XML 63 R46.htm IDEA: XBRL DOCUMENT
v3.25.0.1

INCOME TAXES (Table) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule Of Income Before Income Tax, Domestic and Foreign [Table Text Block] | Earnings before income taxes for the years ended December 31 consist of:
(In thousands) |  | 2024 |  | 2023 |  | 2022
Domestic |  | $ | 323,898 |  |  | $ | 300,200 |  |  | $ | 239,356 |
Foreign(1) |  | 198,158 |  |  | 162,870 |  |  | 149,839 |
|  | $ | 522,056 |  |  | $ | 463,070 |  |  | $ | 389,195 |
(1) The Corporation recognized a pre-tax loss of $5 million during the first quarter of 2022 pertaining to the sale of its industrial valve business in Germany.
Schedule Of Provision For Income Taxes [Table Text Block] | The provision for income taxes for the years ended December 31 consists of:
(In thousands) |  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $ | 62,165 |  |  | $ | 58,629 |  |  | $ | 65,047 |
State |  | 18,272 |  |  | 13,098 |  |  | 12,717 |
Foreign |  | 43,200 |  |  | 36,791 |  |  | 34,520 |
Total current |  | 123,637 |  |  | 108,518 |  |  | 112,284 |
Deferred: |  |  |  |  |  |
Federal |  | (5,507) |  |  | (180) |  |  | (11,413) |
State |  | 950 |  |  | 507 |  |  | (4,442) |
Foreign |  | (2,002) |  |  | (284) |  |  | (1,582) |
Total deferred |  | (6,559) |  |  | 43 |  |  | (17,437) |
Provision for income taxes |  | $ | 117,078 |  |  | $ | 108,561 |  |  | $ | 94,847 |
Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block] | The effective tax rate varies from the U.S. federal statutory tax rate for the years ended December 31, principally:
|  | 2024 |  | 2023 |  | 2022
U.S. federal statutory tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Add (deduct): |  |  |  |  |  |
State and local taxes, net of federal benefit |  | 3.0 |  |  | 2.3 |  |  | 1.7 |
Foreign earnings(1) |  | 1.1 |  |  | 1.3 |  |  | 0.7 |
Foreign loss on sale |  | — |  |  | — |  |  | 0.2 |
Financing arrangement(2) |  | (1.0) |  |  | — |  |  | — |
R&D tax credits |  | (1.3) |  |  | (1.1) |  |  | (1.1) |
Foreign-derived intangible income |  | (1.4) |  |  | (1.2) |  |  | (1.2) |
All other, net |  | 1.0 |  |  | 1.1 |  |  | 3.1 |
Effective tax rate |  | 22.4 | % |  | 23.4 | % |  | 24.4 | %
(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances. (2) In an effort to simplify its organizational structure and facilitate repatriation, the Corporation underwent a substantial internal reorganization of its foreign ownership structure in 2024 that included the establishment of financing arrangements.
Schedule Of Deferred Tax Assets And Liabilities [Table Text Block] | The components of the Corporation’s deferred tax assets and liabilities as of December 31 are as follows:
(In thousands) |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Capitalized R&D expenses |  | $ | 60,818 |  |  | $ | 39,463 |
Operating lease liabilities |  | 40,840 |  |  | 32,041 |
Inventories, net |  | 23,926 |  |  | 24,282 |
Incentive compensation |  | 11,011 |  |  | 9,314 |
Environmental reserves |  | 9,324 |  |  | 8,949 |
Net operating loss |  | 6,431 |  |  | 8,348 |
Other |  | 34,264 |  |  | 30,417 |
Total deferred tax assets |  | 186,614 |  |  | 152,814 |
Deferred tax liabilities: |  |  |  |
Goodwill amortization |  | 117,340 |  |  | 110,543 |
Other intangible amortization |  | 62,277 |  |  | 53,551 |
Pension and other postretirement assets |  | 46,828 |  |  | 37,870 |
Operating lease right-of-use assets, net |  | 38,741 |  |  | 30,327 |
Withholding taxes |  | 13,017 |  |  | 16,120 |
Depreciation |  | 14,880 |  |  | 15,339 |
Contract revenue recognition |  | 15,256 |  |  | 5,297 |
Other |  | 3,776 |  |  | 2,863 |
Total deferred tax liabilities |  | 312,115 |  |  | 271,910 |
Valuation allowance |  | 4,988 |  |  | 4,892 |
Net deferred tax liabilities |  | $ | 130,489 |  |  | $ | 123,988 |
Deferred tax assets and liabilities are reflected on the Corporation’s Consolidated Balance Sheets as of December 31 as follows:
(In thousands) |  | 2024 |  | 2023
Net noncurrent deferred tax assets(1) |  | $ | 10,170 |  |  | $ | 8,331 |
Net noncurrent deferred tax liabilities |  | 140,659 |  |  | 132,319 |
Net deferred tax liabilities |  | $ | 130,489 |  |  | $ | 123,988 |
(1)Amount is classified within the "Other Assets" caption in the Corporation's Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023, respectively.
Summary Of Unrecognized Tax Benefits [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(In thousands) |  | 2024 |  | 2023 |  | 2022
Balance as of January 1, |  | $ | 17,888 |  |  | $ | 17,371 |  |  | $ | 17,018 |
Additions for tax positions of prior periods |  | 1,805 |  |  | 2,387 |  |  | 3,004 |
Reductions for tax positions of prior periods |  | (2,213) |  |  | (2,419) |  |  | (1,732) |
Additions for tax positions related to the current year |  | 1,747 |  |  | 1,744 |  |  | 1,068 |
Settlements |  | (215) |  |  | (1,195) |  |  | (1,987) |
Balance as of December 31, |  | $ | 19,012 |  |  | $ | 17,888 |  |  | $ | 17,371 |
Summary Of Open Tax Years [Table Text Block] | The following describes the open tax years, by major tax jurisdiction, as of December 31, 2024:
United States (Federal) | 2020 | - | present
United States (Various states) | 2013 | - | present
United Kingdom | 2023 | - | present
Canada | 2020 | - | present

X
- Definition Summary of Open Tax Years [Table Text Block] + References No definition available. + Details
Name: | cw_SummaryofOpenTaxYearsTableTextBlock
Namespace Prefix: | cw_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration