The Corporation maintains nine separate and distinct pension and other post-retirement defined benefit plans, consisting of three domestic plans and six separate foreign pension plans. The domestic plans include a qualified pension plan, a non-qualified pension plan, and a postretirement health-benefits plan. The foreign plans consist of one defined benefit pension plan each in the United Kingdom, France, Canada, and Switzerland, and two in Mexico.

The Corporation maintains a defined benefit pension plan (the "CW Pension Plan") covering certain employee populations under six benefit formulas: a non-contributory non-union and union formula for certain Curtiss-Wright ("CW") employees, a contributory union and non-union benefit formula for employees at the Electro-Mechanical Division ("EMD") business unit, and two benefit formulas providing annuity benefits for participants in the former Williams Controls salaried and union plans.

CW non-union employees hired prior to February 1, 2010 receive a final average pay benefit based on years of credited service, using the five highest consecutive years’ compensation during the last ten years of service. These employees became participants under the CW Pension Plan after one year of service and were vested after three years of service. CW non-union

employees hired on or after the effective date were eligible for a cash balance benefit through December 31, 2013, and were transitioned to the new defined contribution plan, further described below. CW union employees who have negotiated a benefit under the CW Pension Plan are entitled to a benefit based on years of service multiplied by a monthly pension rate.

The formula for EMD employees is based on a career average pay benefit and covers both union and non-union employees and is designed to satisfy the requirements of relevant collective bargaining agreements. Employee contributions are withheld each pay period and are equal to 1.5% of salary. The benefits for the EMD employees are based on years of service and compensation. On December 31, 2012, the Corporation amended the CW Pension Plan to close the benefit to EMD employees hired after January 1, 2014.

Participants of the former Williams Controls UAW Local 492 Plan for union employees are entitled to a benefit based on years of service multiplied by a monthly pension rate, and may be eligible for supplemental benefits based upon attainment of certain age and service requirements.

Effective January 1, 2014, all active non-union employees participating in the final and career average pay formulas in the defined benefit plan will cease accruals 15 years from the effective date of the amendment. In addition to the sunset provision, cash balance benefit accruals for non-union participants ceased as of January 1, 2014. Non-union employees who were not currently receiving final or career average pay benefits became eligible to participate in a new defined contribution plan which provides both employer match and non-elective contribution components. Subsequent to the original amendment, the Corporation successfully negotiated the sunset provision into the bargaining agreements for all represented employees that received benefits through this plan.

As of December 31, 2025, and 2024, the Corporation had a noncurrent pension asset of $312.9 million and $279.6 million, respectively. The change in balance was primarily due to a higher return on plan assets during the current period.

The Corporation also maintains a non-qualified restoration plan (the "CW Restoration Plan") covering those employees of CW and EMD whose compensation or benefits exceed the IRS limitation for pension benefits. Benefits under the CW Restoration Plan are not funded, and, as such, the Corporation had an accrued pension liability of $53.4 million and $47.9 million as of December 31, 2025 and 2024, respectively. The Corporation’s contributions to the CW Restoration Plan are expected to be $4.5 million in 2026.

The Corporation provides post-employment benefits consisting of retiree health and life insurance to three distinct groups of employees/retirees: the CW Grandfathered plan, and plans assumed in the acquisitions of EMD and Williams Controls.

The Corporation also provides retiree health and life insurance benefits for substantially all Curtiss-Wright EMD employees. The plan provides basic health and welfare coverage for pre-65 participants based on years of service and are subject to certain caps. Effective January 1, 2011, the Corporation modified the benefit design for post-65 retirees by introducing Retiree Reimbursement Accounts ("RRAs") to participants in lieu of the traditional benefit delivery. Participant accounts are funded a set amount annually that can be used to purchase supplemental coverage on the open market, effectively capping the benefit.

The plan also provides retiree health and life insurance benefits for certain retirees of the Williams Controls salaried and union pension plans. Effective August 31, 2013, the Corporation modified the benefit design for post-65 retirees by introducing RRAs to align with the EMD delivery model.

The Corporation had an accrued postretirement benefit liability of $17.7 million and $17.6 million as of December 31, 2025 and December 31, 2024, respectively. The Corporation expects to contribute $1.5 million to the plan during 2026. Activity associated with the postretirement benefit liability for the years ended December 31, 2025 and 2024 was immaterial.

As of December 31, 2025 and 2024, the total projected benefit obligation related to all foreign plans was $81.6 million and $71.8 million, respectively. As of December 31, 2025 and December 31, 2024, the Corporation had a net pension asset of $13.9 million and $12.2 million, respectively. The Corporation's contributions to the foreign plans are expected to be $1.2 million in 2026.

The net pension benefit costs consisted of the following:


	Pension Benefits
(In thousands)	2025		2024		2023
Service cost	$	14,956	$	16,460	$	16,224
Interest cost	34,913		33,344		34,085
Expected return on plan assets	(70,610)		(65,932)		(63,013)
Amortization of prior service cost	60		(5)		(106)
Recognized net actuarial loss	2,122		848		139
Cost of settlements/curtailments	1,589		787		—
Net periodic benefit cost	$	(16,970)	$	(14,498)	$	(12,671)

The cost of settlements/curtailments indicated above represents events that are accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans. In 2025, the Company recognized settlement charges related to the retirement of a former executive.

The following table outlines the Corporation's consolidated disclosure of the pension benefits information described previously. The Corporation had no foreign postretirement plans. All plans were valued using a December 31, 2025 measurement date.


	Pension Benefits
(In thousands)	2025		2024
Change in benefit obligation:
Beginning of year	$	712,965	$	753,370
Service cost	14,956		16,460
Interest cost	34,913		33,344
Plan participants’ contributions	1,240		1,228
Actuarial (gain) loss	20,610		(40,169)
Settlements	—		(3,463)
Benefits paid	(49,176)		(42,155)
Actual expenses	(1,452)		(1,834)
Currency translation adjustments	7,305		(3,816)
End of year	$	741,361	$	712,965


Change in plan assets:
Beginning of year	$	956,884	$	963,364
Actual return on plan assets	91,561		40,255
Employer contribution	8,053		2,896
Plan participants’ contributions	1,240		1,228
Benefits paid	(49,176)		(42,155)
Actual expenses	(1,452)		(1,834)
Settlements	—		(3,463)
Currency translation adjustments	7,621		(3,407)
End of year	$	1,014,731	$	956,884

Funded status	$	273,370	$	243,919


	Pension Benefits
(In thousands)	2025		2024
Amounts recognized on the balance sheet
Noncurrent assets	$	333,547	$	299,130
Current liabilities	(4,963)		(3,839)
Noncurrent liabilities	(55,214)		(51,372)
Total	$	273,370	$	243,919
Amounts recognized in accumulated other comprehensive income (AOCI)
Net actuarial loss	$	102,339	$	104,770
Prior service cost	(242)		(148)
Total	$	102,097	$	104,622
Information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	$	90,929	$	78,067
Accumulated benefit obligation	79,367		67,462
Fair value of plan assets	30,752		22,855

Plan Assumptions


	Pension Benefits
	2025		2024
Weighted-average assumptions in determination of benefit obligation:
Discount rate	5.17	%	5.38	%
Rate of compensation increase	3.31	%	3.32	%
Weighted-average assumptions in determination of net periodic benefit cost:
Discount rate	5.38	%	4.71	%
Expected return on plan assets	7.02	%	6.58	%
Rate of compensation increase	3.32	%	3.33	%

The Corporation applies the spot rate, or full yield curve, approach for developing discount rates. The discount rate for each plan's past service liabilities and service cost is determined by discounting the plan’s expected future benefit payments using a yield curve developed from high quality bonds that are rated Aa or better by Moody’s as of the measurement date. The yield curve calculation matches the notional cash inflows of the hypothetical bond portfolio with the expected benefit payments to arrive at one effective rate for these components. Interest cost is determined by applying the spot rate from the full yield curve to each anticipated benefit payment, based on the anticipated optional form elections.

The overall expected return on assets assumption is based on a combination of historical performance of the pension fund and expectations of future performance. Expected future performance is determined by weighting the expected returns for each asset class by the plan’s asset allocation. The expected returns are based on long-term capital market assumptions utilizing a ten-year time horizon through consultation with investment advisors. While consideration is given to recent performance and historical returns, the assumption represents a long-term prospective return.

The overall objective for plan assets is to earn a rate of return over time to meet anticipated benefit payments in accordance with plan provisions. The long-term investment objective of the domestic retirement plan is to achieve a total rate of return, net of fees, which exceeds the actuarial overall expected return on asset assumptions used for funding purposes and which provides an appropriate premium over inflation. The intermediate-term objective of the domestic retirement plan, defined as three to five years, is to outperform each of the capital markets in which assets are invested, net of fees. During periods of extreme market volatility, preservation of capital takes a higher precedence than outperforming the capital markets.

The Finance Committee of the Corporation’s Board of Directors is responsible for formulating investment policies, developing investment manager guidelines and objectives, and approving and managing qualified advisors and investment managers. The guidelines established define permitted investments within each asset class and apply certain restrictions such as limits on

The Corporation maintains the funds of the CW Pension Plan under a trust that is diversified across investment classes and among investment managers to achieve an optimal balance between risk and return. In the first quarter of 2022, the Corporation implemented an asset de-risking strategy in recognition of the strong funded status of the plan and a desire to reduce volatility as the plan approaches the cessation of accruals in 2028. As a part of its strategy shift, the Corporation transitioned to an Outsourced Chief Investment Officer model that introduces asset allocation constraints that increase the fixed income allocation over time and with changes in the funded status. Accordingly, our established target allocations for each of the following asset classes: domestic equity securities, international equity securities, and debt securities have changed. Below are the Corporation’s actual and current target allocations for the CW Pension Plan, representing 91% of consolidated assets:


	As of December 31,		Target	Expected
	2025	2024	Exposure	Range
Asset class
Domestic equities	15%	22%	15%	12%-18%
International equities	5%	7%	5%	1%-6%
Total equity	20%	29%	20%	15%-25%
Fixed income	80%	71%	80%	75%-85%

Foreign plan assets represent 9% of consolidated plan assets, with most of the assets supporting the U.K. plan. Generally, the foreign plans follow a similar asset allocation strategy and are more heavily weighted in fixed income resulting in a weighted expected return on assets assumption of 4.9% for all foreign plans.

The Corporation may from time to time require the reallocation of assets in order to bring the retirement plans into conformity with these ranges. The Corporation may also authorize alterations or deviations from these ranges where appropriate for achieving the objectives of the retirement plans.

The following table presents consolidated plan assets (in thousands) using the fair value hierarchy as of December 31, 2025 and December 31, 2024.


Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	22,742	$	22,742	$	—	$	—
Equity securities (1)	275,109		258,246		16,863		—
Fixed Income (2)	650,832		8,245		642,587		—
Other (3)	8,201		2,588		—		5,613
December 31, 2024	$	956,884	$	291,821	$	659,450	$	5,613
Cash and cash equivalents	$	38,957	$	38,957	$	—	$	—
Equity securities (1)	208,127		190,146		17,981		—
Fixed Income (2)	757,058		11,068		745,990		—
Other (3)	10,589		2,588		—		8,001
December 31, 2025	$	1,014,731	$	242,759	$	763,971	$	8,001

(1)This category consists of domestic and international equity securities. It is comprised of individual U.S. securities and exchange-traded funds benchmarked against the S&P 500 index and Russell Mid Cap and Russell 2000 indices, international securities and exchange-traded funds benchmarked against the MSCI EAFE and EM indices, and global equity index mutual funds associated with our U.K. based pension plans.

(2)This category consists of domestic and international bonds. The domestic fixed income securities consist of a portfolio of investment grade corporate debt, below investment-grade issues, fixed income exchange traded funds, and U.S. Treasury securities of intermediate and long-term duration for liability matching fixed income. International bonds consist of bond mutual funds for institutional investors associated with the Switzerland, U.K., and Canadian-based pension plans.

Equity securities and exchange-traded equity and bond mutual funds are valued using a market approach based on the quoted market prices of identical instruments. Pooled institutional funds are valued at their net asset values and are calculated by the sponsor of the fund.

Fixed income securities are primarily valued using a market approach utilizing various underlying pricing sources and methodologies. Real estate investment trusts are priced at net asset value based on valuations of the underlying real estate holdings using inputs such as discounted cash flows, independent appraisals, and market-based comparable data.

Cash balances in the United States are held in money market funds and classified as a Level 1 asset. Non-U.S. cash is valued using a market approach based on quoted market prices of identical instruments.

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the plans:


(In thousands)	Pension Plans
2026	$	56,924
2027	57,464
2028	60,444
2029	60,757
2030	59,128
2031 - 2035	280,560

The Corporation offers all of its full-time domestic employees the opportunity to participate in a defined contribution plan. Effective January 1, 2014, all non-union employees who were not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation's sponsored 401(k) plan. The employer contributions include both employer match and non-elective contribution components, up to a maximum employer contribution of 7% of eligible compensation. During the year ended December 31, 2025, the expense relating to the plan was $29.9 million, consisting of $15.2 million in matching contributions to the plan in 2025, and $14.7 million in non-elective contributions, primarily paid in January 2026. Cumulative contributions of approximately $165 million are expected to be made from 2026 through 2030.