Compensation Actually Paid to CEOFiscal Year End Stock Price
2025$15,742,833 ($12,070,171)$34,128,410 $37,801,072 $172.84 
20248,242,096 (5,178,813)12,567,086 15,630,369 111.39 
20236,673,090 (4,349,659)9,386,376 11,709,806 76.73 
20225,716,692 (3,576,173)6,757,407 8,897,926 58.08 
20215,124,046 (3,499,932)1,835,281 3,459,395 47.88 
Reconciliation of Average Non-CEO NEOs SCT to PVP Compensation
YearSCT Total Compensation
Deductions from SCT Total(1)
Additions to SCT Total(2)
Compensation Actually Paid to Non-CEO NEOsFiscal Year End Stock Price
2025$1,892,655 ($959,804)$2,972,400 $3,905,251 $172.84 
20242,187,863 (1,001,506)2,104,112 3,290,470 111.39 
20231,772,043 (838,282)1,434,847 2,368,608 76.73 
20221,492,560 (721,463)575,019 1,346,116 58.08 
20211,465,707 (661,603)395,481 1,199,585 47.88 
(1) This column reflects the aggregate grant date fair value of equity-based awards granted each year as reported in the Stock Awards column of the SCT for the applicable year, calculated in accordance with FASB ASC Topic 718.
(2) This column reflects the value of equity-based awards calculated in accordance with Item 402(v) of Regulation S-K as required pursuant to SEC rules.
CEO CAP Reconciliation
YearYear-End Value of Current Year Awards Outstanding as of Fiscal Year EndChange in Value as of Year End for Prior Year Awards Outstanding as of Year EndChanges in Value as of Vesting Date for Prior Year Awards that Vested during the YearValue as of the Vesting Date for any Dividend Equivalents that Vested During YearValue as of Year End for Prior Year Awards Forfeited During the YearValue of Equity for CAP Purposes
(a)(b)(c)(d)(e)(a)+(b)+(c)+(d)+(e)
2025$27,529,494 $7,387,846 ($788,930)$238,298 $— $34,366,708 
2024$6,283,231 $5,136,639 $1,147,217 $130,556 $— $12,697,642 
20235,798,932 2,218,116 1,369,328 168,618 — 9,554,994 
20224,908,035 917,174 932,198 139,368 — 6,896,775 
20212,824,010 (1,085,099)96,370 88,537 — 1,923,818 
Average Non-CEO NEOs Reconciliation
YearYear-End Value of Current Year Awards Outstanding as of Fiscal Year EndChange in Value as of Year End for Prior Year Awards Outstanding as of Year EndChanges in Value as of Vesting Date for Prior Year Awards that Vested during the YearValue as of the Vesting Date for any Dividend Equivalents that Vested During YearValue as of Year End for Prior Year Awards Forfeited During the YearValue of Equity for CAP Purposes
(a)(b)(c)(d)(e)(a)+(b)+(c)+(d)+(e)
2025$1,549,969 $1,405,019 $17,413 $16,506 $— $2,988,905 
2024$1,201,527 $796,363 $106,222 $9,638 $— $2,113,750 
20231,119,590 249,260 65,998 5,942 — 1,440,790 
2022696,344 26,329 49,995 7,621 (197,648)582,641 
2021533,128 (147,992)10,345 10,354 — 405,834 
       
Company Selected Measure Name adjusted EBITDA        
Named Executive Officers, Footnote
(3) The Non-CEO NEOs for each year are as follows:
For 2025, Michael T. Fitzgerald, Gonzalo R. Cajade, Joseph K. Miller, Omar F. Meguid, Robb A. LeMasters, Kevin M. McCoy and Robert L. Duffy
For 2024, Robb A. LeMasters, Kevin M. McCoy and Robert L. Duffy
For 2023, Robb A. LeMasters, Kevin M. McCoy, Omar F. Meguid and Robert L. Duffy
For 2022, Robb A. LeMasters, Kevin M. McCoy, Thomas E. McCabe and Robert L. Duffy
       
Peer Group Issuers, Footnote (6) The TSR values disclosed represent the measurement period value of an investment of $100 in our peer group's units as of December 31, 2021, and then valued again on each of December 31, 2022, December 31, 2023, December 31, 2024 and December 31, 2025. For purposes of the PVP Table, our peer group is the S&P 500 A&D Select Index, which conforms to our disclosures as required by Item 201(e) of Regulation S-K.        
PEO Total Compensation Amount $ 15,742,833 $ 8,242,096 $ 6,673,090 $ 5,716,692 $ 5,124,046
PEO Actually Paid Compensation Amount $ 37,801,072 $ 15,630,369 11,709,806 8,897,926 3,459,395
Adjustment To PEO Compensation, Footnote (2) A reconciliation of CEO compensation from the Summary Compensation Table ("SCT") to the Pay Versus Performance ("PVP") table can be found below.
Reconciliation of CEO SCT to PVP Compensation
YearSCT Total Compensation
Deductions from SCT Total(1)
Additions to SCT Total(2)
Compensation Actually Paid to CEOFiscal Year End Stock Price
2025$15,742,833 ($12,070,171)$34,128,410 $37,801,072 $172.84 
20248,242,096 (5,178,813)12,567,086 15,630,369 111.39 
20236,673,090 (4,349,659)9,386,376 11,709,806 76.73 
20225,716,692 (3,576,173)6,757,407 8,897,926 58.08 
20215,124,046 (3,499,932)1,835,281 3,459,395 47.88 
Reconciliation of Average Non-CEO NEOs SCT to PVP Compensation
YearSCT Total Compensation
Deductions from SCT Total(1)
Additions to SCT Total(2)
Compensation Actually Paid to Non-CEO NEOsFiscal Year End Stock Price
2025$1,892,655 ($959,804)$2,972,400 $3,905,251 $172.84 
20242,187,863 (1,001,506)2,104,112 3,290,470 111.39 
20231,772,043 (838,282)1,434,847 2,368,608 76.73 
20221,492,560 (721,463)575,019 1,346,116 58.08 
20211,465,707 (661,603)395,481 1,199,585 47.88 
(1) This column reflects the aggregate grant date fair value of equity-based awards granted each year as reported in the Stock Awards column of the SCT for the applicable year, calculated in accordance with FASB ASC Topic 718.
(2) This column reflects the value of equity-based awards calculated in accordance with Item 402(v) of Regulation S-K as required pursuant to SEC rules.
CEO CAP Reconciliation
YearYear-End Value of Current Year Awards Outstanding as of Fiscal Year EndChange in Value as of Year End for Prior Year Awards Outstanding as of Year EndChanges in Value as of Vesting Date for Prior Year Awards that Vested during the YearValue as of the Vesting Date for any Dividend Equivalents that Vested During YearValue as of Year End for Prior Year Awards Forfeited During the YearValue of Equity for CAP Purposes
(a)(b)(c)(d)(e)(a)+(b)+(c)+(d)+(e)
2025$27,529,494 $7,387,846 ($788,930)$238,298 $— $34,366,708 
2024$6,283,231 $5,136,639 $1,147,217 $130,556 $— $12,697,642 
20235,798,932 2,218,116 1,369,328 168,618 — 9,554,994 
20224,908,035 917,174 932,198 139,368 — 6,896,775 
20212,824,010 (1,085,099)96,370 88,537 — 1,923,818 
Average Non-CEO NEOs Reconciliation
YearYear-End Value of Current Year Awards Outstanding as of Fiscal Year EndChange in Value as of Year End for Prior Year Awards Outstanding as of Year EndChanges in Value as of Vesting Date for Prior Year Awards that Vested during the YearValue as of the Vesting Date for any Dividend Equivalents that Vested During YearValue as of Year End for Prior Year Awards Forfeited During the YearValue of Equity for CAP Purposes
(a)(b)(c)(d)(e)(a)+(b)+(c)+(d)+(e)
2025$1,549,969 $1,405,019 $17,413 $16,506 $— $2,988,905 
2024$1,201,527 $796,363 $106,222 $9,638 $— $2,113,750 
20231,119,590 249,260 65,998 5,942 — 1,440,790 
2022696,344 26,329 49,995 7,621 (197,648)582,641 
2021533,128 (147,992)10,345 10,354 — 405,834 
     
Non-PEO NEO Average Total Compensation Amount $ 1,892,655 $ 2,187,863 1,772,043 1,492,560 1,465,707
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,905,251 3,290,470 2,368,608 1,346,116 1,199,585
Adjustment to Non-PEO NEO Compensation Footnote (1) This column reflects the aggregate grant date fair value of equity-based awards granted each year as reported in the Stock Awards column of the SCT for the applicable year, calculated in accordance with FASB ASC Topic 718.
(2) This column reflects the value of equity-based awards calculated in accordance with Item 402(v) of Regulation S-K as required pursuant to SEC rules.
       
Compensation Actually Paid vs. Total Shareholder Return
TSR.jpg
       
Compensation Actually Paid vs. Net Income
Net Income.jpg
       
Compensation Actually Paid vs. Company Selected Measure
Adj. EBITDA.jpg
       
Total Shareholder Return Vs Peer Group
TSR.jpg
       
Tabular List, Table
The Company considers the financial performance measures in the table below to most closely link pay to performance:
Financial Measures
Operating Income
Free Cash Flow
EBITDA
ROIC
Total Shareholder Return
       
Total Shareholder Return Amount $ 304.82 194.94 133.04 99.38 80.60
Peer Group Total Shareholder Return Amount 220.22 150.03 121.41 97.85 102.72
Net Income (Loss) $ 332,748,000 $ 282,298,000 $ 246,321,000 $ 238,620,000 $ 306,288,000
Company Selected Measure Amount 574,300,000 498,700,000 471,888,000 439,412,000 418,077,000
Additional 402(v) Disclosure (5) The TSR values disclosed represent the measurement period value of an investment of $100 in our units as of December 31, 2021, and then valued again on each of December 31, 2022, December 31, 2023, December 31, 2024 and December 31, 2025.        
Share Price, Fiscal Year End $ 172.84 $ 111.39 $ 76.73 $ 58.08 $ 47.88
Measure:: 1          
Pay vs Performance Disclosure          
Measure Name, Operating Income
Operating Income
       
Measure:: 2          
Pay vs Performance Disclosure          
Measure Name, Free Cash Flow
Free Cash Flow
       
Measure:: 3          
Pay vs Performance Disclosure          
Non-GAAP Measure Description
(7) The Company believes that adjusted EBITDA most closely aligns pay and performance. This measure demonstrates the profitability of the organization on a like-for-like, year-over-year basis, removing non-recurring, irregular and one-time items that may distort the Company's actual performance during any given period of time. Please refer to Appendix A, "Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results," for a reconciliation of adjusted EBITDA.
       
Measure Name, EBITDA
EBITDA
       
Measure:: 4          
Pay vs Performance Disclosure          
Measure Name, ROIC
ROIC
       
Measure:: 5          
Pay vs Performance Disclosure          
Measure Name, Total Shareholder Return
Total Shareholder Return
       
Rex D. Geveden [Member]          
Pay vs Performance Disclosure          
PEO Name Rex D. Geveden        
PEO | Deductions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (12,070,171) $ (5,178,813) $ (4,349,659) $ (3,576,173) $ (3,499,932)
PEO | Additions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 34,128,410 12,567,086 9,386,376 6,757,407 1,835,281
PEO | Equity Awards Granted During the Year, Outstanding [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards 27,529,494 6,283,231 5,798,932 4,908,035 2,824,010
PEO | Equity Awards Granted in Prior Years, Outstanding [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards 7,387,846 5,136,639 2,218,116 917,174 (1,085,099)
PEO | Equity Awards Granted in Prior Years, Vested [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards (788,930) 1,147,217 1,369,328 932,198 96,370
PEO | Equity Awards, Value of Dividends Equivalents Vested During Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards 238,298 130,556 168,618 139,368 88,537
PEO | Equity Awards, Value of Prior Year Awards Forfeited During the Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards 0 0 0 0 0
PEO | Equity Award Adjustments [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 34,366,708 12,697,642 9,554,994 6,896,775 1,923,818
Non-PEO NEO | Deductions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (959,804) (1,001,506) (838,282) (721,463) (661,603)
Non-PEO NEO | Additions [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,972,400 2,104,112 1,434,847 575,019 395,481
Non-PEO NEO | Equity Awards Granted During the Year, Outstanding [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards 1,549,969 1,201,527 1,119,590 696,344 533,128
Non-PEO NEO | Equity Awards Granted in Prior Years, Outstanding [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards 1,405,019 796,363 249,260 26,329 (147,992)
Non-PEO NEO | Equity Awards Granted in Prior Years, Vested [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards 17,413 106,222 65,998 49,995 10,345
Non-PEO NEO | Equity Awards, Value of Dividends Equivalents Vested During Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards 16,506 9,638 5,942 7,621 10,354
Non-PEO NEO | Equity Awards, Value of Prior Year Awards Forfeited During the Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation Amount, Equity Awards 0 0 0 (197,648) 0
Non-PEO NEO | Equity Award Adjustments [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 2,988,905 $ 2,113,750 $ 1,440,790 $ 582,641 $ 405,834