Headquartered in Davidson, N.C., Curtiss-Wright Corporation is a global innovative company built on long-standing customer relationships, leading market positions and innovative technologies. Our legacy dates back to 1929 with the merger of companies founded by aviation pioneers Glenn Curtiss and the Wright Brothers. Today, our team of approximately 8,200 employees remains dedicated to providing highly-engineered, advanced solutions to the Aerospace and Defense markets, and to the Commercial markets including Power, Process and General Industrial.
1Adjusted financials are defined as Reported Sales, Operating Margin and Diluted EPS under GAAP excluding a) 2020 restructuring costs, b) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization and transaction costs, c) a non-cash impairment of capitalized development costs in 2020 related to a commercial aerospace program, d) one-time transition and IT security costs related to the relocation of the DRG business, and e) a $10 million non-cash currency translation loss in 2020 related to the liquidation of a foreign entity, which is classified within non-operating income. 2020 adjusted financial results also exclude an impairment loss of $33 million for our industrial valve business in Germany, which was classified as held for sale in the fourth quarter of 2020.
2Adjusted free cash flow (FCF) is defined as cash flow from operating activities less capital expenditures, and excludes contributions of $150 million and $50 million to the Company’s corporate defined benefit pension plan in 2020 and 2018, respectively. Also excludes the 2020 cash impact from restructuring, as well as 2020 and 2019 capital investments in the Power segment related to the new, state-of-the-art naval facility principally for DRG.
Curtiss-Wright delivered exceptional results in 2020, enabled by our diversified portfolio, alignment to top DoD priorities, and our employees’ unwavering commitment to achieve the highest levels of performance.