CURTISS WRIGHT CORP
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
CW$463.47+6.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0000026324-25-000023
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001628280-25-038802
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 68 previous paragraphs and 81 current paragraphs.
34 unchanged; 24 reworded; 19 added; 9 removed; 1 previous and 4 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (19)
Current report
Operating incomein the second quarter increased $27 million, or 21%, to $156 million, and operating margin increased 140 basis points to 17.8% compared with the same period in 2024, due to increases across all segments. In the Aerospace & Industrial segment, increases in operating income and operating margin were primarily due to favorable overhead absorption on higher sales, the benefits of the Company's restructuring initiatives, and favorable foreign currency translation. Operating income and operating margin in the Defense Electronics segment increased primarily due to favorable absorption on higher sales as well as the benefits from our operational excellence initiatives. In the Naval & Power segment, increases in operating income and operating margin were primarily due tofavorable overhead absorption on higher sales as well as favorable product mix.
Current report
Operating income during the six months ended June 30, 2025 increased $57 million, or 25%, to $286 million, and operating margin increased 170 basis points to 17.0%, compared with the same period in 2024, due to increases across all segments. In the Aerospace & Industrial segment, increases in operating income and operating margin were primarily due to favorable overhead absorption on higher sales, the benefits of the Company's restructuring initiatives, and favorable foreign currency translation. Operating income and operating margin in the Defense Electronics segment increased primarily due to favorable absorption on higher sales, the benefits from our operational excellence initiatives, and favorable mix on defense electronics products. In the Naval & Power segment, increases in operating income and operating margin were primarily due to favorable overhead absorption on higher sales as well as an unfavorable prior year period naval contract adjustment that did not recur in the current period. These increases were partially offset by unfavorable product mix and higher investment in research and development.
Current report
Interest expense in the second quarter and six months ended June 30, 2025 decreased $1 million, or 6% to $11 million and $1 million, or 5%, to $21 million, respectively, primarily due to lower borrowings under our revolving Credit Agreement (the “Credit Agreement” or “credit facility”).
Current report
Other income, net in the second quarter increased $2 million, or 28%, to $11 million, primarily due to primarily due to lower overall pension costs against the comparable prior year period. Other income, net during the six months ended June 30, 2025 decreased$1 million, or 6%, to $17 million, primarily due to lower interest income in the current period.
Current report
The effective tax rate of 22.8% in the second quarter increased compared to an effective tax rate of 21.2% in the prior year period, primarily due to higher provisional tax expense associated with foreign withholding taxes in the current period. The effective tax rate of 21.1% for the six months ended June 30, 2025 decreased as compared to an effective tax rate of 21.9% in the prior year period, primarily due to the full year estimated benefit of the prior year’s legal entity restructuring, partially offset by higher provisional tax expense associated with foreign withholding taxes in the current period.
Current report
New ordersin the second quarter increased $4 million from the comparable prior year period, primarily due to an increase in orders in the Aerospace & Industrial segment for sensors and actuation products as well as surface treatment services within our A&D markets, as well as the timing of orders on naval defense equipment in the Defense Electronics segment. These increases were partially offset by the timing of naval defense orders in the Naval & Power segment.
Current report
Sales in the second quarter increased $6 million, or 3%, to $239 million from the prior year period, primarily due to sales increases of $8 million in the commercial aerospace market from higher demand for OEM sensors products as well as surface treatment services on narrowbody and widebody platforms.
Current report
Operating income in the second quarter increased $4 million, or 11%, to $39 million from the comparable prior year period, and operating margin increased 120 basis points to 16.3%. Operating income during the six months ended June 30, 2025 increased $6 million, or 10%, to $69 million from the prior year period, and operating margin increased 90 basis points to 14.8%. Increases in operating income and operating margin in both respective periods were primarily due to favorable overhead absorption on higher sales, the benefits of the Company's restructuring initiatives, and favorable foreign currency translation.
Current report
New orders in the second quarter increased $20 million primarily due to an increase in orders for sensors and actuation products and surface treatment services within our A&D markets.
Current report
New orders during the six months ended June 30, 2025 increased $20 million primarily due to an increase in orders for sensors products and surface treatment services within our A&D markets.
Current report
Sales in the second quarter increased $25 million, or 11%, to $253 million from the prior year period. In the aerospace defense market, sales increased $12 million primarily due to higher demand for embedded computing equipment on various international fighter jet programs as well as domestic unmanned aerial vehicle programs. Sales in the ground defense market benefited $12 million primarily due to higher demand for tactical battlefield communications equipment as well as increased support for U.S. ground vehicle modernization.
Current report
Operating incomein the second quarter increased $10 million, or 16%, to $68 million compared to the prior year period, and operating margin increased 130 basis points from the prior year period to 26.8%, primarily due to favorable absorption on higher sales as well as the benefits from our operational excellence initiatives. Operating income during the six months ended June 30, 2025 increased $29 million, or 27%, to $135 million, and operating margin increased 300 basis points from the prior year period to 27.2%, primarily due to favorable absorption on higher sales, the benefits from our operational excellence initiatives, and favorable mix on defense electronics products.
Current report
New orders in the second quarter increased $11 million primarily due to the timing of orders on naval defense equipment.
Current report
Sales in the second quarter increased $61 million, or 19%, to $384 million from the prior year period. In the naval defense market, sales increased $35 million primarily due to the timing of sales on the Columbia-class submarine program as well as higher growth on various next-generation submarine development programs. Sales in the power & process market increased $25 million primarily due to the incremental impact from our Ultra Energy acquisition as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors.
Current report
Operating incomein the second quarter increased $14 million, or 31%, to $60 million, and operating margin increased 140 basis points from the prior year period to 15.7%, primarily due to favorable overhead absorption on higher sales as well as favorable product mix. These increases were partially offset by higher investment in research and development.
Current report
New ordersin the second quarter and six months ended June 30, 2025 decreased $27 million and increased $142 million, respectively, primarily due to the timing of naval defense orders as well as an increase in orders for commercial nuclear products.
Current report
Sales in the second quarter increased $66 million, or 12%, to $609 million against the comparable prior year period, primarily due to higher sales across all markets. Sales in the aerospace defense market increased primarily due to higher demand for embedded computing equipment on various international fighter jet programs as well as domestic unmanned aerial vehicle programs. In the ground defense market, sales increased primarily due to higher demand for tactical battlefield communications equipment as well as increased support for U.S. ground vehicle modernization. Sales increases in the naval defense market were primarily due to the timing of sales on the Columbia-class submarine program as well as higher growth on various next-generation submarine development programs. In the commercial aerospace market, sales increased primarily due tohigher OEM sales of sensors products as well as surface treatment services on narrowbody and widebody platforms.
Current report
Sales in the second quarter increased $25 million, or 10%, to $268 million. Sales in the power & process market increased primarily due to the incremental impact from our Ultra Energy acquisition as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors. Sales in the general industrial market were essentially flat.
Current report
Net cash used for investing activities decreased $20 million from the prior year period, primarily due to our acquisition of WSC in the prior year period.
Removed paragraphs (9)
Previous report
Operating income during the three months ended March 31, 2025 increased $29 million, or 29%, to $129 million, compared with the prior year period, and operating margin increased 200 basis points to 16.0% compared with the same period in 2024. Increases in operating income and operating margin were primarily due to favorable absorption on higher sales across all segments as well as the benefits from our operational excellence initiatives. Operating income and operating margin in the
Previous report
Aerospace & Industrial segment also benefited from favorable foreign currency translation, with operating income and operating margin in the Naval & Power segment benefiting from an unfavorable naval contract adjustment in the prior year period that did not recur in the current period.
Previous report
Other income, net during the three months ended March 31, 2025 decreased$4 million, or 37%, to$6 million, primarily due to lower interest income in the current period and losses on equity securities held for investment purposes that were acquired in conjunction with our Ultra Energy acquisition.
Previous report
The effective tax rate for the three months ended March 31, 2025 of 19.0% decreased compared to an effective tax rate of 22.7% in the comparable prior year period, primarily due to the tax benefits associated with our legal entity restructuring in the prior year period.
Previous report
Operating income during the three months ended March 31, 2025 increased $2 million, or 9%, to $30 million from the prior year period, and operating margin increased 70 basis points to 13.2%, primarily due to favorable overhead absorption on higher sales and favorable foreign currency translation. These increases were partially offset by current period restructuring costs.
Previous report
New ordersof $251 million were essentially flat against the comparable prior year period.
Previous report
Operating income during the three months ended March 31, 2025 increased $19 million, or 40%, to $67 million, and operating margin increased 480 basis points from the prior year period to 27.5%, primarily due to favorable absorption on higher sales, the benefits from our operational excellence initiatives, and favorable mix on defense electronics products.
Previous report
New orders increased$169 million during the three months ended March 31, 2025 from the comparable prior year period, primarily due to an increase in naval defense orders.
Previous report
Net cash used in investing activities increased $13 million from the prior year period, primarily due to additional consideration paid in the current period pertaining to our Ultra Energy acquisition.
Reworded paragraphs (24)
Previous wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand the results of operations and financial condition of the Corporation for the three months ended March 31, 2025. The financial information as of March 31, 2025 should be read in conjunction with the financial statements for the year ended December 31, 2024 contained in our Form 10-K filed with the SEC.
Current wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand the results of operations and financial condition of the Corporation for the three and six month periods ended June 30, 2025. The financial information as of June 30, 2025 should be read in conjunction with the financial statements for the year ended December 31, 2024 contained in our Form 10-K.
Previous wording
Sales during the three months ended March 31, 2025 increased $92 million, or 13%, to $806 million, compared with the prior year period. On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $8 million, $33 million, and $51 million, respectively. Changes in sales by segment are discussed in further detail in the results by business segment section below.
Current wording
Sales during the six months ended June 30, 2025 increased $184 million, or 12%, to $1,682 million, compared with the prior year period. On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $14 million, $58 million, and $112 million, respectively. Changes in sales by segment are discussed in further detail in the results by business segment section below.
Previous wording
Non-segment operating expense during the three months ended March 31, 2025 decreased $1 million, or 7%, to $10 million, primarily due to lower corporate costs.
Current wording
Non-segment operating expense in the second quarter of $11 million was essentially flat against the comparable prior year period. Non-segment operating expense during the six months ended June 30, 2025 decreased $1 million, or 3%, to $21 million, primarily due to lower corporate costs.
Previous wording
•Net earnings increased $25 million, primarilydue to higher operating income.
Current wording
•Net earnings increased$22 million, primarily due to higher operating income.
Previous wording
Comprehensive income for the three months ended March 31, 2025 was $120 million, compared to comprehensive income of $61 million in the prior year period. The change was primarily due to the following:
Current wording
Comprehensive income during the six months ended June 30, 2025 was $298 million, compared to comprehensive income of $156 million in the prior year period. The change was primarily due to the following:
Previous wording
•Foreign currency translation adjustments for the three months ended March 31, 2025 resulted in a $19 million comprehensive gain, compared to a $16 million comprehensive loss in the prior period. The comprehensive gain during the current period was primarily attributed to an increase in the British Pound.
Current wording
•Foreign currency translation adjustments for the six months ended June 30, 2025 resulted in a $76 million comprehensive gain, compared to a $21 million comprehensive loss in the prior period. The comprehensive gain during the current period was primarily attributed to increases in the British Pound and Canadian dollar.
Previous wording
New orders increased $117 million during the three months ended March 31, 2025 from the comparable prior year period, primarily due to an increase in naval defense orders in the Naval & Power segment. This increase was partially offset by the timing of orders on ground and naval defense equipment in the Defense Electronics segment. Changes in new orders by segment are discussed in further detail in the "Results by Business Segment" section below.
Current wording
New orders during the six months ended June 30, 2025 increased $121 million from the comparable prior year period, primarily due to the timing of naval defense orders in the Naval & Power segment. New orders also benefited from an increase in orders in the Aerospace & Industrial segment for sensors products and surface treatment services within our A&D markets. These increases were partially offset by the timing of orders on ground and naval defense equipment in the Defense Electronics segment.
Previous wording
Sales in the Aerospace & Industrial segment are primarily generated from the commercial aerospace and general industrial markets, and to a lesser extent the defense and power & process markets.
Current wording
Sales in the Aerospace & Industrial segment are primarily generated from the general industrial and aerospace & defense markets, and, to a lesser extent, the power & process markets.
Previous wording
Sales during the three months ended March 31, 2025 increased $8 million, or 4%, to $227 million from the prior year period. In theaerospace defense market, sales benefited primarily from higher demand for actuation equipment on the F-35 and other fighter jet programs. Sales increases in the commercial aerospace market were primarily due to higher OEM sales of sensors products and surface treatment services on narrowbody and widebody platforms. Sales in the general industrial market were essentially flat, as higher demand for industrial automation equipment was offset by lower sales of industrial vehicle products serving on-and off-highway vehicle platforms.
Current wording
Sales during the six months ended June 30, 2025 increased$14 million, or 3%, to $466 million from the prior year period. In the commercial aerospace market, sales increased $11 million primarily due to higher OEM sales of sensors products as well as surface treatment services on narrowbody and widebody platforms. Sales in the aerospace defense market benefited $8 million, primarily from higher demand for actuation equipment on the F-35 and other fighter jet programs. These increases were partially offset by lower sales in the general industrial market, primarily due to reduced sales of industrial vehicle products to off-highway vehicle platforms.
Previous wording
Sales during the three months ended March 31, 2025 increased$33 million, or 16%, to $245 million from the prior year period. Sales in the aerospace defense market benefited $20 million primarily due to higher demand for embedded computing equipment on various helicopter programs. In the naval defense market, sales increased $10 million primarily due to higher demand for embedded computing equipment supporting various domestic and international programs. The ground defense market benefited from higher sales supporting U.S. ground vehicle modernization.
Current wording
Sales during the six months ended June 30, 2025 increased $58 million, or 13%, to $498 million from the prior year period. In the aerospace defense market, sales increased $32 million primarily due to higher demand for embedded computing equipment on various international programs as well as domestic unmanned aerial vehicle programs. Sales in the ground defense market benefited $16 million primarily due to higher demand for tactical battlefield communications equipment as well as increased support for U.S. ground vehicle modernization. In the naval defense market, sales increased $8 million primarily due to higher demand for embedded computing equipment supporting various domestic and international programs.
Previous wording
New orders during the three months ended March 31, 2025 decreased $51 million from the comparable prior year period, primarily due to the timing of orders on ground and naval defense equipment, including embedded computing and tactical communications products.
Current wording
New orders during the six months ended June 30, 2025 decreased $40 million primarily due to the timing of orders on ground and naval defense equipment, including embedded computing and tactical communications products.
Previous wording
Sales in the Naval & Power segment are primarily to the naval defense and power & process markets, and, to a lesser extent, the aerospace defense market.
Current wording
Salesin the Naval & Power segment are primarily to the naval defense and power & process markets, and, to a lesser extent, the aerospace defense market.
Previous wording
Sales during the three months ended March 31, 2025 increased $51 million, or 18%, to $333 million from the prior year period. In the naval defense market, sales increased $34 million primarily due to higher demand as well as the timing of sales on the Virginia-class and Columbia-class submarine programs. Sales in the naval defense market also benefited from higher growth on various next-generation submarine development programs as well as higher demand from international customers for aircraft handling systems equipment. Sales in the power & process market increased $20 million primarily due to the incremental impact from our WSC and Ultra Energy acquisitions as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors. These increases were partially offset by the timing of sales of arresting systems equipment in the aerospace defense market.
Current wording
Sales during the six months ended June 30, 2025 increased $112 million, or 19%, to $718 million from the prior year period. In the naval defense market, sales increased $69 million primarily due to higher demand as well as the timing of sales on the Columbia-class and Virginia-class submarine programs. Sales in the naval defense market also benefited from higher growth on various next-generation submarine development programs. Sales in the power & process market increased $46 million primarily due to the incremental impact from our Ultra Energy and WSC acquisitions as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors. These increases were partially offset by the timing of sales of arresting systems equipment in the aerospace defense market.
Previous wording
Operating income during the three months ended March 31, 2025 increased$7 million, or 19%, to $42 million, and operating margin increased 10 basis points from the prior year period to 12.6%, as favorable overhead absorption on higher sales as well as an unfavorable prior year period naval contract adjustment that did not recur in the current period were partially offset by unfavorable mix.
Current wording
Operating income during the six months ended June 30, 2025 increased $21 million, or 26%, to $102 million, and operating margin increased 80 basis points from the prior year period to 14.3%, primarily due to favorable overhead absorption on higher sales as well as an unfavorable prior year period naval contract adjustment that did not recur in the current period. These increases were partially offset by unfavorable product mix and higher investment in research and development.
Previous wording
The table below depicts sales by end market and customer type, as it helps provide an enhanced understanding of our businesses and the markets in which we operate. The table has been included to supplement the discussion of our operating results.
Current wording
The table below depicts sales by end market and customer type, as it helps provide an enhanced understanding of our businesses and the markets in which we operate. The table has been included to supplement the discussion of our consolidated operating results.
Previous wording
Sales during thethree months ended March 31, 2025 increased $73 million, or 15%, to $563 million, primarily due to higher sales across all markets. Sales in the aerospace defense market increased primarily due to higher demand for embedded computing equipment on various helicopter programs as well asactuation equipment on the F-35 and other fighter jet programs. The ground defense market benefited primarily from higher sales supporting U.S. ground vehicle modernization. Sales increases in the naval defense market were primarily due to higher demand as well as the timing of sales on the Virginia-class and Columbia-class submarine programs as well as higher demand for embedded computing equipment supporting various domestic and international programs. In the commercial aerospace market, sales increased primarily due to higher OEM sales of sensors products as well as surface treatment services on narrowbody and widebody platforms.
Current wording
Sales during the six months ended June 30, 2025 increased $139 million, or 13%, to $1,171 million, primarily due to higher sales across all markets. Sales in the aerospace defense market increased primarily due to higher demand for embedded computing equipment on various international programs as well as domestic unmanned aerial vehicle programs. Sales in the aerospace defense market also benefited from higher demand for actuation equipment on the F-35 and other fighter jet programs. Sales in the ground defense market increased primarily due to higher demand for tactical battlefield communications equipment as well as increased support for U.S. ground vehicle modernization. Sales increases in the naval defense market were primarily due to higher demand as well as the timing of sales on the Columbia-class and Virginia-class submarine programs. Sales in the naval defense market also benefited from higher growth on various next-generation submarine development programs as well as higher demand for embedded computing equipment supporting various domestic and international programs. Sales in the commercial aerospace market primarily benefited from higher OEM demand for sensors products as well as surface treatment services on narrowbody and widebody platforms.
Previous wording
Sales during the three months ended March 31, 2025 increased $20 million, or 9%, to $243 million. In the power & process market, sales increased primarily due to the incremental impact from our WSC and Ultra Energy acquisitions as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors. Sales in the general industrial market were essentially flat.
Current wording
Sales during the six months ended June 30, 2025 increased $45 million, or 10%, to $511 million. Sales in the power & process market increased primarily due to the incremental impact from our Ultra Energy and WSC acquisitions as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors. Sales in the general industrial market were essentially flat.
Previous wording
Net cash used in operating activities decreased $7 million from the prior year period, primarily due to higher cash earnings in the current period.
Current wording
Net cash provided by operating activities increased $32 million from the prior year period, primarily due to higher cash earnings.
Previous wording
Net cash used in financing activities increased $92 million from the prior year period, primarily due to the repayment of our 3.85% Senior Notes in February 2025. Refer to the "Financing Activities" section below for further details.
Current wording
Net cash used for financing activities increased $100 million from the prior year period, primarily due to the repayment of our 3.85% Senior Notes in February 2025. Refer to the "Financing Activities" section below for further details.
Previous wording
The Corporation’s debt outstanding had an average interest rate of 3.8% for both the three months ended March 31, 2025 and 2024. The Corporation’s average debt outstanding was $1,021 million and $1,048 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
The Corporation’s debt outstanding had an average interest rate of 3.8% for boththe three and six months ended June 30, 2025, respectively, and 3.8% for both the three and six months ended June 30, 2024, respectively. The Corporation’s average debt outstanding was$960 million and$990 million for the three and six months ended June 30, 2025, respectively, and $1.0 billion for both the three and six months ended June 30, 2024, respectively.
Previous wording
As of March 31, 2025, the Corporation had approximately $22 million in letters of credit supported by the credit facility. The unused credit available under the credit facility as of March 31, 2025 was $728 million, which could be borrowed without violating any of our debt covenants.
Current wording
As of June 30, 2025, the Corporation had approximately $27 million in letters of credit supported by the credit facility. The unused credit available under the credit facility as of June 30, 2025 was $723 million, which could be borrowed without violating any of our debt covenants.
Previous wording
For the three months ended March 31, 2025, the Corporation repurchased approximately 42,000 shares of its common stock for $14 million. For the three months ended March 31, 2024, the Corporation repurchased approximately 53,000 shares of its common stock for $12 million.
Current wording
For the six months ended June 30, 2025, the Corporation repurchased approximately 102,000 shares of its common stock for $35 million. For the six months ended June 30, 2024, the Corporation repurchased approximately 100,000 shares of its common stock for $25 million.
Previous wording
As of the date of this report, we were in compliance with all debt agreements and credit facility covenants, including our most restrictive covenant, which is our debt to capitalization limit of 60%. The debt to capitalization limit is a measure of our indebtedness (as defined in the notes purchase agreement and credit facility) to capitalization, where capitalization equals debt plus equity, and is the same for and applies to all of our debt agreements and credit facility.
Current wording
As of the date of this report, we were in compliance with all debt agreements and credit facility covenants, including our most restrictive covenant, which is our debt to capitalization limit of 60%. The debt to capitalization limit is a measure of our indebtedness (as defined per the notes purchase agreement and credit facility) to capitalization, where capitalization equals debt plus equity, and is the same for and applies to all of our debt agreements and credit facility.
Previous wording
As of March 31, 2025, we had the ability to borrow additional debt of approximately $2.8 billion without violating our debt to capitalization covenant.
Current wording
As of June 30, 2025, we had the ability to borrow additional debt of $3.0 billion without violating our debt to capitalization covenant.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Sales in the second quarter increased $92 million, or 12%, to $877 million, compared with the prior year period. On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $6 million, $25 million, and $61 million, respectively.
Current report — wording carried from elsewhere
Comprehensive incomein the second quarter was $177 million, compared to comprehensive income of $94 million in the prior year period. The change was primarily due to the following:
Current report — wording carried from elsewhere
•Foreign currency translation adjustments in the second quarter resulted in a $57 million comprehensive gain, compared to a $5 million comprehensive loss in the prior year period. The comprehensive gain during the current period was primarily attributed to increases in the British Pound and Canadian dollar.
Current report — wording carried from elsewhere
•Net earnings increased $46 million, primarily due to higher operating income.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Interest expense of$10 million was essentially flat against the comparable prior year period.