0001833756-26-000013 | 10-K | XBRL Viewer

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Debt - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
Debt - Narrative (Details) - USD ($)	Jan. 31, 2026	Nov. 30, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease and other			$ 152,000,000	$ 159,000,000
Finance lease liabilities			106,000,000
Other financing liability			46,000,000
Finance			10,000,000	10,000,000
Payment of interest expense			$ 21,000,000	$ 27,000,000	$ 38,000,000
Effective interest rate			5.71%	6.80%	6.65%
2022 Credit Agreement \| Notes Payable, Other Payables
Debt Instrument [Line Items]
Credit limit		$ 500,000,000
2022 Term Loan A \| Notes Payable, Other Payables
Debt Instrument [Line Items]
Principal amount		$ 225,000,000
Long-term debt, gross			$ 191,000,000	$ 203,000,000
Fair value of long-term debt			190,000,000	199,000,000
2022 Term Loan A \| Notes Payable, Other Payables \| Subsequent Event
Debt Instrument [Line Items]
Repayments of debt	$ 191,000,000
2022 Term Loan A \| Notes Payable, Other Payables \| Minimum
Debt Instrument [Line Items]
Variable rate percentage		1.48%
2022 Term Loan A \| Notes Payable, Other Payables \| Maximum
Debt Instrument [Line Items]
Variable rate percentage		2.10%
2022 Revolving Credit Facility \| Notes Payable, Other Payables
Debt Instrument [Line Items]
Credit limit			275,000,000
Line of credit outstanding			$ 0	$ 0
Debt, weighted average interest rate				6.72%
2022 Revolving Credit Facility \| Notes Payable, Other Payables \| Minimum
Debt Instrument [Line Items]
Variable rate percentage			1.48%
Commitment fee percentage			0.20%
2022 Revolving Credit Facility \| Notes Payable, Other Payables \| Maximum
Debt Instrument [Line Items]
Variable rate percentage			2.10%
Commitment fee percentage			0.35%
2026 Revolving Credit Facility \| Notes Payable, Other Payables \| Subsequent Event
Debt Instrument [Line Items]
Credit limit	$ 500,000,000
2026 Revolving Credit Facility \| Notes Payable, Other Payables \| Minimum \| Subsequent Event
Debt Instrument [Line Items]
Variable rate percentage	1.25%
Commitment fee percentage	0.15%
2026 Revolving Credit Facility \| Notes Payable, Other Payables \| Maximum \| Subsequent Event
Debt Instrument [Line Items]
Variable rate percentage	1.63%
Commitment fee percentage	0.30%
Financial Institution Credit Facilities \| Line of Credit
Debt Instrument [Line Items]
Credit limit			$ 105,000,000	$ 130,000,000
Letters of credit outstanding			$ 54,000,000	$ 36,000,000

Earnings Per Share, Stock Repurchases, and Dividends - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended				12 Months Ended
	Mar. 24, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2025	Feb. 20, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock repurchase program, authorized, amount							$ 75
Stock repurchased value						$ 35
Dividend per share (in usd per share)		$ 0.09	$ 0.09	$ 0.09	$ 0.09
Common Class A \| Subsequent Event \| Forecast
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividend per share (in usd per share)	$ 0.09

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Deferred tax assets, valuation allowance	$ 36	$ 25
Inflation Reduction Act of 2022, income tax credits purchased		25
Inflation Reduction Act of 2022, payment to acquire income tax credit		23
Reduction in income taxes payable	66
Cash paid for income taxes, net of refunds	24	71	$ 45
Unrecognized tax benefits	52	48	40	$ 24
Deferred Tax Assets
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	2	2	$ 2
Foreign
Operating Loss Carryforwards [Line Items]
Deferred tax assets, valuation allowance	4	2
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	108	105
Deferred tax assets, valuation allowance	2
Internal Revenue Service (IRS) \| Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	15	$ 18
Operating loss carryforwards, limitations on use	$ 3

Summary of Significant Accounting Policies - Cost to Fulfill a Contract (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Capitalized contract cost	$ 21	$ 38

Pension and Other Postretirement Benefits - Schedule of Weighted Average Actuarial Assumptions (Details) - Defined Benefit Pension Plans	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.20%	5.50%
Expected long-term return on plan assets	5.80%	6.40%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Millions	Total	Common stock	Additional paid- in capital	Accumulated other comprehensive loss	Accumulated deficit
Balance at beginning of period at Dec. 31, 2022	$ 2,127	$ 3	$ 5,147	$ (49)	$ (2,974)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income	170			2	168
Stock-based compensation activity	28		28
Balance at end of period at Dec. 31, 2023	2,325	3	5,175	(47)	(2,806)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income	213			0	213
Stock-based compensation activity	19		19
Balance at end of period at Dec. 31, 2024	2,557	3	5,194	(47)	(2,593)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income	284			6	278
Stock-based compensation activity	14		14
Issuances of stock under employee stock purchase plan	6		6
Cash dividends	(96)		(96)
Repurchases of common stock	(35)		(35)
Balance at end of period at Dec. 31, 2025	$ 2,730	$ 3	$ 5,083	$ (41)	$ (2,315)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,105	$ 1,101
Accumulated Amortization	(993)	(969)
Net Carrying Amount	112	132
Acquired intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,087	1,087
Accumulated Amortization	(984)	(962)
Net Carrying Amount	103	125
Patents and licenses
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	18	14
Accumulated Amortization	(9)	(7)
Net Carrying Amount	$ 9	$ 7

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+ Details

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 29	$ 24	$ 26
Finance lease cost:
Amortization of right-of-use assets	12	12	10
Interest on lease liabilities	6	6	5
Total lease cost	47	42	41
Short-term lease cost	$ 1	$ 2	$ 3

Sale of Receivables

12 Months Ended

Dec. 31, 2025

Transfers and Servicing [Abstract]

Sale of Receivables

The Company is party to factoring facilities with various financial institutions (the “purchasers”) with an aggregate capacity of $225 million.

The receivables sold under the factoring facilities are without recourse for any customer credit risk and result in a true sale. Receivables are derecognized in their entirety when sold, and the Company’s continuing involvement is limited to their servicing, for which the Company receives a fee commensurate

with the service provided and therefore no servicing asset or liability related to these receivables was recognized for any period presented. The fair value of the sold receivables approximated their book value due to their short-term nature. Proceeds from the sold receivables are primarily reflected in operating cash flows on the Consolidated Statements of Cash Flows.

During the years ended December 31, 2025, 2024 and 2023, the Company incurred purchase discount fees of $1 million, $2 million, and $5 million, respectively, which are presented in general and administrative expenses on the Consolidated Statements of Earnings.

The table below summarizes the activity under the factoring facilities:


	December 31,
(Dollars in millions)	2025		2024
Beginning balance	$	130	$	192
Sales of receivables	130		190
Cash returned to purchasers	(190)		(252)
Outstanding balance sold to purchasers	70		130
Cash collected, not remitted to purchasers(1)	(1)		—
Remaining sold receivables	$	69	$	130

________________

(1)Represents cash collected on behalf of purchasers and not yet remitted. This balance is included within short-term borrowings and current portion of long-term debt in the Consolidated Balance Sheets.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

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+ Details

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 112	$ 86
Work in progress	225	264
Finished goods	15	8
Total	$ 352	$ 358

Pension and Other Postretirement Benefits

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Retirement Plan Summary Information

The Company maintains multiple pension plans, both contributory and non-contributory, covering employees at certain locations. Eligibility requirements for participation in the plans vary and benefits

generally are based on the participant's compensation and years of service, as defined in the respective plan. The Company's funding policy generally is to contribute in accordance with cost accounting standards that affect government contractors, subject to the Tax Code and regulations thereunder. With respect to U.S. qualified pension plans, we intend to contribute annually not less than the required minimum funding thresholds. For all periods presented, the Company made no discretionary pension contributions. Plan assets are invested primarily in collective trust funds, which are primarily invested in bonds (both corporate and U.S. government), U.S. government-sponsored entity instruments, and cash and cash equivalents.

The Company also provides postretirement medical benefits for certain retired employees and dependents at certain locations. Participants are eligible for these benefits when they retire from active service and meet the eligibility requirements for the Company's postretirement benefit plans. The Company's contractual arrangements with the U.S. government provide for the recovery of contributions to a Voluntary Employees' Beneficiary Association trust and, for non-funded plans, recovery of claims on a pay-as-you-go basis, subject to the Tax Code and regulations thereunder, with the retiree generally paying a portion of the costs through contributions, deductibles and coinsurance provisions.

The Company also maintains certain non-contributory and unfunded supplemental retirement plans. Eligibility for participation in the supplemental retirement plans is limited, and benefits generally are based on the participant's compensation and/or years of service.

In April 2024, the Company purchased group annuity contracts to transfer approximately $24 million of gross defined benefit pension plan obligations and related plan assets for certain of its qualified defined benefit pension plans to an insurance company for approximately 700 U.S. retirees and beneficiaries. In June 2024, the Company made lump sum distributions from plan assets for terminated vested participants in certain of its defined pension benefit plans in the amount of approximately $8 million. Settlement charges related to these activities were immaterial.

The following tables provide certain information regarding the Company's pension plans as of December 31, 2025 and 2024. In addition to the defined benefit pension plan information shown below, pension and other postretirement benefit plan liabilities on the Consolidated Balance Sheets includes other immaterial postretirement benefit plan and supplemental retirement plan liabilities.


	Defined Benefit Pension Plans
(Dollars in millions)	2025		2024
Change in benefit obligation:
Benefit obligation at beginning of year	$	127	$	165

Interest cost	7		7

Actuarial loss (gain)	3		(4)
Benefits paid(1)	(8)		(41)



Benefit obligation at end of year	$	129	$	127
Change in plan assets:
Fair value of plan assets at beginning of year	$	100	$	134
Actual return on plan assets	8		—

Employer contributions	12		7
Benefits paid(1)	(8)		(41)


Fair value of plan assets at end of year	112		100

Funded status of the plans at year end	$	(17)	$	(27)

________________

(1)The 2024 amounts include the purchase of group annuity contracts to transfer certain benefit obligations and related plan assets of $24 million to an insurance company and lump sum payments to certain participants of $8 million.

The amounts recognized in the Consolidated Balance Sheets as of December 31, 2025 and 2024 consist of:


	Defined Benefit Pension Plans
(Dollars in millions)	2025		2024
Noncurrent assets	$	1	$	2

Noncurrent liabilities	(18)		(29)
Net liability recognized	$	(17)	$	(27)

Amounts recognized in accumulated other comprehensive loss (before taxes) at December 31, 2025 and 2024 consist of:


	Defined Benefit Pension Plans
(Dollars in millions)	2025		2024

Net actuarial loss (gain)	$	28	$	30
Total amount recognized in accumulated other comprehensive loss	$	28	$	30

The aggregate accumulated benefit obligation (“ABO”) for the Company's defined benefit pension plans combined was $119 million and $144 million at December 31, 2025 and 2024, respectively. The ABO represents benefits accrued without assuming future compensation increases to plan participants and is approximately equal to our projected benefit obligation (“PBO”). The table below presents information for the pension plans with an ABO and PBO in excess of the fair value of plan assets at December 31, 2025 and 2024:


(Dollars in millions)	2025		2024
Projected benefit obligation	$	119	$	144
Accumulated benefit obligation	119		144
Fair value of plan assets	101		113

The following table summarizes the weighted average actuarial assumptions used to determine our benefit obligations at December 31, 2025 and 2024:


	Defined Benefit Pension Plans
	2025		2024
Rate assumptions
Discount rate	5.2	%	5.5	%

Expected long-term return on plan assets	5.8	%	6.4	%

The following table summarizes the components of net periodic benefit cost for the Company's pension plans for the years ended December 31, 2025, 2024 and 2023. Net actuarial gains and losses are amortized to expense when they exceed the 10% accounting corridor, based on the greater of the

plan assets or benefit obligations, over the average future lifetime for all plans that are frozen, and over the average remaining service period for active plans.


	Defined Benefit Pension Plans
(Dollars in millions)	2025		2024		2023

Interest cost	$	7	$	7	$	8
Expected return on plan assets	(4)		(5)		(7)
Amortization of net actuarial loss	1		1		1


Net periodic benefit cost	$	4	$	3	$	2

The following table summarizes the other changes in plan assets and benefit obligations recognized in other comprehensive income for the Company's pension plans for the years ended December 31, 2025, 2024 and 2023:


	Defined Benefit Pension Plans
(Dollars in millions)	2025		2024		2023
Net actuarial (gain) loss	$	(1)	$	1	$	1

Amortization of net actuarial loss from prior years	(1)		(1)		(1)


Total recognized in other comprehensive income	$	(2)	$	—	$	—

The following table summarizes the weighted average actuarial assumptions used to determine our net periodic benefit cost of the pension plans for the years ended December 31, 2025, 2024 and 2023:


	Defined Benefit Pension Plans
	2025		2024		2023
Rate assumptions
Discount rate	5.5	%	4.8	%	5.0	%
Expected long-term return on plan assets	6.4	%	6.5	%	7.2	%

The expected long-term return on plan assets assumption represents the average rate that the Company expects to earn over the long-term on the assets of the Company's benefit plans, including those from dividends, interest income and capital appreciation. The assumption has been determined based on expectations regarding future rates of return for the plans' investment portfolio, with consideration given to the allocation of investments by asset class and historical rates of return for each individual asset class.

Pension related expenses, other than service cost, are reflected in other, net on the Consolidated Statements of Earnings.

Plan Assets

The Retirement Committee has been authorized by the Company’s management to manage the strategic oversight of our defined benefit plan assets held in trust. The Retirement Committee has adopted an investment policy and provides oversight of a third-party investment manager who reports to the Retirement Committee on a regular basis. The outsourced third-party manager develops investment strategies and makes all of the day to day investment decisions related to the defined benefit plan assets in accordance with the investment policy and target asset allocation targets, therein. Presently all of the plans are governed by a single investment policy and are uniformly invested. As part of the policy statement the Company has implemented a glide path which adjusts the percentage of assets invested in return seeking assets based upon the attainment of specific funding percentages. The non-return seeking assets are invested primarily in bonds with maturities closely matching the anticipated payment of

benefits. As the funding percentage increases the glide path reduces the amount of the assets invested in return seeking assets.

The table below represents all of the Company's funded pension plans' weighted average asset allocation at December 31, 2025 and 2024 by asset category:


	Asset Allocation
	2025		2024
Asset Category
Equity securities	—	%	18	%
Debt securities	94	%	72	%

Other, primarily cash and cash equivalents, and hedge funds	6	%	10	%

The table below presents the target allocation ranges for each major asset category for the Company's pension plans for the years ended December 31, 2025 and 2024:


	Target Asset Allocation Range
	2025	2024
Asset Category
Equity securities	0%	11% - 19%
Debt securities	96% - 100%	75% - 91%

Other, primarily cash and cash equivalents and hedge funds	0% - 4%	0% - 4%

The following tables provides the fair value of plan assets held by our pension plans by asset category and by fair value hierarchy level.


	December 31, 2025
(Dollars in millions)	Level 1		Level 2		Level 3		Total
Asset category
Investments measured at fair value:



Collective trust funds	$	—	$	112	$	—	$	112
Total	$	—	$	112	$	—	$	112


	December 31, 2024
(Dollars in millions)	Level 1		Level 2		Level 3		Total
Asset category
Investments measured at fair value:
Cash and cash equivalents	$	8	$	—	$	—	$	8
Equity securities	6		—		—		6
Collective trust funds	—		100		—		100

Total	$	14	$	100	$	—	$	114

For the year ended December 31, 2026, the Company expects to contribute $6 million to its pension plans.

The following table presents expected pension benefit payments over the next ten years:


(Dollars in millions) Year Ending December 31,	Defined Benefit Pension Plans
2026	$	9
2027	9
2028	10
2029	10
2030	10
2031-2035	49

Defined Contribution Plans

The Company maintains defined contribution plans covering substantially all domestic full-time eligible employees. The Company's contributions to these plans for the years ended December 31, 2025, 2024 and 2023, amounted to $35 million, $31 million, and $28 million, respectively.

Related Party Transactions (Details) $ in Millions	12 Months Ended
Related Party Transactions (Details) $ in Millions	Dec. 31, 2025 USD ($) boardSeat	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Revenue and operating earnings	$ 3,648	$ 3,234	$ 2,826
Related parties amount in cost of sales	2,779	2,498	2,178
Accounts receivable, net	334	253
Accounts payable	351	426
Contract assets	931	872
Related Party \| Leonardo S.p.A.
Related Party Transaction [Line Items]
Revenue and operating earnings	29	30	40
Related parties amount in cost of sales	7	7	$ 4
Accounts receivable, net	5	19
Accounts payable	5	4
Contract assets	16	$ 12
Related Party \| Unnamed Private Company
Related Party Transaction [Line Items]
Revenue and operating earnings	6
Contract assets	$ 6
Number of board seats \| boardSeat	2

Pension and Other Postretirement Benefits - Schedule of Amounts Recognized In Accumulated Other Comprehensive Loss (Before Taxes) (Details) - Defined Benefit Pension Plans - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain)	$ 28	$ 30
Total amount recognized in accumulated other comprehensive loss	$ 28	$ 30

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Line Items]
Goodwill	$ 1,238	$ 1,238
ASC
Goodwill [Line Items]
Goodwill	819	819
IMS
Goodwill [Line Items]
Goodwill	$ 419	$ 419

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Cost

The Company’s total lease cost consists of the following:


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Operating lease cost(1)	$	29	$	24	$	26
Finance lease cost(2):
Amortization of right-of-use assets	12		12		10
Interest on lease liabilities	6		6		5
Total lease cost	$	47	$	42	$	41

________________

(1)Operating lease cost is included within cost of revenues or general and administrative expenses, dependent upon the nature and use of the ROU asset, in the Consolidated Statements of Earnings. Operating lease cost includes short-term leases of approximately $1 million, $2 million, and $3 million and an insignificant amount of variable lease cost for 2025, 2024 and 2023, respectively.

(2)Finance lease cost is recorded as depreciation and amortization expense within cost of revenues or general and administrative expenses, dependent upon the nature and use of the ROU asset, and interest expense, net in the Consolidated Statements of Earnings.

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases is as follows:


	December 31,
(Dollars in millions)	2025		2024
ROU assets
Operating leases(1)	$	107	$	79
Finance leases(2)	89		97
Total leased assets	$	196	$	176
Lease liabilities
Current lease liabilities:
Operating(1)	$	28	$	27
Finance(2)	10		10
Noncurrent lease liabilities:
Operating(1)	95		66
Finance(2)	96		103
Total lease liabilities	$	229	$	206

________________

(1)Operating lease ROU assets are included within other noncurrent assets and operating lease liabilities are included within other current liabilities (current portion) and other noncurrent liabilities (noncurrent portion) in the Consolidated Balance Sheets.

(2)Finance lease ROU assets are included within property, plant and equipment, net and finance lease liabilities are included within short-term borrowings and current portion of long-term debt (current portion) and long-term debt (noncurrent portion) in the Consolidated Balance Sheets.

Schedule of Supplemental Cash Flows Information

Supplemental cash flow information related to leases is as follows:


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	24	$	26	$	28
Operating cash flows from finance leases	6		6		5
Financing cash flows from finance leases	10		9		8
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	47		25		17
Finance leases	2		11		6

Schedule of Weighted Average Lease Term and Discount Rate

Lease terms and discount rates related to leases are as follows:


	December 31,
	2025		2024
Weighted average remaining lease term:
Operating leases	6 years		5 years
Finance leases	13 years		14 years
Weighted average discount rate:
Operating leases	5.5	%	4.6	%
Finance leases	5.9	%	5.2	%

Schedule of Maturities of Lease Liability

As of December 31, 2025, future minimum rental payments on leases with initial non-cancellable lease terms in excess of one year were due as follows:


(Dollars in millions) Year Ending December 31,	Operating Leases		Finance Leases
2026	$	27	$	16
2027	26		13
2028	24		12
2029	18		11
2030	14		11
Thereafter	29		95
Total lease payments	138		158
Less: imputed interest	15		52
Present value of lease liabilities	123		106
Less: current maturities	28		10
Long-term lease obligations	$	95	$	96

Stock-based Compensation Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Shares
Beginning balance (in shares)	1,570
Exercised (in shares)	(360)
Forfeited (in shares)	(20)
Ending balance (in shares)	1,190	1,570
Exercisable (in shares)	1,140
Vested and expected to vest (in shares)	1,190
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 10.39
Exercised (in dollars per share)	10.28
Forfeited (in dollars per share)	10.66
Ending balance (in dollars per share)	10.42	$ 10.39
Exercisable (in dollars per share)	10.43
Vested and expected to vest (in dollars per share)	$ 10.42
Weighted Average Remaining Contractual Term (in years)
Stock options outstanding, weighted average remaining contractual term	2 years	3 years
Exercisable, weighted average remaining contractual term	2 years
Vested and expected to vest, weighted average remaining contractual term	2 years
Aggregate Intrinsic Value
Stock options outstanding, aggregate intrinsic value, beginning balance	$ 34
Stock options outstanding, aggregate intrinsic value, ending balance	28	$ 34
Exercisable, aggregate intrinsic value	27
Vested and expected to vest, aggregate intrinsic value	$ 28

Stock-based Compensation Plans - Schedule of Stock-Based Compensation Plan Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Total stock-based compensation expense	$ 32	$ 22	$ 17
Tax benefits recognized from stock-based compensation	$ 6	$ 6	$ 2

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Restructuring Costs incurred by Segment and by Nature of Cost incurred and Restructuring Provision

See the table below for a breakout of restructuring costs by nature of cost incurred:


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023

Severance	$	2	$	6	$	9
Facility abandonment	—		2		2












Total	$	2	$	8	$	11

The following is a summary of changes in the restructuring provision balance during the years ended December 31, 2025 and 2024:


(Dollars in millions)
Balance at January 1, 2024	$	10
Additional provision	8
Reversal and utilization	(17)
Balance at December 31, 2024	1
Additional provision	2
Reversal and utilization	(2)
Balance at December 31, 2025	$	1

Schedule of Product Warranty Liability

The following is a summary of changes in the product warranty balances during the years ended December 31, 2025 and 2024:


(Dollars in millions)
Balance at January 1, 2024	$	26
Additional provision	16
Reversal and utilization	(13)
Balance at December 31, 2024	$	29
Additional provision	25
Reversal and utilization	(21)
Balance at December 31, 2025	$	33

Revenue from Contracts with Customers - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) contract	Dec. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue from contract with customer, types of contracts \| contract	3
Contract with customer, liability, revenue recognized \| $	$ 298	$ 288

Pension and Other Postretirement Benefits - Schedule of Pension Plans with ABO and PBO in Excess of the Fair Value of Plan Assets (Details) - Retirement Benefit Plans - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 119	$ 144
Accumulated benefit obligation	119	144
Fair value of plan assets	$ 101	$ 113

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

The Company recognizes revenue for each separately identifiable performance obligation in a contract representing an obligation to transfer a distinct good or service to a customer. In most cases, goods and services provided under the Company’s contracts are accounted for as single performance obligations due to the complex and integrated nature of our products and services. These contracts generally require significant integration of a group of goods and/or services to deliver a combined output. In some contracts, the Company provides multiple distinct goods or services to a customer. In those cases, the Company accounts for the distinct contract deliverables as separate performance obligations and allocates the transaction price to each performance obligation based on its relative standalone selling price, which is generally estimated using cost plus a reasonable margin. While the Company provides warranties on certain contracts, we typically do not provide for services beyond standard assurances and therefore do not consider warranties to be separate performance obligations.

Typically, we enter into three types of contracts: fixed-price contracts, cost-plus contracts and T&M contracts (cost-plus contracts and T&M contracts are aggregated below as flexibly priced contracts). The majority of our total revenues are derived from fixed-price contracts. Refer to the revenue disaggregation disclosures that follow.

For fixed-price contracts, customers agree to pay a fixed amount, negotiated in advance for a specified scope of work.

For cost-plus contracts, typically we are reimbursed for allowable or otherwise defined total costs (defined as cost of revenues plus allowable general and administrative expenses) incurred, plus a fee. The contracts may also include incentives for various performance criteria, including quality, timeliness and cost-effectiveness. In addition, costs are generally subject to review by clients and regulatory audit

agencies, and such reviews could result in costs being disputed as non-reimbursable under the terms of the contract.

T&M contracts provide for reimbursement of labor hours expended at a contractual fixed labor rate per hour, plus the actual costs of material and other direct non-labor costs. The fixed labor rates on T&M contracts include amounts for the cost of direct labor, indirect contract costs and profit.

Revenue from contracts with customers is recognized when the performance obligations are satisfied through the transfer of control over the good or service to the customer, which may occur either over time or at a point in time.

Revenues for the majority of our contracts are measured using the over time, percentage of completion cost-to-cost method of accounting to calculate percentage of completion. We believe this is an appropriate measure of progress toward satisfaction of performance obligations as this measure most accurately depicts the progress of our work and transfer of control to our customers. Due to the long-term nature of many of our contracts, developing the estimated transaction price and total cost at completion often requires judgment. The estimated transaction price may include variable consideration such as performance incentives, requests for equitable adjustment (“REAs”) and claims. Variable consideration is included in the estimated transaction price only to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Factors that must be considered in estimating the cost of the work to be completed include the nature and complexity of the work to be performed, subcontractor performance and the risk and impact of delayed performance.

After establishing the estimated total cost at completion, we follow a standard Estimate at Completion (“EAC”) process in which we review the progress and performance on our ongoing contracts on a routine basis. Adjustments to original estimates for a contract's revenue, estimated costs at completion and estimated profit or loss often are required as work progresses under a contract, as experience is gained and as more information is obtained, even though the scope of work required under the contract may not change and are also required if contract modifications occur. When adjustments in estimated total costs at completion are determined, the related impact on revenue and operating earnings are recognized using the cumulative catch-up method, which recognizes in the current period the cumulative effect of such adjustments for all prior periods. Any anticipated losses on these contracts are fully recognized in the period in which the losses become evident.

Net EAC adjustments had the following impacts to revenue for the periods presented:


	Year Ended December 31,
(Dollars in millions)	2025			2024			2023
Revenue and operating earnings	$	(59)		$	(25)		$	(23)
Total % of revenue	2		%	1		%	1		%
Net earnings	(47)			(20)			(18)
Impact on diluted earnings per share	$	(0.17)		$	(0.07)		$	(0.07)

The impacts noted above are attributed primarily to changes in our fixed-price development type programs as well as the impacts of inflation and production inefficiencies on certain fixed-price production programs. In 2025, the adjustments are largely attributed to a negotiated conclusion of a legacy ground surveillance program triggering a revision in the anticipated recovery on the contract as well as the impact of raw material pricing on certain fixed price programs. These impacts were partially offset by improved contractual performance realized on our propulsion contracts on the Columbia Class submarine contracts.

Conversely, if the requirements for the recognition of contracts over time are not met, revenue is recognized at a point in time when control transfers to the customer, which is generally upon transfer of

title. In such cases, the production that is in progress and costs that will be recognized at a future point in time are reported within inventories.

Contract Assets and Liabilities

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheets. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, we sometimes receive advances or deposits from our customers before revenue is recognized, resulting in contract liabilities. Contract assets and contract liabilities as of the dates presented were:


	December 31,
(Dollars in millions)	2025		2024
Contract assets	$	931	$	872
Contract liabilities	585		399

Revenue recognized in 2025 and 2024 that was included in the contract liability balance at the beginning of each year was $298 million and $288 million, respectively.

Contract assets related to amounts withheld by customers until contract completion are not considered a significant financing component of our contracts because the intent is to protect the customers from our failure to satisfactorily complete our performance obligations. Payments received from customers in advance of revenue recognition (contract liabilities) are not considered a significant financing component of our contracts because they are utilized to pay for contract costs within a one-year period or are requested by us to ensure the customers meet their payment obligations.

Value of Remaining Performance Obligations

As of December 31, 2025 the total value of our remaining performance obligations was $8,448 million. We expect to recognize approximately 33% of our December 31, 2025 remaining performance obligations as revenue over the next twelve months, with the remainder to be recognized thereafter. Approximately 50% of our remaining performance obligations relates to long-term contracts on electric power and propulsion programs with the U.S. Navy, which are expected to be recognized as revenue over a span of up to 11 years.

At December 31, 2025, we changed our remaining performance obligations. The change had an immaterial impact on the prior year amount and there was no impact on the Consolidated Financial Statements.

Disaggregation of Revenue

ASC: ASC revenue is primarily derived from U.S. government development and production contracts and is generally recognized using the over time, percentage of completion cost-to-cost method of accounting. We disaggregate ASC revenue by geographical region, customer relationship and contract

type. We believe these categories best depict how the nature, amount, timing and uncertainty of ASC revenue and cash flows are affected by economic factors.


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Revenue by Geographical Region
United States	$	2,018	$	1,685	$	1,537
International	325		412		269
Intersegment sales	12		21		25
Total	$	2,355	$	2,118	$	1,831
Revenue by Customer Relationship
Prime contractor	$	1,056	$	925	$	858
Subcontractor	1,287		1,172		948
Intersegment sales	12		21		25
Total	$	2,355	$	2,118	$	1,831
Revenue by Contract Type
Firm-fixed price	$	2,056	$	1,762	$	1,522
Flexibly priced(1)	287		335		284
Intersegment sales	12		21		25
Total	$	2,355	$	2,118	$	1,831

________________

(1)Includes revenue derived from cost-type and time-and-materials contracts.

IMS: IMS revenue is primarily derived from U.S. government development and production contracts and is generally recognized using the over time, percentage of completion cost-to-cost method of accounting. We disaggregate IMS revenue by geographical region, customer relationship and contract type. We believe these categories best depict how the nature, amount, timing and uncertainty of IMS revenue and cash flows are affected by economic factors.


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Revenue by Geographical Region
United States	$	1,326	$	1,117	$	1,006
International	(21)		20		14
Intersegment sales	2		1		1
Total	$	1,307	$	1,138	$	1,021
Revenue by Customer Relationship
Prime contractor	$	351	$	259	$	252
Subcontractor	954		878		768
Intersegment sales	2		1		1
Total	$	1,307	$	1,138	$	1,021
Revenue by Contract Type
Firm-fixed price	$	1,149	$	948	$	851
Flexibly priced(1)	156		189		169
Intersegment sales	2		1		1
Total	$	1,307	$	1,138	$	1,021

________________

(1)Includes revenue derived from cost-type and time-and-materials contracts.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consists of the following:


	December 31,
(Dollars in millions)	2025		2024
Raw materials	$	112	$	86
Work in progress	225		264
Finished goods	15		8
Total	$	352	$	358

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s debt consists of the following:


	December 31,
(Dollars in millions)	2025		2024
2022 Term Loan A	$	191	$	203



Finance lease and other	152		159
Short-term borrowings related to factoring facilities (Note 4)	5		4
Total debt principal	348		366
Less unamortized debt issuance costs and discounts	(1)		(1)
Total debt, net	347		365
Less short-term borrowings and current portion of long-term debt	(26)		(25)
Total long-term debt	$	321	$	340

Schedule of Maturities of Debt

Maturities of debt as of December 31, 2025 are as follows:


(Dollars in millions)
Year Ending December 31,	Total
2026	$	26
2027	189
2028	8
2029	8
2030	9
Thereafter	108
Total principal payments	$	348

Pension and Other Postretirement Benefits - Schedule of Defined Benefit Plan Assumptions Used to Calculate Net Periodic Benefit Cost (Details) - Defined Benefit Pension Plans	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.50%	4.80%	5.00%
Expected long-term return on plan assets	6.40%	6.50%	7.20%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Pension and Other Postretirement Benefits - Schedule of Pension, Postretirement and Supplemental Retirement Plans (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Jun. 30, 2024	Apr. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Change in plan assets:
Plan assets transferred to an insurance company		$ 24
Terminated Vested Participants
Change in plan assets:
Benefits paid	$ (8)
Defined Benefit Pension Plans
Change in benefit obligation:
Benefit obligation at beginning of year			$ 127	$ 165
Interest cost			7	7	$ 8
Actuarial loss (gain)			3	(4)
Benefits paid			(8)	(41)
Benefit obligation at end of year			129	127	165
Change in plan assets:
Fair value of plan assets at beginning of year			100	134
Actual return on plan assets			8	0
Employer contributions			12	7
Benefits paid			(8)	(41)
Fair value of plan assets at end of year			112	100	$ 134
Funded status of the plans at year end			$ (17)	$ (27)

Pension and Other Postretirement Benefits - Schedule of Expected Benefit Payments (Details) - Defined Benefit Pension Plans $ in Millions	Dec. 31, 2025 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2026	$ 9
2027	9
2028	10
2029	10
2030	10
2031-2035	$ 49

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information - Revenues, Expenses and EBITA by Segment and Reconciliation to Net Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 3,648	$ 3,234	$ 2,826
Total cost of revenues	2,779	2,498	2,178
Total general and administrative	368	322	302
Total company-funded independent research and development	129	92	82
Total amortization of acquired intangible assets	22	22	22
Total other segment items	2	7	11
Total operating earnings	348	293	231
Interest expense	(8)	(21)	(36)
Other, net	(4)	(8)	(3)
Earnings before taxes	336	264	192
Operating Segments \| ASC
Segment Reporting Information [Line Items]
Total revenues	2,355	2,118	1,831
Total cost of revenues	1,727	1,598	1,370
Total general and administrative	260	234	226
Total company-funded independent research and development	104	74	66
Total amortization of acquired intangible assets	22	22	22
Total other segment items	2	7	11
Total operating earnings	240	183	136
Operating Segments \| IMS
Segment Reporting Information [Line Items]
Total revenues	1,307	1,138	1,021
Total cost of revenues	1,066	922	834
Total general and administrative	101	81	79
Total company-funded independent research and development	25	18	16
Total amortization of acquired intangible assets	0	0	0
Total other segment items	0	0	0
Total operating earnings	115	117	92
Corporate & Eliminations
Segment Reporting Information [Line Items]
Total revenues	(14)	(22)	(26)
Total cost of revenues	(14)	(22)	(26)
Total general and administrative	7	7	(3)
Total company-funded independent research and development	0	0	0
Total amortization of acquired intangible assets	0	0	0
Total other segment items	0	0	0
Total operating earnings	$ (7)	$ (7)	$ 3

Sale of Receivables (Tables)

12 Months Ended

Dec. 31, 2025

Transfers and Servicing [Abstract]

Schedule of Sale of Receivables

The table below summarizes the activity under the factoring facilities:


	December 31,
(Dollars in millions)	2025		2024
Beginning balance	$	130	$	192
Sales of receivables	130		190
Cash returned to purchasers	(190)		(252)
Outstanding balance sold to purchasers	70		130
Cash collected, not remitted to purchasers(1)	(1)		—
Remaining sold receivables	$	69	$	130

________________

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 27
2027	26
2028	24
2029	18
2030	14
Thereafter	29
Total lease payments	138
Less: imputed interest	15
Present value of lease liabilities	123
Less: current maturities	28	$ 27
Long-term lease obligations	95	66
Finance Leases
2026	16
2027	13
2028	12
2029	11
2030	11
Thereafter	95
Total lease payments	158
Less: imputed interest	52
Present value of lease liabilities	106
Less: current maturities	10	10
Long-term lease obligations	$ 96	$ 103

Revenue from Contracts with Customers - Remaining Performance Obligations, Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Backlog	$ 8,448
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	33.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Long-Term Contracts On Electric Power And Propulsion Programs
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	50.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	11 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net earnings	$ 278	$ 213	$ 168
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	93	91	85
Deferred income taxes	28	23	(52)
Stock-based compensation expense	32	22	17
Other	0	1	1
Changes in assets and liabilities:
Accounts receivable	(81)	(102)	15
Contract assets	(59)	36	(36)
Inventories	6	(29)	(10)
Prepaid expenses	1	(6)	(1)
Other current assets	23	(13)	(18)
Other noncurrent assets	(44)	17	19
Defined benefit obligations	(10)	(2)	(8)
Accounts payable	(79)	15	(59)
Contract liabilities	186	64	102
Other current liabilities	3	(39)	(26)
Other noncurrent liabilities	(11)	(20)	8
Net cash provided by operating activities	366	271	205
Investing activities
Capital expenditures	(139)	(85)	(60)
Proceeds from sales of assets	0	1	1
Purchases of investments	(15)	0	0
Net cash used in investing activities	(154)	(84)	(59)
Financing activities
Net increase (decrease) in borrowings (maturities of 90 days or less)	1	(32)	20
Repayments of borrowings	(11)	(291)	(727)
Proceeds from borrowings	0	280	715
Proceeds from stock issuance	9	16	12
Repurchases of common stock	(35)	0	0
Payments of employee taxes withheld from stock-based awards	(21)	(19)	(1)
Other	(10)	(10)	(4)
Net cash (used in) provided by financing activities	(163)	(56)	15
Effect of exchange rate changes on cash and cash equivalents	0	0	0
Net increase in cash and cash equivalents	49	131	161
Cash and cash equivalents at beginning of year	598	467	306
Cash and cash equivalents at end of year	647	598	467
Nonrelated Party
Financing activities
Dividends	(28)	0	0
Related Party
Financing activities
Dividends	$ (68)	$ 0	$ 0

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Segment Reporting	Our two reportable segments reflect the way performance is assessed and resources are allocated by our Chief Executive Officer, who is our chief operating decision maker (“CODM”). Advanced Sensing and Computing Our ASC segment designs, develops and manufactures sensing and network computing technology that enables real-time situational awareness required for enhanced operational decision making and execution by our customers across increasingly complex and contested operating environments. Our sensing capabilities span numerous applications, including missions requiring advanced detection, precision targeting and surveillance sensing, long range electro-optic/infrared (“EO/IR”), signals intelligence (“SIGINT”) and other intelligence systems, electronic warfare (“EW”), ground vehicle sensing, next generation active electronically scanned array tactical radars, dismounted soldier sensing and space sensing. Across our offerings, we are focused on advancing sensor range and enhancing the precision, clarity, definition, spectral depth and effectiveness of our sensors to deliver actionable information in time-sensitive mission scenarios in combination with artificial intelligence (“AI”), enabled by our advanced edge processing solutions. We also seek to leverage the knowledge and expertise built through our decades of experience to optimize size, weight, power and cost for our customers’ specific mission requirements and to support integration onto a wide range of tactical platforms, including mobile and power-constrained systems. Our sensing capabilities are complemented by our rugged, trusted and cyber resilient network edge computing products that support data processing, fusion, and dissemination at the tactical edge. Our network computing offerings are utilized across a broad range of mission applications including platform computing on ground and shipboard (both surface ship and submarine) for advanced battle management, combat systems, radar, command and control (“C2”), tactical networks, tactical computing and communications. These products help support the DoW’s need for greater situational understanding and faster decision-making at the tactical edge by leveraging AI and AI-optimized open architecture software, SAGEcore™, to rapidly share, synthesize and transmit data securely between command centers and forward-positioned defense assets and personnel, while supporting reduced latency, operational continuity, and interoperability through modular, open-system architectures. Within ASC, we are increasingly combining sensing, computing, and software to support applications such as C-UAS, electronic warfare, and networked sensing, where performance depends on the ability to detect, process, and act on data in real time. These integrated capabilities are designed to support evolving operational concepts that emphasize distributed operations, resilient communications, and decision advantage at the tactical edge. Integrated Mission Systems Our IMS segment designs, develops, manufactures and integrates power conversion, control and distribution systems, ship propulsion systems, motors and variable frequency drives, force protection systems, and transportation and logistics systems for the U.S. military and allied defense customers. DRS is a leading provider of next-generation electrical propulsion systems for the U.S. Navy. We provide power conversion, control, distribution and propulsion systems for the U.S. Navy’s top priority shipbuilding programs, including the Columbia Class ballistic missile submarine, the first modern U.S. electric drive submarine. We believe DRS is well positioned to meet the needs of an increasingly electrified and power-intensive fleet through high-efficiency, power-dense permanent magnet motors, energy storage systems, and associated rugged and compact power conversion, electrical actuation, and advanced thermal management technologies. These capabilities support higher onboard power demands, improved efficiency, and enhanced platform performance across next-generation naval systems. DRS has a long history of providing a number of other critical products to the U.S. Navy with a significant installed base on submarines, aircraft carriers and other surface ships including motor controllers, instrumentation and control equipment, electrical actuation systems, and thermal management systems for electronics and ship stores refrigeration. DRS is also an integrator of complex systems in ground vehicles for short-range air defense, C-UAS, and vehicle survivability and protection. Our short-range air defense systems integrate advanced active electronically scanned array (“AESA”) radars, EW equipment, reconnaissance and surveillance systems, mission command capabilities, modular combat vehicle turrets, and stabilized sensor suites, as well as kinetic countermeasures to protect against evolving threats. Our force protection systems, including solutions for C-UAS, help protect personnel and defense assets from enemy combatants. Other The Company separately presents the unallocable general and administrative costs associated with corporate functions and certain non-operating subsidiaries of the Company as Corporate & Eliminations.
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of DRS, its wholly owned subsidiaries and its controlling interests. Interests in joint ventures that are controlled by the Company, or for which the Company is otherwise deemed to be the primary beneficiary, are consolidated. For joint ventures in which the Company does not have a controlling interest, but exerts significant influence, the Company applies the equity method of accounting. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include those relating to the recognition of contract revenues and estimated costs to complete contracts in process, recoverability of reported amounts of goodwill and intangible assets, valuation of acquired intangibles, accounting for business combinations, valuation of pensions and other postretirement benefits, the valuation of deferred tax assets and liabilities and the valuation of unrecognized tax benefits. Actual results could differ from these estimates.
Revenue Recognition, Cost of Revenues, and Costs to Obtain or Fulfill a Contract	Revenue RecognitionOur revenues consist primarily of sales of products (tangible goods) to customers. We recognize the majority of our revenue from contracts with customers using an over time, percentage of completion cost-to-cost method of accounting measured by the ratio of cumulative costs incurred to date to estimated total contract costs at completion (the “cost-to-cost method”). On certain other contracts, primarily time-and-materials (“T&M”) and cost-plus contracts, revenue is recognized using the right-to-invoice practical expedient as we are contractually able to bill our customers based on control transferred to the customer.Cost of Revenues Cost of revenues includes materials, labor and overhead costs incurred in the manufacturing, design, and provision of products and services sold in the period as well as warranty costs. Material costs include raw materials, purchased components and sub-assemblies, outside processing and inbound freight costs. Labor and overhead costs consist of direct and indirect manufacturing costs, including wages and fringe benefits, operating supplies, depreciation and amortization, occupancy costs, and purchasing, receiving and inspection costs. Costs to Obtain or Fulfill a ContractCosts to obtain a contract are incremental direct costs incurred to obtain a contract with a customer, including sales commissions and dealer fees, and are capitalized if material. Costs to fulfill a contract include costs directly related to a contract or a specific anticipated contract (for example, mobilization, set-up and certain design costs) that generate or enhance our ability to satisfy our performance obligations under these contracts. These costs are capitalized to the extent they are expected to be recovered from the associated contract. Capitalized costs to obtain or fulfill a contract are amortized to expense over the expected period of benefit for contracts with terms greater than one year on a systematic basis that is consistent with the pattern of transfer of the associated goods and services to the customer. As a practical expedient, capitalized costs to obtain a contract with a term of one year or less are expensed as incurred. The Company recognizes revenue for each separately identifiable performance obligation in a contract representing an obligation to transfer a distinct good or service to a customer. In most cases, goods and services provided under the Company’s contracts are accounted for as single performance obligations due to the complex and integrated nature of our products and services. These contracts generally require significant integration of a group of goods and/or services to deliver a combined output. In some contracts, the Company provides multiple distinct goods or services to a customer. In those cases, the Company accounts for the distinct contract deliverables as separate performance obligations and allocates the transaction price to each performance obligation based on its relative standalone selling price, which is generally estimated using cost plus a reasonable margin. While the Company provides warranties on certain contracts, we typically do not provide for services beyond standard assurances and therefore do not consider warranties to be separate performance obligations. Typically, we enter into three types of contracts: fixed-price contracts, cost-plus contracts and T&M contracts (cost-plus contracts and T&M contracts are aggregated below as flexibly priced contracts). The majority of our total revenues are derived from fixed-price contracts. Refer to the revenue disaggregation disclosures that follow. For fixed-price contracts, customers agree to pay a fixed amount, negotiated in advance for a specified scope of work. For cost-plus contracts, typically we are reimbursed for allowable or otherwise defined total costs (defined as cost of revenues plus allowable general and administrative expenses) incurred, plus a fee. The contracts may also include incentives for various performance criteria, including quality, timeliness and cost-effectiveness. In addition, costs are generally subject to review by clients and regulatory audit agencies, and such reviews could result in costs being disputed as non-reimbursable under the terms of the contract. T&M contracts provide for reimbursement of labor hours expended at a contractual fixed labor rate per hour, plus the actual costs of material and other direct non-labor costs. The fixed labor rates on T&M contracts include amounts for the cost of direct labor, indirect contract costs and profit. Revenue from contracts with customers is recognized when the performance obligations are satisfied through the transfer of control over the good or service to the customer, which may occur either over time or at a point in time. Revenues for the majority of our contracts are measured using the over time, percentage of completion cost-to-cost method of accounting to calculate percentage of completion. We believe this is an appropriate measure of progress toward satisfaction of performance obligations as this measure most accurately depicts the progress of our work and transfer of control to our customers. Due to the long-term nature of many of our contracts, developing the estimated transaction price and total cost at completion often requires judgment. The estimated transaction price may include variable consideration such as performance incentives, requests for equitable adjustment (“REAs”) and claims. Variable consideration is included in the estimated transaction price only to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Factors that must be considered in estimating the cost of the work to be completed include the nature and complexity of the work to be performed, subcontractor performance and the risk and impact of delayed performance. After establishing the estimated total cost at completion, we follow a standard Estimate at Completion (“EAC”) process in which we review the progress and performance on our ongoing contracts on a routine basis. Adjustments to original estimates for a contract's revenue, estimated costs at completion and estimated profit or loss often are required as work progresses under a contract, as experience is gained and as more information is obtained, even though the scope of work required under the contract may not change and are also required if contract modifications occur. When adjustments in estimated total costs at completion are determined, the related impact on revenue and operating earnings are recognized using the cumulative catch-up method, which recognizes in the current period the cumulative effect of such adjustments for all prior periods. Any anticipated losses on these contracts are fully recognized in the period in which the losses become evident. Conversely, if the requirements for the recognition of contracts over time are not met, revenue is recognized at a point in time when control transfers to the customer, which is generally upon transfer of title. In such cases, the production that is in progress and costs that will be recognized at a future point in time are reported within inventories. Contract Assets and Liabilities The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheets. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., biweekly or monthly) or upon achievement of contractual milestones. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, we sometimes receive advances or deposits from our customers before revenue is recognized, resulting in contract liabilities. Contract assets related to amounts withheld by customers until contract completion are not considered a significant financing component of our contracts because the intent is to protect the customers from our failure to satisfactorily complete our performance obligations. Payments received from customers in advance of revenue recognition (contract liabilities) are not considered a significant financing component of our contracts because they are utilized to pay for contract costs within a one-year period or are requested by us to ensure the customers meet their payment obligations.
Research and Development Expenses	Research and Development Expenses We conduct research and development (“R&D”) activities using our own funds (referred to as company-funded independent research and development (“IR&D”)) and under contractual arrangements with our customers (referred to as customer-funded R&D) to enhance existing products and services and to develop future technologies. R&D costs include basic research, applied research, concept formulation studies, design, development, and related test activities. IR&D costs are allocated to customer contracts as part of the general and administrative overhead costs and generally recoverable on our customer contracts with the U.S. government. Customer-funded R&D costs are charged directly to the related customer contract.
Foreign Currency	Foreign Currency Significant transactions in foreign currencies are translated into U.S. dollars at the approximate prevailing rate at the time of the transaction. Foreign exchange transaction gains and losses in 2025, 2024 and 2023 were immaterial to the Company's results of operations. The operations of the Company's foreign subsidiaries are translated from the local (functional) currencies into U.S. dollars using weighted average rates of exchange during each monthly period. The rates of exchange at each balance sheet date are used for translating certain balance sheet accounts and gains or losses resulting from these translation adjustments are included in the accompanying Consolidated Balance Sheets as a component of accumulated other comprehensive loss.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits with banks or other short-term, highly liquid investments with original maturities of three months or less.
Accounts Receivable	Accounts ReceivableAccounts receivable consist of amounts currently due from customers. We maintain an allowance recorded in the allowance for current expected credit losses account that is estimated and recorded utilizing relevant information about past events, including historical experience, current conditions and a reasonable and supportable forecast that affects the collectability of the related financial asset.The Company records accounts receivable that is not expected to be collected within one year as other noncurrent assets.
Inventories	InventoriesInventories are recorded at the lower of cost (determined by either actual, weighted average or first-in, first-out methods) or net realizable value, and include direct production costs as well as indirect costs, such as factory overhead. The net realizable value is calculated as the expected sales price in the course of normal operations net of estimated costs to finish and sell the goods.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment is carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method. The estimated useful lives of plant, machinery and equipment and building and building improvements generally range from 3 to 10 years and 15 to 40 years, respectively. Leasehold improvements are amortized over the shorter of the estimated useful life of the improvements or the remaining life of the lease. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the Consolidated Balance Sheets, and the net gain or loss is included in the determination of net earnings. Maintenance and repairs are charged to operations as incurred and renewals and improvements are capitalized.
Goodwill	Goodwill Goodwill represents the excess purchase price paid to acquire a business over the fair value of net assets acquired. Goodwill is assigned to reporting units and is reviewed for impairment at the reporting unit level on an annual basis, or whenever changes in circumstances indicate that the carrying amount may not be recoverable. A reporting unit is an operating segment, or one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by the segment manager. Two or more components of an operating segment may be aggregated and deemed a single reporting unit if the components have similar economic characteristics. The Company uses quantitative assessments and qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If a qualitative assessment is performed and the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a quantitative assessment is performed. When performing a quantitative assessment, we compare the fair values of each of our reporting units to their respective carrying values. In order to compute the fair value of our reporting units, we primarily use the income approach based on the discounted cash flows that each reporting unit expects to generate in the future, consistent with our operating plans. Determining the fair value of our reporting units requires significant judgments, including the timing and amount of future cash flows, long-term growth rates, determination of the weighted average cost of capital and terminal value assumptions. If, based on the quantitative assessment, the Company concludes that the carrying value of the reporting unit exceeds its fair value, the Company will recognize a goodwill impairment loss in an amount equal to that excess. The Company completed impairment tests as of October 1, 2025, 2024, and 2023 and no adjustment to the carrying value of goodwill was deemed to be necessary.
Acquired Identifiable Intangible Assets	Identifiable intangible assets represent assets acquired as part of the Company's business acquisitions and include customer and program/contract-related assets. The values assigned to acquired identifiable intangible assets are determined as of the date of acquisition based on estimates and judgments regarding expectations for the estimated future after-tax cash flows from those assets over their lives, including the probability of expected future contract renewals and revenues, all of which are discounted to present value.
Long-Lived Assets	The Company assesses the recoverability of the carrying value of its long-lived assets and intangible assets with finite useful lives whenever events or changes in circumstances indicate that the carrying amount of the assets or asset group may not be recoverable. If there are any indicators of impairment present, the Company then evaluates the recoverability of the potentially impaired long-lived assets and acquired identifiable intangible assets based upon expectations of undiscounted net cash flows from such assets. If the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset or asset group, a loss is recognized for the difference between the estimated fair value and the carrying amount of the assets. Assets to be disposed of, including those of discontinued operations, are reported at the lower of the carrying amount or fair value, less the costs to sell.
Pension and Other Postretirement Benefits	Pension and Other Postretirement BenefitsThe obligations for the Company's pension plans and postretirement benefit plans and the related annual costs of employee benefits are calculated based on several long-term assumptions, including discount rates for employee benefit liabilities, rates of return on plan assets, and expected annual increases in the costs of medical and other health care benefits in the case of postretirement benefit plans. These long-term assumptions are subject to revision based on changes in interest rates, financial market conditions, expected versus actual returns on plan assets, participant mortality rates and other actuarial assumptions, including benefit formulas and levels, and rates of increase in the costs of benefits. Changes in these assumptions, if significant, can materially affect the amount of annual net periodic benefit costs recognized in the Company's results of operations from one year to the next, the liabilities for the pension plans and postretirement benefit plans and the Company's annual cash requirements to fund these plans. The Company maintains multiple pension plans, both contributory and non-contributory, covering employees at certain locations. Eligibility requirements for participation in the plans vary and benefits generally are based on the participant's compensation and years of service, as defined in the respective plan. The Company's funding policy generally is to contribute in accordance with cost accounting standards that affect government contractors, subject to the Tax Code and regulations thereunder. With respect to U.S. qualified pension plans, we intend to contribute annually not less than the required minimum funding thresholds. For all periods presented, the Company made no discretionary pension contributions. Plan assets are invested primarily in collective trust funds, which are primarily invested in bonds (both corporate and U.S. government), U.S. government-sponsored entity instruments, and cash and cash equivalents. The Company also provides postretirement medical benefits for certain retired employees and dependents at certain locations. Participants are eligible for these benefits when they retire from active service and meet the eligibility requirements for the Company's postretirement benefit plans. The Company's contractual arrangements with the U.S. government provide for the recovery of contributions to a Voluntary Employees' Beneficiary Association trust and, for non-funded plans, recovery of claims on a pay-as-you-go basis, subject to the Tax Code and regulations thereunder, with the retiree generally paying a portion of the costs through contributions, deductibles and coinsurance provisions. The Company also maintains certain non-contributory and unfunded supplemental retirement plans. Eligibility for participation in the supplemental retirement plans is limited, and benefits generally are based on the participant's compensation and/or years of service. In April 2024, the Company purchased group annuity contracts to transfer approximately $24 million of gross defined benefit pension plan obligations and related plan assets for certain of its qualified defined benefit pension plans to an insurance company for approximately 700 U.S. retirees and beneficiaries. In June 2024, the Company made lump sum distributions from plan assets for terminated vested participants in certain of its defined pension benefit plans in the amount of approximately $8 million. Settlement charges related to these activities were immaterial. The expected long-term return on plan assets assumption represents the average rate that the Company expects to earn over the long-term on the assets of the Company's benefit plans, including those from dividends, interest income and capital appreciation. The assumption has been determined based on expectations regarding future rates of return for the plans' investment portfolio, with consideration given to the allocation of investments by asset class and historical rates of return for each individual asset class. Pension related expenses, other than service cost, are reflected in other, net on the Consolidated Statements of Earnings.
Income Taxes	Income Taxes Beginning October 4, 2022, DRS began filing a consolidated return with only DRS and subsidiaries for federal and state purposes. Prior to October 4, 2022, DRS was included in the U.S. federal and state tax returns of US Holding. DRS and US Holding had entered into a Tax Allocation Agreement (“Tax Allocation Agreement”), dated as of November 16, 2020, with members of an affiliated group, as defined in Section 1504(a) of the U.S. Internal Revenue Code of 1986, as amended (the “Tax Code”), members of one or more consolidated, combined, unitary or similar state tax groups and additional parties who are part of an “expanded affiliated group” for certain tax purposes. The agreement provided for the method of computing and allocating the consolidated U.S. federal tax liability of the affiliated group among its members and of allocating any state group tax liabilities among the state members for the taxable year ending December 31, 2008 and each subsequent year in which the parties are members of a group (whether federal or state). The agreement also provided for reimbursement of US Holding and/or DRS for payment of such tax liabilities, for compensation of any member for use of its “net operating loss” or “tax credits” in arriving at such tax liabilities and the allocation and payment of any refund arising from a carryback of net operating losses or tax credits from subsequent taxable years. Under the agreement, the parties agreed to calculate and allocate their respective tax liabilities and other tax attributes for taxable years beginning with the first consolidated taxable year that included DRS (i.e., the taxable year ended December 31, 2008) as if the agreement was then in effect. Although DRS filed its federal consolidated return outside of US Holding post October 3, 2022, the Tax Allocation Agreement will remain in effect for all historic unaudited periods (federal or state) and all applicable prospective periods where the expanded affiliated relationship may warrant it. The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. Income taxes as presented attribute deferred income taxes of US Holding to DRS in a manner that is systematic, rational and consistent with the asset and liability method and the governing Tax Allocation Agreement which allocates the tax liability amongst the entities, including DRS. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of DRS’ assets and liabilities and are adjusted for changes in tax rates and tax laws when such changes are enacted. In general, the taxable income of DRS is included in the consolidated U.S. federal and state tax returns of US Holding for the short taxable year ended October 3, 2022. Where applicable, US Holding’s current portion of U.S. federal income taxes payable were offset against DRS’ net operating loss carryforwards in the period the related tax expense was recorded. Consequently, our net operating loss carryforwards are deemed to have been settled with US Holding in each year in an amount commensurate with the carrying value of the tax effected net operating loss utilized. If management determines that some portion or all of a deferred tax asset is not “more likely than not” to be realized, a valuation allowance is recorded as a component of the income tax provision to reduce the deferred tax asset to the amounts expected to be realized. In determining whether the Company’s deferred tax assets are realizable, management considers all evidence, both positive and negative, including the history of financial reporting earnings, existing taxable temporary differences and their projected reversals, as well as projected future income and tax planning strategies. We believe it is more likely than not that we will generate sufficient taxable income in future periods to realize our deferred tax assets, subject to the valuation allowances recognized. The Company assesses its tax positions for all periods open to examination by tax authorities based on the latest available information. Those positions are evaluated to determine whether they will more likely than not be sustained upon examination by the relevant taxing authorities. Liabilities for unrecognized tax benefits are measured based on the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. These unrecognized tax benefits are recorded as a component of income tax expense. Interest and penalties related to unrecognized tax benefits are not material. The Company treats the global intangible low-taxed income (“GILTI”) tax as a period cost when incurred.
Earnings Per Share (“EPS”)	Earnings Per Share (“EPS”)Basic EPS is computed by dividing net earnings by the weighted average number of shares of common stock outstanding during each period. The computation of diluted EPS includes the dilutive effect of outstanding stock-based compensation awards, only in periods in which such effect would have been dilutive for the period.
Fair Value Measurements	Fair Value Measurements Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant on the measurement date. We are required to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value, and to utilize a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three hierarchical levels used to measure fair value are as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are directly or indirectly observable. Level 3 — Significant inputs to the valuation model are unobservable. In certain instances, fair value is determined through information obtained from third parties using the latest available market data. In obtaining such data from third parties, we have evaluated the methodologies used to develop the estimate of fair value in order to assess whether such valuations are representative of fair value. The Company categorizes plan assets for disclosure purposes in accordance with this fair value hierarchy. See Note 13: Pension and Other Postretirement Benefits for further information regarding our pension and postretirement plans. The fair value of the Company’s outstanding debt obligations is calculated using Level 2 inputs, based on interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements.
Financial Instruments	Financial Instruments Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and other current liabilities. Financial instruments are reported in the Consolidated Balance Sheets at carrying value, which approximates fair value, as of December 31, 2025 and 2024.
Acquisitions	Acquisitions Our Consolidated Financial Statements include the operations of acquired businesses from the date of acquisition. We account for acquired businesses using the acquisition method of accounting, which requires that any assets acquired, and liabilities assumed be measured at their respective fair values on the acquisition date. The accounting for business combinations requires the Company to make significant judgments and estimates. Any excess of the fair value of consideration transferred over the assigned values of the net assets acquired is recognized as goodwill.
Investments	Investments The Company has an equity investment in the preferred stock of a private company of $21 million at December 31, 2025 that is included in other noncurrent assets in our Consolidated Balance Sheets. As there is not a readily determinable fair value, the investment is recorded at cost and will be adjusted if we identify an observable price change or an impairment when a qualitative impairment assessment is performed.
Variable Interest Entities	Variable Interest Entities The Company occasionally forms joint ventures and/or enters into arrangements with special purpose limited liability companies for the purpose of bidding and executing on specific projects. The Company analyzes each such arrangement to determine whether it represents a variable interest entity (“VIE”). If the arrangement is determined to be a VIE, the Company assesses whether it is the primary beneficiary of the VIE and if it is, consequently required to consolidate the VIE.
Stock-based Compensation	Stock-based Compensation The fair value of stock awards is determined based on the closing market price of the Company's common stock on the grant date. Compensation expense for stock awards is recorded based on the grant date fair value and recognized over the vesting period. For purposes of measuring compensation expense, the amount of shares ultimately expected to vest is estimated at each reporting date based on Company's expectations regarding the relevant service or performance criteria. For awards with a service condition only, the Company recognizes the compensation expense on a straight-line basis.
Derivative Instruments	Derivative Instruments Derivative instruments are recorded on the Consolidated Balance Sheets at fair value. Unrealized gains and losses on derivatives designated as cash flow hedges are reported in other comprehensive income (loss) and reclassified to earnings in a manner that matches the timing of the earnings impact of the hedged transactions. Settlement amounts related to derivatives designated as cash flow hedges are presented within operating activities on the Consolidated Statements of Cash Flows.
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional disclosures regarding rate reconciliation, income taxes paid, and other income tax disclosures. We adopted the new standard effective December 31, 2025 and applied the disclosure requirements on a prospective basis. See Note 11: Income Taxes. Accounting Guidance Issued but Not Yet Adopted as of December 31, 2025 Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of specified information about certain costs and expenses. The new standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, on a prospective basis. We are currently evaluating the impact of adopting this new pronouncement. Targeted Improvements to the Accounting for Internal-Use Software In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes references to project stages, requiring companies to capitalize internal-use software costs when management commits to funding the software project and it is probable the project will be completed. The new standard is effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years, and may be applied on a prospective, modified transition, or retrospective transition basis. We are currently evaluating the impact of adopting this new pronouncement. Accounting for Government Grants Received by Business Entities In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832)—Accounting for Government Grants Received by Business Entities, which establishes the accounting for government grants received by business entities. The new standard is effective for fiscal years beginning after December 15, 2028 and interim periods within those fiscal years, and may be applied on a modified prospective, modified retrospective, or retrospective transition basis. We are currently evaluating the impact of adopting this new pronouncement.

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment by major asset class consists of the following:


	December 31,
(Dollars in millions)	2025		2024
Land, buildings and improvements	$	389	$	380
Plant and machinery	212		203
Equipment and other	487		382
Total property, plant and equipment, at cost	1,088		965
Less accumulated depreciation	(576)		(525)
Total property, plant and equipment, net	$	512	$	440

Pension and Other Postretirement Benefits - Schedule of Net Benefit Costs (Details) - Defined Benefit Pension Plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 7	$ 7	$ 8
Expected return on plan assets	(4)	(5)	(7)
Amortization of net actuarial loss	1	1	1
Net periodic benefit cost	$ 4	$ 3	$ 2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax rate	$ 71
Domestic state & local, net of federal benefit	11
Tax credits:
Tax credit, research, amount	(20)
Tax credit, other, amount	(4)
Nontaxable and nondeductible items, net:
Excess tax benefit on stock-based compensation	(8)
Nondeductible officer compensation	6
Other	1
Cross-border taxes:
Global intangible low-taxed income	3
Other	(1)
Changes in valuation allowance	3
Rate differential	(2)
Other	(2)
Income tax provision	$ 58	$ 51	$ 24
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory federal rate	21.00%	21.00%	21.00%
State rate, net of federal benefit	3.20%	4.20%	2.50%
Tax credits:
Research and development credit, net of reserves	(5.80%)	(7.10%)	(18.00%)
Purchase tax credits	(1.30%)	(0.70%)	0.00%
Nontaxable and nondeductible items, net:
Excess tax benefit on stock-based compensation	(2.40%)	(1.20%)	(0.10%)
Nondeductible officer compensation	1.80%	1.20%	0.80%
Other	0.30%
Cross-border taxes:
Global intangible low-taxed income	1.00%	2.10%	0.20%
Other	(0.30%)
Change in valuation allowance	1.00%	0.70%	1.00%
Rate differential	(0.60%)	(1.50%)	0.10%
Other	(0.60%)	(0.20%)	(1.00%)
Effective tax rate	17.30%	19.30%	12.50%

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 647	$ 598
Accounts receivable, net	334	253
Contract assets	931	872
Inventories	352	358
Prepaid expenses	26	27
Other current assets	36	55
Total current assets	2,326	2,163
Noncurrent assets:
Property, plant and equipment, net	512	440
Intangible assets, net	112	132
Goodwill	1,238	1,238
Deferred tax assets	88	120
Other noncurrent assets	210	91
Total noncurrent assets	2,160	2,021
Total assets	4,486	4,184
Current liabilities:
Short-term borrowings and current portion of long-term debt	26	25
Accounts payable	351	426
Contract liabilities	585	399
Other current liabilities	269	266
Total current liabilities	1,231	1,116
Noncurrent liabilities:
Long-term debt	321	340
Pension and other postretirement benefit plan liabilities	35	34
Deferred tax liabilities	3	7
Other noncurrent liabilities	166	130
Total noncurrent liabilities	525	511
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, $0.01 par value: 10,000,000 shares authorized; none issued	0	0
Common stock, $0.01 par value: 350,000,000 shares authorized; 265,822,404 and 265,064,755 shares issued and outstanding as of December 31, 2025 and 2024, respectively	3	3
Additional paid-in capital	5,083	5,194
Accumulated deficit	(2,315)	(2,593)
Accumulated other comprehensive loss	(41)	(47)
Total stockholders' equity	2,730	2,557
Total liabilities and stockholders' equity	$ 4,486	$ 4,184

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our Cybersecurity Program As described below, we have established policies, standards, processes and practices for assessing, identifying and managing material risks from cybersecurity threats, which are integrated into our overall risk management program and governance structure. Our Cybersecurity Program includes the following four core components: Cyber Operations; Cyber and Information Technology Governance and Compliance; Classified Information Systems; and Cyber/Supplier Risk Management. •The Cyber Operations team is responsible for maintaining prevention, detection, and response capabilities in a defense-in-depth infrastructure. The prevention, detection, and response capabilities leverage various tools and services. However, this does not mean that we will meet, or maintain, any particular technical standard, specification, framework, or requirement in the future. The Cyber Operations team is engaged to provide timely incident response and works to minimize adverse impacts to our operations. •The Cyber and Information Technology Governance and Compliance team works to align the Company’s cyber approach to frameworks such as NIST 800-171, CMMC, and other information technology general controls. The Cyber and Information Technology Governance team develops Company policies designed to reduce, manage, and mitigate cyber risks. •The Classified Information Systems team maintains the Company’s classified information systems and works closely with the Company’s Industrial Security team to help the Company meet the requirements laid out by the DoW for classified systems. •The Cyber/Supplier Risk Management team collaborates with the Company’s supply chain function to identify and work with critical suppliers to reduce cyber risk and minimize or eliminate collateral impacts. As a defense contractor, we must comply with extensive regulations, including requirements imposed by the Defense Federal Acquisition Regulation Supplement related to adequately safeguarding controlled unclassified information and reporting cybersecurity incidents to the DoW. We have implemented cybersecurity policies and frameworks based on industry and governmental standards to align closely with DoW requirements, instructions and guidance. We also participate and support multiple threat-sharing communities including the National Defense Information Sharing and Assessment Center, the defense industrial base Cybersecurity Program, and the National Defense Cyber Alliance. Participating in these communities allows us to collaborate with our Defense Industrial Base sector peers, government agencies, information sharing and analysis centers, and cybersecurity associations. The Cybersecurity Program staff also maintains contact with the Federal Bureau of Investigation for sharing of threat information. Third parties play a key role in support of our Cybersecurity Program. The Chief Information Security Officer coordinates third-party assessments with the Company’s internal audit team. Third parties are regularly engaged to assess our security controls and incident response capabilities. We invest in tools to assess our external vulnerabilities and perform penetration testing regularly. Third-party assessment findings are logged in our internal audit system and tracked until mitigated and/or remediated. These assessments are documented and reviewed with the Company’s Chief Executive Officer, Chief Operating Officer, Chief Information Officer, General Counsel, as well as the Government Security Committee (“GSC”) of the Board. Both the internal audit team and the Chief Information Security Officer are responsible for reporting any material assessment findings to their respective Board committees. We also maintain third-party management processes to identify and manage the cybersecurity risks associated with third-party service providers.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our Cybersecurity Program includes the following four core components: Cyber Operations; Cyber and Information Technology Governance and Compliance; Classified Information Systems; and Cyber/Supplier Risk Management.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Senior leadership, including our Chief Information Security Officer, regularly briefs our Board through the GSC depending on the nature and severity of the business impact. The Chief Information Security Officer also provides the GSC with an update on the Company’s risk management process and the risk trends related to cybersecurity at least annually. The Audit Committee maintains oversight of material risk mitigation recommendations identified by third-party assessors and receives reports as assessments occur. Cyber assessments are performed no less than annually. The full Board retains oversight of cybersecurity because of its importance and the heightened risk in the defense industry.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee maintains oversight of material risk mitigation recommendations identified by third-party assessors and receives reports as assessments occur.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Senior leadership, including our Chief Information Security Officer, regularly briefs our Board through the GSC depending on the nature and severity of the business impact. The Chief Information Security Officer also provides the GSC with an update on the Company’s risk management process and the risk trends related to cybersecurity at least annually. The Audit Committee maintains oversight of material risk mitigation recommendations identified by third-party assessors and receives reports as assessments occur. Cyber assessments are performed no less than annually. The full Board retains oversight of cybersecurity because of its importance and the heightened risk in the defense industry.
Cybersecurity Risk Role of Management [Text Block]	Senior leadership, including our Chief Information Security Officer, regularly briefs our Board through the GSC depending on the nature and severity of the business impact. The Chief Information Security Officer also provides the GSC with an update on the Company’s risk management process and the risk trends related to cybersecurity at least annually. The Audit Committee maintains oversight of material risk mitigation recommendations identified by third-party assessors and receives reports as assessments occur. Cyber assessments are performed no less than annually. The full Board retains oversight of cybersecurity because of its importance and the heightened risk in the defense industry.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Senior leadership, including our Chief Information Security Officer, regularly briefs our Board through the GSC depending on the nature and severity of the business impact. The Chief Information Security Officer also provides the GSC with an update on the Company’s risk management process and the risk trends related to cybersecurity at least annually. The Audit Committee maintains oversight of material risk mitigation recommendations identified by third-party assessors and receives reports as assessments occur. Cyber assessments are performed no less than annually. The full Board retains oversight of cybersecurity because of its importance and the heightened risk in the defense industry. The Cybersecurity Program is organized under our Chief Information Security Officer. The current Chief Information Security Officer has extensive information technology and program management experience and has served for over a decade in our corporate information security organization. He has a Masters in cybersecurity from Valparaiso University. Additionally, he has both Certified Information Systems Security Professional-Information Systems Security Management Professional (“CISSP-ISSMP”) and Certified Information Systems Auditor (“CISA”) certifications, and is also a recognized Information Technology Infrastructure Library (“ITIL”) expert. The Chief Information Security Officer reports to the Executive Vice President, General Counsel & Secretary with oversight by the Board. Over the course of the last decade, our management team has gained extensive experience investing in, providing oversight of, and setting the strategy for our Cybersecurity Program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The current Chief Information Security Officer has extensive information technology and program management experience and has served for over a decade in our corporate information security organization. He has a Masters in cybersecurity from Valparaiso University. Additionally, he has both Certified Information Systems Security Professional-Information Systems Security Management Professional (“CISSP-ISSMP”) and Certified Information Systems Auditor (“CISA”) certifications, and is also a recognized Information Technology Infrastructure Library (“ITIL”) expert.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Senior leadership, including our Chief Information Security Officer, regularly briefs our Board through the GSC depending on the nature and severity of the business impact. The Chief Information Security Officer also provides the GSC with an update on the Company’s risk management process and the risk trends related to cybersecurity at least annually. The Audit Committee maintains oversight of material risk mitigation recommendations identified by third-party assessors and receives reports as assessments occur. Cyber assessments are performed no less than annually.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Federal net operating loss	$ 1	$ 1
State net operating loss	6	6
Foreign net operating loss	11	7
Tax credit carryforwards	24	19
Lease liabilities	48	44
Capitalized R&D, net of amortization	77	143
Accrued compensation and benefits	29	27
Contract liabilities	20	20
Accrued expenses	4	3
Pension and postretirement plans	9	12
Inventory capitalization	9	8
Other	14	7
Total gross deferred tax assets	252	297
Less valuation allowance	36	25
Deferred tax assets	216	272
Deferred tax liabilities:
Right-of-use assets	(43)	(40)
Long-term contracts	(30)	(55)
Intangible assets	(33)	(39)
Property, plant and equipment, net	(22)	(23)
Other	(3)	(2)
Deferred tax liabilities	(131)	(159)
Net deferred tax asset	$ 85	$ 113

Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

A summary of the carrying amount of goodwill by reportable segment follows:


(Dollars in millions)	ASC		IMS		Total


Balance at December 31, 2024	$	819	$	419	$	1,238
Balance at December 31, 2025	$	819	$	419	$	1,238

Goodwill as of the periods presented is reported net of $2,362 million and $606 million of accumulated impairments for the ASC and IMS segments, respectively.

- Definition

The entire disclosure for goodwill.

+ References + Details

Stock-based Compensation Plans - Schedule of PRSUs Valuation Assumptions (Details) - PRSUs - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grant date stock price (in dollars per share)	$ 32.71	$ 21.51	$ 14.74
Expected volatility	37.40%	36.00%	51.20%
Risk-free interest rate	3.70%	4.90%	4.00%
Expected dividend yield	0.00%	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
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-Subparagraph (f)(2)
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+ Details

Goodwill - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
ASC
Goodwill [Line Items]
Accumulated impairment	$ 2,362
IMS
Goodwill [Line Items]
Accumulated impairment	$ 606

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Summary of Significant Accounting Policies - Concentration Risk (Details) - segment	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Number of reportable segments	2
U.S. Department of Defense \| Revenue from Contract with Customer Benchmark \| Government Contracts Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	80.00%	79.00%	80.00%
International and Commercial Customers \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%	21.00%	20.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Total Revenues and Intersegment Revenues by Segment

Revenues, expenses, and operating earnings by segment and the reconciliation to earnings before taxes for the years ended December 31, 2025, 2024 and 2023, consists of the following:


(Dollars in millions)	2025		2024		2023
Revenues
ASC	$	2,355	$	2,118	$	1,831
IMS	1,307		1,138		1,021
Corporate & Eliminations	(14)		(22)		(26)
Total revenues	$	3,648	$	3,234	$	2,826


Cost of revenues
ASC	$	1,727	$	1,598	$	1,370
IMS	1,066		922		834
Corporate & Eliminations	(14)		(22)		(26)
Total cost of revenues	$	2,779	$	2,498	$	2,178

General and administrative
ASC	$	260	$	234	$	226
IMS	101		81		79
Corporate & Eliminations	7		7		(3)
Total general and administrative	$	368	$	322	$	302


Company-funded independent research and development
ASC	$	104	$	74	$	66
IMS	25		18		16
Corporate & Eliminations	—		—		—
Total company-funded independent research and development	$	129	$	92	$	82

Amortization of acquired intangible assets
ASC	$	22	$	22	$	22
IMS	—		—		—
Corporate & Eliminations	—		—		—
Total amortization of acquired intangible assets	$	22	$	22	$	22

Other segment items
ASC	$	2	$	7	$	11
IMS	—		—		—
Corporate & Eliminations	—		—		—
Total other segment items(1)	$	2	$	7	$	11

Operating earnings
ASC	$	240	$	183	$	136
IMS	115		117		92
Corporate & Eliminations	(7)		(7)		3
Total operating earnings	$	348	$	293	$	231
Interest expense	(8)		(21)		(36)
Other, net	(4)		(8)		(3)
Earnings before taxes	$	336	$	264	$	192

________________

(1)Includes ASC restructuring costs for the periods presented.

Total intersegment revenues by segment for the years ended December 31, 2025, 2024 and 2023, consists of the following:


(Dollars in millions)	2025		2024		2023
ASC	$	12	$	21	$	25
IMS	2		1		1
Total intersegment revenues	$	14	$	22	$	26

Schedule of Depreciation, Assets by Segment

Depreciation by segment for the years ended December 31, 2025, 2024 and 2023, consists of the following:


(Dollars in millions)	2025		2024		2023
ASC	$	49	$	48	$	44
IMS	22		21		19
Total depreciation	$	71	$	69	$	63

Total assets by segment as of December 31, 2025 and 2024, consists of the following:


(Dollars in millions)	2025		2024
ASC	$	2,451	$	2,249
IMS	1,300		1,225
Corporate & Eliminations	735		710
Total assets	$	4,486	$	4,184

Stock-based Compensation Plans - Schedule of RSUs Activity (Details) - RSUs shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	1,310
Granted (in shares) \| shares	460
Vested (in shares) \| shares	(730)
Forfeited (in shares) \| shares	(30)
Ending balance (in shares) \| shares	1,010
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 16.89
Granted (in dollars per share) \| $ / shares	33.23
Vested (in dollars per share) \| $ / shares	15.18
Forfeited (in dollars per share) \| $ / shares	24.91
Ending balance (in dollars per share) \| $ / shares	$ 25.39

Consolidated Statements of Earnings - USD ($) $ in Millions	12 Months Ended
Consolidated Statements of Earnings - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues	$ 3,648	$ 3,234	$ 2,826
Cost of revenues	(2,779)	(2,498)	(2,178)
Gross profit	869	736	648
General and administrative expenses	(497)	(414)	(384)
Amortization of acquired intangible assets	(22)	(22)	(22)
Other operating expenses, net	(2)	(7)	(11)
Operating earnings	348	293	231
Interest expense, net	(8)	(21)	(36)
Other, net	(4)	(8)	(3)
Earnings before taxes	336	264	192
Income tax provision	(58)	(51)	(24)
Net earnings	$ 278	$ 213	$ 168
Net earnings per share from common stock:
Basic earnings per share (in dollars per share)	$ 1.05	$ 0.81	$ 0.64
Diluted earnings per share (in dollars per share)	$ 1.03	$ 0.80	$ 0.64

Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets mainly refer to the fair value of existing customer contractual relationships attributable to an acquired business and patents and licenses which are being amortized over their respective lives. The fair value of intangible assets typically is determined, as of the date of acquisition, based on estimates and judgments regarding expectations for the estimated future after-tax earnings and cash flows (including cash flows for working capital) arising from backlog and follow-on sales to the customer over their estimated lives, including the probability of expected future contract renewals and sales, less a contributory assets charge, all of which is discounted to present value.

All intangible assets are being amortized over their estimated useful lives, as indicated below, with no estimated residual values. Intangible assets consists of the following:


	December 31, 2025						December 31, 2024
(Dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired intangible assets	$	1,087	$	(984)	$	103	$	1,087	$	(962)	$	125
Patents and licenses	18		(9)		9		14		(7)		7
Total intangible assets	$	1,105	$	(993)	$	112	$	1,101	$	(969)	$	132

Amortization expense related to acquired intangible assets was $22 million, $22 million, and $22 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Acquired intangible assets are amortized on a straight-line basis over their estimated useful lives of 10 to 15 years. The net acquired intangible asset balances consists primarily of technology related intangibles of $72 million and customer related assets of $31 million as of December 31, 2025. Patents and licenses are amortized on a straight-line basis over their estimated useful lives of 5 to 10 years. The estimated annual amortization expense related to intangible assets for the subsequent five years is as follows:


(Dollars in millions) Year Ending December 31,	Estimated Annual Amortization
2026	$	24
2027	20
2028	15
2029	14
2030	14

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Operating segments represent components of an enterprise for which separate financial information is available that is regularly reviewed by the CODM in determining how to allocate resources and assess performance. Our Chief Executive Officer is our CODM. The Company’s operating and reportable segments consist of ASC and IMS. All other operations, which consists primarily of DRS corporate headquarters and certain non-operating subsidiaries of the Company, are grouped in Corporate & Eliminations. See Note 1: Summary of Significant Accounting Policies for a description of our reportable segments.

The CODM primarily uses operating earnings to manage the Company and allocate resources. Operating earnings is used to facilitate a comparison of the ordinary, ongoing and customary course of our operations on a consistent basis from period to period and provide an additional understanding of factors and trends affecting our business segments.

Certain information related to our segments for the years ended December 31, 2025, 2024 and 2023, is presented in the following tables. Consistent accounting policies have been applied by all segments within the Company, within all reporting periods. Intersegment sales are generally transferred at cost to the buying segment, and the sourcing segment does not recognize a profit. Such intercompany operating earnings is eliminated in consolidation, so that the Company’s total revenues and operating earnings reflect only those transactions with external customers.

Revenues, expenses, and operating earnings by segment and the reconciliation to earnings before taxes for the years ended December 31, 2025, 2024 and 2023, consists of the following:


(Dollars in millions)	2025		2024		2023
Revenues
ASC	$	2,355	$	2,118	$	1,831
IMS	1,307		1,138		1,021
Corporate & Eliminations	(14)		(22)		(26)
Total revenues	$	3,648	$	3,234	$	2,826


Cost of revenues
ASC	$	1,727	$	1,598	$	1,370
IMS	1,066		922		834
Corporate & Eliminations	(14)		(22)		(26)
Total cost of revenues	$	2,779	$	2,498	$	2,178

General and administrative
ASC	$	260	$	234	$	226
IMS	101		81		79
Corporate & Eliminations	7		7		(3)
Total general and administrative	$	368	$	322	$	302


Company-funded independent research and development
ASC	$	104	$	74	$	66
IMS	25		18		16
Corporate & Eliminations	—		—		—
Total company-funded independent research and development	$	129	$	92	$	82

Amortization of acquired intangible assets
ASC	$	22	$	22	$	22
IMS	—		—		—
Corporate & Eliminations	—		—		—
Total amortization of acquired intangible assets	$	22	$	22	$	22

Other segment items
ASC	$	2	$	7	$	11
IMS	—		—		—
Corporate & Eliminations	—		—		—
Total other segment items(1)	$	2	$	7	$	11

Operating earnings
ASC	$	240	$	183	$	136
IMS	115		117		92
Corporate & Eliminations	(7)		(7)		3
Total operating earnings	$	348	$	293	$	231
Interest expense	(8)		(21)		(36)
Other, net	(4)		(8)		(3)
Earnings before taxes	$	336	$	264	$	192

________________

(1)Includes ASC restructuring costs for the periods presented.

Total intersegment revenues by segment for the years ended December 31, 2025, 2024 and 2023, consists of the following:


(Dollars in millions)	2025		2024		2023
ASC	$	12	$	21	$	25
IMS	2		1		1
Total intersegment revenues	$	14	$	22	$	26

Depreciation by segment for the years ended December 31, 2025, 2024 and 2023, consists of the following:


(Dollars in millions)	2025		2024		2023
ASC	$	49	$	48	$	44
IMS	22		21		19
Total depreciation	$	71	$	69	$	63

Total assets by segment as of December 31, 2025 and 2024, consists of the following:


(Dollars in millions)	2025		2024
ASC	$	2,451	$	2,249
IMS	1,300		1,225
Corporate & Eliminations	735		710
Total assets	$	4,486	$	4,184

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
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-Publisher FASB
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+ Details

Accounts Receivable

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Accounts Receivable

Accounts receivable, net consists of the following:


	December 31,
(Dollars in millions)	2025		2024
Accounts receivable	$	335	$	254
Less allowance for credit losses	(1)		(1)
Accounts receivable, net	$	334	$	253

The Company records accounts receivable that is not expected to be collected within one year as other noncurrent assets. As of December 31, 2025, the Company had $53 million of noncurrent accounts receivable.

The Company maintains certain agreements with financial institutions to sell certain trade receivables. See Note 4: Sale of Receivables for additional information.

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 48	$ 40	$ 24
Increase related to prior year tax positions	1	2	11
Increase related to current year tax positions	5	6	6
Decreases related to prior year tax positions	(2)	0	(1)
Ending balance	$ 52	$ 48	$ 40

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

The Company’s debt consists of the following:


	December 31,
(Dollars in millions)	2025		2024
2022 Term Loan A	$	191	$	203



Finance lease and other	152		159
Short-term borrowings related to factoring facilities (Note 4)	5		4
Total debt principal	348		366
Less unamortized debt issuance costs and discounts	(1)		(1)
Total debt, net	347		365
Less short-term borrowings and current portion of long-term debt	(26)		(25)
Total long-term debt	$	321	$	340

Term Loan

In November 2022, the Company entered into a senior unsecured credit agreement with Bank of America in the amount of $500 million (the “2022 Credit Agreement”) with a maturity of November 29, 2027. The 2022 Credit Agreement provides for a term loan (the “2022 Term Loan A”) of $225 million bearing interest at a variable rate generally based on the Secured Overnight Financing Rate (“SOFR”), plus a spread ranging from 1.48% to 2.10% depending on the leverage ratio, as defined in the 2022 Credit Agreement, or an alternative variable rate based on the higher of the Bank of America prime rate, the federal funds rate, or a rate generally based on the SOFR, in each case subject to an additional basis point spread as defined in the 2022 Credit Agreement. Interest is payable quarterly in arrears. The outstanding balance of the 2022 Term Loan A at December 31, 2025 was $191 million. The fair value of the 2022 Term Loan A was approximately $190 million and $199 million at December 31, 2025 and 2024, respectively; however the Company has the ability to prepay the outstanding principal balance without penalty.

Subsequent to year-end, in January 2026, the Company repaid the remaining outstanding balance of the 2022 Term Loan A in the amount of $191 million. The was no prepayment penalty or other fee associated with prepaying the principal balance.

Credit Facilities

The 2022 Credit Agreement provides for a revolving credit facility available for the working capital needs of the Company (the “2022 Revolving Credit Facility”). As of December 31, 2025, the 2022 Revolving Credit Facility had a limit of $275 million. Loans under the 2022 Revolving Credit Facility bear interest at a variable rate generally based on the SOFR, plus a spread ranging from 1.48% to 2.10% depending on the leverage ratio, as defined in the 2022 Credit Agreement, or an alternative variable rate based on the higher of the Bank of America prime rate, the federal funds rate, or a rate generally based on the SOFR, in each case subject to an additional basis point spread as defined in the 2022 Credit Agreement. The Company also pays a commitment fee ranging between 0.20% and 0.35% depending on the Company’s leverage ratio applied to the unused balance of the 2022 Revolving Credit Facility. There was no outstanding balance on the 2022 Revolving Credit Facility as of December 31, 2025 and 2024. The weighted average interest rate on the 2022 Revolving Credit Facility as of December 31, 2024 was 6.72%.

Subsequent to year-end, in January 2026, the Company terminated the 2022 Credit Agreement and entered into a new senior unsecured credit agreement (the “2026 Credit Agreement”). The 2026 Credit

Agreement provides for a revolving credit facility available for working capital requirements of the Company (the “2026 Revolving Credit Facility”). The 2026 Revolving Credit Facility has a limit of $500 million and expires in January 2031. Loans under the 2026 Revolving Credit Facility bear interest at a variable rate generally based on the SOFR, plus a spread ranging from 1.25% to 1.63% depending on the leverage ratio, as defined in the 2026 Credit Agreement, or an alternative variable rate based on the higher of the prime rate, as defined in the 2026 Credit Agreement, the federal funds rate, or a rate generally based on the SOFR, in each case subject to an additional basis point spread as defined in the 2026 Credit Agreement. The Company also pays a commitment fee ranging between 0.15% and 0.30% depending on the Company’s leverage ratio applied to the unused balance of the 2026 Revolving Credit Facility.

The Company also maintains uncommitted working capital credit facilities with certain financial institutions in the aggregate of $105 million and $130 million at December 31, 2025 and 2024, respectively (the “Financial Institution Credit Facilities”). The sole purpose of the Financial Institution Credit Facilities is to support standby letter of credit issuances on contracts with customers. The Company had letters of credit outstanding of approximately $54 million and $36 million as of December 31, 2025 and 2024, respectively, which reduces the available capacity of the Financial Institution Credit Facilities by an equal amount.

Finance Lease and Other

As of December 31, 2025, finance lease and other of $152 million includes approximately $106 million related to finance lease liabilities and $46 million related to our Menomonee Falls, WI manufacturing facility, which has been accounted for as a financing arrangement. Approximately $10 million has been recognized as the current portion of long-term debt for the finance lease liabilities and aforementioned financing arrangement.

Interest Paid

Total interest paid associated with our debt was $21 million, $27 million, and $38 million in 2025, 2024 and 2023, respectively. Our effective interest rate was approximately 5.71%, 6.80% and 6.65% for the years ended December 31, 2025, 2024 and 2023, respectively. The interest expense attributable to the amortization of debt issuance costs in 2025, 2024 and 2023 was not material.

Maturities

Maturities of debt as of December 31, 2025 are as follows:


(Dollars in millions)
Year Ending December 31,	Total
2026	$	26
2027	189
2028	8
2029	8
2030	9
Thereafter	108
Total principal payments	$	348

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Revenue from Contracts with Customers - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets	$ 931	$ 872
Contract liabilities	$ 585	$ 399

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment by major asset class consists of the following:


	December 31,
(Dollars in millions)	2025		2024
Land, buildings and improvements	$	389	$	380
Plant and machinery	212		203
Equipment and other	487		382
Total property, plant and equipment, at cost	1,088		965
Less accumulated depreciation	(576)		(525)
Total property, plant and equipment, net	$	512	$	440

Depreciation expense related to property, plant and equipment was $71 million, $69 million, and $63 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Land, buildings and improvements include assets under finance leases in the amount of $89 million and $97 million as of December 31, 2025 and 2024, respectively. See Note 10: Leases for additional information.

As of December 31, 2025 and 2024, the Company accounted for our manufacturing facility in Menomonee Falls, WI as a financing arrangement and is included in land, buildings and improvements in the above table. See Note 12: Debt for additional information.

Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Millions	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 24
2027	20
2028	15
2029	14
2030	$ 14

Summary of Significant Accounting Policies - Investments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Unnamed Private Company \| Related Party
Related Party Transaction [Line Items]
Investments	$ 21

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Liabilities

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Other Liabilities

A summary of significant other liabilities by balance sheet caption follows:


	December 31,
(Dollars in millions)	2025		2024
Salaries, wages and accrued bonuses	$	85	$	75
Fringe benefits	60		63


Provision for contract losses	35		43
Operating lease liabilities	28		27
Taxes payable	10		24
Warranty reserves	24		19
Other	27		15
Total other current liabilities	$	269	$	266

Operating lease liabilities	$	95	$	66
Unrecognized tax benefits	50		46
Warranty reserves	9		10
Other	12		8
Total other noncurrent liabilities	$	166	$	130

Debt - Schedule of Maturities of Debt (Details) $ in Millions	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 26
2027	189
2028	8
2029	8
2030	9
Thereafter	108
Total principal payments	$ 348

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Segment Information - Depreciation by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total depreciation	$ 71	$ 69	$ 63
ASC
Segment Reporting Information [Line Items]
Total depreciation	49	48	44
IMS
Segment Reporting Information [Line Items]
Total depreciation	$ 22	$ 21	$ 19

Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Pension, Postretirement and Supplemental Retirement Plans


	Defined Benefit Pension Plans
(Dollars in millions)	2025		2024
Change in benefit obligation:
Benefit obligation at beginning of year	$	127	$	165

Interest cost	7		7

Actuarial loss (gain)	3		(4)
Benefits paid(1)	(8)		(41)



Benefit obligation at end of year	$	129	$	127
Change in plan assets:
Fair value of plan assets at beginning of year	$	100	$	134
Actual return on plan assets	8		—

Employer contributions	12		7
Benefits paid(1)	(8)		(41)


Fair value of plan assets at end of year	112		100

Funded status of the plans at year end	$	(17)	$	(27)

________________

Schedule of Amounts Recognized in Balance Sheet

The amounts recognized in the Consolidated Balance Sheets as of December 31, 2025 and 2024 consist of:


	Defined Benefit Pension Plans
(Dollars in millions)	2025		2024
Noncurrent assets	$	1	$	2

Noncurrent liabilities	(18)		(29)
Net liability recognized	$	(17)	$	(27)

Schedule of Amounts Recognized In Accumulated Other Comprehensive Loss (Before Taxes)

Amounts recognized in accumulated other comprehensive loss (before taxes) at December 31, 2025 and 2024 consist of:


	Defined Benefit Pension Plans
(Dollars in millions)	2025		2024

Net actuarial loss (gain)	$	28	$	30
Total amount recognized in accumulated other comprehensive loss	$	28	$	30

Schedule of Pension Plans with ABO and PBO in Excess of the Fair Value of Plan Assets

The table below presents information for the pension plans with an ABO and PBO in excess of the fair value of plan assets at December 31, 2025 and 2024:


(Dollars in millions)	2025		2024
Projected benefit obligation	$	119	$	144
Accumulated benefit obligation	119		144
Fair value of plan assets	101		113

Schedule of Weighted Average Actuarial Assumptions

The following table summarizes the weighted average actuarial assumptions used to determine our benefit obligations at December 31, 2025 and 2024:


	Defined Benefit Pension Plans
	2025		2024
Rate assumptions
Discount rate	5.2	%	5.5	%

Expected long-term return on plan assets	5.8	%	6.4	%

The following table summarizes the weighted average actuarial assumptions used to determine our net periodic benefit cost of the pension plans for the years ended December 31, 2025, 2024 and 2023:


	Defined Benefit Pension Plans
	2025		2024		2023
Rate assumptions
Discount rate	5.5	%	4.8	%	5.0	%
Expected long-term return on plan assets	6.4	%	6.5	%	7.2	%

Schedule of Net Benefit Costs

plan assets or benefit obligations, over the average future lifetime for all plans that are frozen, and over the average remaining service period for active plans.


	Defined Benefit Pension Plans
(Dollars in millions)	2025		2024		2023

Interest cost	$	7	$	7	$	8
Expected return on plan assets	(4)		(5)		(7)
Amortization of net actuarial loss	1		1		1


Net periodic benefit cost	$	4	$	3	$	2

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income


	Defined Benefit Pension Plans
(Dollars in millions)	2025		2024		2023
Net actuarial (gain) loss	$	(1)	$	1	$	1

Amortization of net actuarial loss from prior years	(1)		(1)		(1)


Total recognized in other comprehensive income	$	(2)	$	—	$	—

Schedule of Allocation of Plan Assets

The table below represents all of the Company's funded pension plans' weighted average asset allocation at December 31, 2025 and 2024 by asset category:


	Asset Allocation
	2025		2024
Asset Category
Equity securities	—	%	18	%
Debt securities	94	%	72	%

Other, primarily cash and cash equivalents, and hedge funds	6	%	10	%

The table below presents the target allocation ranges for each major asset category for the Company's pension plans for the years ended December 31, 2025 and 2024:


	Target Asset Allocation Range
	2025	2024
Asset Category
Equity securities	0%	11% - 19%
Debt securities	96% - 100%	75% - 91%

Other, primarily cash and cash equivalents and hedge funds	0% - 4%	0% - 4%

Schedule of Fair Value of Category of Plan Assets

The following tables provides the fair value of plan assets held by our pension plans by asset category and by fair value hierarchy level.


	December 31, 2025
(Dollars in millions)	Level 1		Level 2		Level 3		Total
Asset category
Investments measured at fair value:



Collective trust funds	$	—	$	112	$	—	$	112
Total	$	—	$	112	$	—	$	112


	December 31, 2024
(Dollars in millions)	Level 1		Level 2		Level 3		Total
Asset category
Investments measured at fair value:
Cash and cash equivalents	$	8	$	—	$	—	$	8
Equity securities	6		—		—		6
Collective trust funds	—		100		—		100

Total	$	14	$	100	$	—	$	114

Schedule of Expected Benefit Payments

The following table presents expected pension benefit payments over the next ten years:


(Dollars in millions) Year Ending December 31,	Defined Benefit Pension Plans
2026	$	9
2027	9
2028	10
2029	10
2030	10
2031-2035	49

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
ROU assets
Operating leases	$ 107	$ 79
Finance leases	89	97
Total leased assets	196	176
Current lease liabilities:
Operating	28	27
Finance	10	10
Noncurrent lease liabilities:
Operating	95	66
Finance	96	103
Total lease liabilities	$ 229	$ 206
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets	Other noncurrent assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current	Other Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Short-term borrowings and current portion of long-term debt	Short-term borrowings and current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total long-term debt	Total long-term debt

Commitments and Contingencies - Schedule of Restructuring Costs incurred by Segment and by Nature of Cost incurred (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Total	$ 2	$ 8	$ 11
Severance \| ASC \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Total	2	6	9
Facility abandonment \| ASC \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Total	$ 0	$ 2	$ 2

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company leases various real estate for manufacturing facilities, administrative offices, warehouses and machinery under both finance leases and operating leases. In addition, the Company leases vehicles and office equipment under operating leases. We determine whether our contracts are or contain a lease at the inception of such arrangements. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

Right-of-use (“ROU”) assets and lease liabilities are recorded on the Consolidated Balance Sheets as of the lease commencement based on the present value of the future lease payments over the lease term. As our leases generally do not provide an implicit rate, we use our incremental borrowing rate, which is determined based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term as of the lease commencement date. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes lease payments made at or before the commencement date of the lease, less any lease incentives received. The remaining lease cost is amortized over the remaining life of the lease on a straight-line basis. We evaluate ROU assets for impairment consistent with the treatment of other long-lived assets.

Some of our leases include options to extend the lease terms or to terminate the lease early. We include the impact of the option in the determination of the ROU assets and liabilities when it is

reasonably certain that we will exercise the option. Our U.S. and Canadian lease payments are largely fixed, but may include variable payments that do not depend on an index or rate, such as usage-based amounts, and are recorded as a lease cost in the period incurred. Lease payments in Israel are tied to the Consumer Price Index (“CPI”) as published by Israel’s Central Bureau of Statistics. These leases are paid in Israeli New Shekels (“ISL”) but are recorded in U.S. dollars on the general ledger. These leases are recalculated each quarter to recognize the changes in both the CPI and the ISL. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants.

We elected not to recognize a ROU asset and lease liability for leases with an initial term of twelve months or less. These leases are expensed on a straight-line basis over the lease term. The Company elected the practical expedient to not separate lease and non-lease components and to instead account for them as a single component. We have elected this practical expedient for all classes of assets.

As of December 31, 2025, the Company had approximately $28 million of operating lease commitments for a facility lease that has not yet commenced. The lease is expected to commence in 2028 with a lease term of 10 years.

Lease Cost

The Company’s total lease cost consists of the following:


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Operating lease cost(1)	$	29	$	24	$	26
Finance lease cost(2):
Amortization of right-of-use assets	12		12		10
Interest on lease liabilities	6		6		5
Total lease cost	$	47	$	42	$	41

________________

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases is as follows:


	December 31,
(Dollars in millions)	2025		2024
ROU assets
Operating leases(1)	$	107	$	79
Finance leases(2)	89		97
Total leased assets	$	196	$	176
Lease liabilities
Current lease liabilities:
Operating(1)	$	28	$	27
Finance(2)	10		10
Noncurrent lease liabilities:
Operating(1)	95		66
Finance(2)	96		103
Total lease liabilities	$	229	$	206

________________

Supplemental Cash Flow Information

Supplemental cash flow information related to leases is as follows:


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	24	$	26	$	28
Operating cash flows from finance leases	6		6		5
Financing cash flows from finance leases	10		9		8
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	47		25		17
Finance leases	2		11		6

Weighted Average Lease Term and Discount Rate

Lease terms and discount rates related to leases are as follows:


	December 31,
	2025		2024
Weighted average remaining lease term:
Operating leases	6 years		5 years
Finance leases	13 years		14 years
Weighted average discount rate:
Operating leases	5.5	%	4.6	%
Finance leases	5.9	%	5.2	%

Maturity of Lease Liabilities

As of December 31, 2025, future minimum rental payments on leases with initial non-cancellable lease terms in excess of one year were due as follows:


(Dollars in millions) Year Ending December 31,	Operating Leases		Finance Leases
2026	$	27	$	16
2027	26		13
2028	24		12
2029	18		11
2030	14		11
Thereafter	29		95
Total lease payments	138		158
Less: imputed interest	15		52
Present value of lease liabilities	123		106
Less: current maturities	28		10
Long-term lease obligations	$	95	$	96

Leases

Some of our leases include options to extend the lease terms or to terminate the lease early. We include the impact of the option in the determination of the ROU assets and liabilities when it is

Lease Cost

The Company’s total lease cost consists of the following:


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Operating lease cost(1)	$	29	$	24	$	26
Finance lease cost(2):
Amortization of right-of-use assets	12		12		10
Interest on lease liabilities	6		6		5
Total lease cost	$	47	$	42	$	41

________________

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases is as follows:


	December 31,
(Dollars in millions)	2025		2024
ROU assets
Operating leases(1)	$	107	$	79
Finance leases(2)	89		97
Total leased assets	$	196	$	176
Lease liabilities
Current lease liabilities:
Operating(1)	$	28	$	27
Finance(2)	10		10
Noncurrent lease liabilities:
Operating(1)	95		66
Finance(2)	96		103
Total lease liabilities	$	229	$	206

________________

Supplemental Cash Flow Information

Supplemental cash flow information related to leases is as follows:


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	24	$	26	$	28
Operating cash flows from finance leases	6		6		5
Financing cash flows from finance leases	10		9		8
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	47		25		17
Finance leases	2		11		6

Weighted Average Lease Term and Discount Rate

Lease terms and discount rates related to leases are as follows:


	December 31,
	2025		2024
Weighted average remaining lease term:
Operating leases	6 years		5 years
Finance leases	13 years		14 years
Weighted average discount rate:
Operating leases	5.5	%	4.6	%
Finance leases	5.9	%	5.2	%

Maturity of Lease Liabilities

As of December 31, 2025, future minimum rental payments on leases with initial non-cancellable lease terms in excess of one year were due as follows:


(Dollars in millions) Year Ending December 31,	Operating Leases		Finance Leases
2026	$	27	$	16
2027	26		13
2028	24		12
2029	18		11
2030	14		11
Thereafter	29		95
Total lease payments	138		158
Less: imputed interest	15		52
Present value of lease liabilities	123		106
Less: current maturities	28		10
Long-term lease obligations	$	95	$	96

Earnings Per Share, Stock Repurchases, and Dividends

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share, Stock Repurchases, and Dividends

EPS


	Year Ended December 31,
(In millions, except per share amounts)	2025		2024		2023
Net earnings	$	278	$	213	$	168
Basic weighted average number of shares outstanding	265.9		263.7		261.5
Impact of dilutive stock-based awards	2.8		4.0		2.7
Diluted weighted average number of shares outstanding	268.7		267.7		264.2
Basic earnings per share	$	1.05	$	0.81	$	0.64
Diluted earnings per share	$	1.03	$	0.80	$	0.64

The computation of diluted EPS includes the dilutive effect of outstanding stock-based compensation awards (which primarily consist of employee stock options, RSUs and PRSUs).

Stock Repurchases

On February 20, 2025, the Company announced that its Board of Directors (the “Board”) approved a stock repurchase program that allows the Company to purchase up to $75 million of its outstanding common stock through March 4, 2027, subject to market conditions. As of December 31, 2025, the

Company has repurchased approximately $35 million under the program. The Company retires its common stock upon repurchase with the excess over par value allocated to additional paid-in capital.

Dividends

The Company declared and paid a quarterly dividend of $.09 per share of its common stock each quarter during 2025. Subsequent to quarter end, the Company’s Board declared a cash dividend of $.09 per share of common stock payable on March 24, 2026 to stockholders of record as of the close of business on March 10, 2026.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Although we operate largely independently from Leonardo S.p.A., our indirect majority stockholder, and the amended and restated proxy agreement contains limitations on services that we may provide to and receive from Leonardo S.p.A. and its affiliates, we have historically provided, and expect to continue to provide, certain services to Leonardo S.p.A. and its affiliates to support its U.S. operations (aside from us). These services include financial, tax, trade compliance, marketing and communications and legal. The Company also has related party sales and purchases with the indirect majority stockholder and its other affiliates that occur in the regular course of business. Related party sales are included in revenues and were $29 million, $30 million and $40 million for the years ended December 31, 2025, 2024 and 2023, respectively. Related party purchases are included in cost of revenues and were $7 million, $7 million and $4 million for the years ended December 31, 2025, 2024 and 2023, respectively. The receivables with the indirect majority stockholder and its other affiliates of $5 million and $19 million, respectively, and payables of $5 million and $4 million, respectively, as of December 31, 2025 and 2024, are included in accounts receivable, net and accounts payable in our Consolidated Balance Sheets. In addition, there was a related party balance in contract assets of $16 million and $12 million, respectively, as of December 31, 2025 and 2024. The Company entered into a Tax Allocation Agreement with US Holding, dated as of November 16, 2020. See Note 1: Summary of Significant Accounting Policies for more information. The Company has an investment in the preferred stock of a private company and holds two board seats in the investee. Related party sales to this company were $6 million for the year ended December 31, 2025. The Company also had $6 million of related party balances in contract assets with this company at December 31, 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Summary of Significant Accounting Policies - Research and Development Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Research and development expense	$ 129	$ 92	$ 82

Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Salaries, wages and accrued bonuses	$ 85	$ 75
Fringe benefits	60	63
Provision for contract losses	35	43
Operating lease liabilities	28	27
Taxes payable	10	24
Warranty reserves	24	19
Other	$ 27	$ 15
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other current liabilities	Total other current liabilities
Total other current liabilities	$ 269	$ 266
Operating lease liabilities	95	66
Unrecognized tax benefits	50	46
Warranty reserves	9	10
Other	$ 12	$ 8
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total other noncurrent liabilities	Total other noncurrent liabilities
Total other noncurrent liabilities	$ 166	$ 130

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 1,088	$ 965
Less accumulated depreciation	(576)	(525)
Total property, plant and equipment, net	512	440
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	389	380
Plant and machinery
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	212	203
Equipment and other
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 487	$ 382

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 22	$ 22	$ 22
Technology Related Assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets	72
Acquired intangible assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 31
Minimum \| Acquired intangible assets \| RADA
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years
Minimum \| Patents and licenses
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years
Maximum \| Acquired intangible assets \| RADA
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	15 years
Maximum \| Patents and licenses
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Product Warranty Liability [Line Items]
Restructuring charges	$ 2	$ 8	$ 11
Minimum
Product Warranty Liability [Line Items]
Product warranty term	1 year
Maximum
Product Warranty Liability [Line Items]
Product warranty term	3 years

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Accounts Receivable - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Receivables [Abstract]
Accounts receivable	$ 335	$ 254
Less allowance for credit losses	(1)	(1)
Accounts receivable, net	$ 334	$ 253

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

All intangible assets are being amortized over their estimated useful lives, as indicated below, with no estimated residual values. Intangible assets consists of the following:


	December 31, 2025						December 31, 2024
(Dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired intangible assets	$	1,087	$	(984)	$	103	$	1,087	$	(962)	$	125
Patents and licenses	18		(9)		9		14		(7)		7
Total intangible assets	$	1,105	$	(993)	$	112	$	1,101	$	(969)	$	132

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated annual amortization expense related to intangible assets for the subsequent five years is as follows:


(Dollars in millions) Year Ending December 31,	Estimated Annual Amortization
2026	$	24
2027	20
2028	15
2029	14
2030	14

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 71	$ 69	$ 63
Finance leases	$ 89	$ 97

Income Taxes - Schedule of Income Taxes Paid (Refunded) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Federal	$ 12
State and local
Cash paid for income taxes, net of refunds	24	$ 71	$ 45
Pennsylvania
State and local
State and local	4
New Jersey
State and local
State and local	3
California
State and local
State and local	2
Other
State and local
State and local	$ 3

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies A.Organization Leonardo DRS, Inc., together with its wholly owned subsidiaries (hereinafter, “DRS,” “the Company,” “us,” “our,” or “we”) is a supplier of defense electronics products, systems and military support services. The Company’s largest stockholder is Leonardo S.p.A, an Italian multi-national aerospace, defense and security company headquartered in Rome, Italy, through its ultimate sole ownership of Leonardo US Holding, LLC (“US Holding”). US Holding is the majority stockholder of the Company. DRS is a provider of defense products and technologies that are used across land, air, sea, space and cyber domains. Our diverse array of defense systems and solutions are offered to all branches of the U.S. military, major aerospace and defense prime contractors, government intelligence agencies, international military customers and industrial markets for deployment on a wide range of military platforms. We focus our capabilities in areas of critical importance to the U.S. military, such as advanced sensing, network computing, force protection, and electric power and propulsion. These capabilities directly align with our two reportable operating segments: Advanced Sensing and Computing (“ASC”) and Integrated Mission Systems (“IMS”). The U.S. government is our largest customer and accounts for approximately 80%, 79%, and 80% of our total revenues as an end-user for the years ended December 31, 2025, 2024 and 2023, respectively. Our U.S. government revenues are highly concentrated with the U.S. Department of War, also known as the U.S. Department of Defense (the “DoW”). Specific international and commercial market opportunities exist within these segments and comprise approximately 20%, 21%, and 20% of our total revenues for the years ended December 31, 2025, 2024 and 2023, respectively. Our two reportable segments reflect the way performance is assessed and resources are allocated by our Chief Executive Officer, who is our chief operating decision maker (“CODM”). Advanced Sensing and Computing Our ASC segment designs, develops and manufactures sensing and network computing technology that enables real-time situational awareness required for enhanced operational decision making and execution by our customers across increasingly complex and contested operating environments. Our sensing capabilities span numerous applications, including missions requiring advanced detection, precision targeting and surveillance sensing, long range electro-optic/infrared (“EO/IR”), signals intelligence (“SIGINT”) and other intelligence systems, electronic warfare (“EW”), ground vehicle sensing, next generation active electronically scanned array tactical radars, dismounted soldier sensing and space sensing. Across our offerings, we are focused on advancing sensor range and enhancing the precision, clarity, definition, spectral depth and effectiveness of our sensors to deliver actionable information in time-sensitive mission scenarios in combination with artificial intelligence (“AI”), enabled by our advanced edge processing solutions. We also seek to leverage the knowledge and expertise built through our decades of experience to optimize size, weight, power and cost for our customers’ specific mission requirements and to support integration onto a wide range of tactical platforms, including mobile and power-constrained systems. Our sensing capabilities are complemented by our rugged, trusted and cyber resilient network edge computing products that support data processing, fusion, and dissemination at the tactical edge. Our network computing offerings are utilized across a broad range of mission applications including platform computing on ground and shipboard (both surface ship and submarine) for advanced battle management, combat systems, radar, command and control (“C2”), tactical networks, tactical computing and communications. These products help support the DoW’s need for greater situational understanding and faster decision-making at the tactical edge by leveraging AI and AI-optimized open architecture software, SAGEcore™, to rapidly share, synthesize and transmit data securely between command centers and forward-positioned defense assets and personnel, while supporting reduced latency, operational continuity, and interoperability through modular, open-system architectures. Within ASC, we are increasingly combining sensing, computing, and software to support applications such as C-UAS, electronic warfare, and networked sensing, where performance depends on the ability to detect, process, and act on data in real time. These integrated capabilities are designed to support evolving operational concepts that emphasize distributed operations, resilient communications, and decision advantage at the tactical edge. Integrated Mission Systems Our IMS segment designs, develops, manufactures and integrates power conversion, control and distribution systems, ship propulsion systems, motors and variable frequency drives, force protection systems, and transportation and logistics systems for the U.S. military and allied defense customers. DRS is a leading provider of next-generation electrical propulsion systems for the U.S. Navy. We provide power conversion, control, distribution and propulsion systems for the U.S. Navy’s top priority shipbuilding programs, including the Columbia Class ballistic missile submarine, the first modern U.S. electric drive submarine. We believe DRS is well positioned to meet the needs of an increasingly electrified and power-intensive fleet through high-efficiency, power-dense permanent magnet motors, energy storage systems, and associated rugged and compact power conversion, electrical actuation, and advanced thermal management technologies. These capabilities support higher onboard power demands, improved efficiency, and enhanced platform performance across next-generation naval systems. DRS has a long history of providing a number of other critical products to the U.S. Navy with a significant installed base on submarines, aircraft carriers and other surface ships including motor controllers, instrumentation and control equipment, electrical actuation systems, and thermal management systems for electronics and ship stores refrigeration. DRS is also an integrator of complex systems in ground vehicles for short-range air defense, C-UAS, and vehicle survivability and protection. Our short-range air defense systems integrate advanced active electronically scanned array (“AESA”) radars, EW equipment, reconnaissance and surveillance systems, mission command capabilities, modular combat vehicle turrets, and stabilized sensor suites, as well as kinetic countermeasures to protect against evolving threats. Our force protection systems, including solutions for C-UAS, help protect personnel and defense assets from enemy combatants. Other The Company separately presents the unallocable general and administrative costs associated with corporate functions and certain non-operating subsidiaries of the Company as Corporate & Eliminations. See Note 18: Segment Information for further information regarding our operating segments. B.Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of DRS, its wholly owned subsidiaries and its controlling interests. Interests in joint ventures that are controlled by the Company, or for which the Company is otherwise deemed to be the primary beneficiary, are consolidated. For joint ventures in which the Company does not have a controlling interest, but exerts significant influence, the Company applies the equity method of accounting. All intercompany transactions and balances have been eliminated in consolidation. C.Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include those relating to the recognition of contract revenues and estimated costs to complete contracts in process, recoverability of reported amounts of goodwill and intangible assets, valuation of acquired intangibles, accounting for business combinations, valuation of pensions and other postretirement benefits, the valuation of deferred tax assets and liabilities and the valuation of unrecognized tax benefits. Actual results could differ from these estimates. D.Revenue Recognition Our revenues consist primarily of sales of products (tangible goods) to customers. We recognize the majority of our revenue from contracts with customers using an over time, percentage of completion cost-to-cost method of accounting measured by the ratio of cumulative costs incurred to date to estimated total contract costs at completion (the “cost-to-cost method”). On certain other contracts, primarily time-and-materials (“T&M”) and cost-plus contracts, revenue is recognized using the right-to-invoice practical expedient as we are contractually able to bill our customers based on control transferred to the customer. See Note 2: Revenue from Contracts with Customers for additional information regarding revenue recognition. E.Cost of Revenues Cost of revenues includes materials, labor and overhead costs incurred in the manufacturing, design, and provision of products and services sold in the period as well as warranty costs. Material costs include raw materials, purchased components and sub-assemblies, outside processing and inbound freight costs. Labor and overhead costs consist of direct and indirect manufacturing costs, including wages and fringe benefits, operating supplies, depreciation and amortization, occupancy costs, and purchasing, receiving and inspection costs. F.Costs to Obtain or Fulfill a Contract Costs to obtain a contract are incremental direct costs incurred to obtain a contract with a customer, including sales commissions and dealer fees, and are capitalized if material. Costs to fulfill a contract include costs directly related to a contract or a specific anticipated contract (for example, mobilization, set-up and certain design costs) that generate or enhance our ability to satisfy our performance obligations under these contracts. These costs are capitalized to the extent they are expected to be recovered from the associated contract. Capitalized costs to obtain or fulfill a contract are amortized to expense over the expected period of benefit for contracts with terms greater than one year on a systematic basis that is consistent with the pattern of transfer of the associated goods and services to the customer. As a practical expedient, capitalized costs to obtain a contract with a term of one year or less are expensed as incurred. Capitalized costs to obtain or fulfill a contract were $21 million and $38 million at December 31, 2025 and 2024, respectively. G.Research and Development Expenses We conduct research and development (“R&D”) activities using our own funds (referred to as company-funded independent research and development (“IR&D”)) and under contractual arrangements with our customers (referred to as customer-funded R&D) to enhance existing products and services and to develop future technologies. R&D costs include basic research, applied research, concept formulation studies, design, development, and related test activities. IR&D costs are allocated to customer contracts as part of the general and administrative overhead costs and generally recoverable on our customer contracts with the U.S. government. Customer-funded R&D costs are charged directly to the related customer contract. R&D costs are expensed as incurred. IR&D charged to general and administrative expenses totaled $129 million, $92 million, and $82 million in 2025, 2024 and 2023, respectively. H.Foreign Currency Significant transactions in foreign currencies are translated into U.S. dollars at the approximate prevailing rate at the time of the transaction. Foreign exchange transaction gains and losses in 2025, 2024 and 2023 were immaterial to the Company's results of operations. The operations of the Company's foreign subsidiaries are translated from the local (functional) currencies into U.S. dollars using weighted average rates of exchange during each monthly period. The rates of exchange at each balance sheet date are used for translating certain balance sheet accounts and gains or losses resulting from these translation adjustments are included in the accompanying Consolidated Balance Sheets as a component of accumulated other comprehensive loss. I.Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits with banks or other short-term, highly liquid investments with original maturities of three months or less. J.Accounts Receivable Accounts receivable consist of amounts currently due from customers. We maintain an allowance recorded in the allowance for current expected credit losses account that is estimated and recorded utilizing relevant information about past events, including historical experience, current conditions and a reasonable and supportable forecast that affects the collectability of the related financial asset. See Note 3: Accounts Receivable for additional information regarding accounts receivable. K.Inventories Inventories are recorded at the lower of cost (determined by either actual, weighted average or first-in, first-out methods) or net realizable value, and include direct production costs as well as indirect costs, such as factory overhead. The net realizable value is calculated as the expected sales price in the course of normal operations net of estimated costs to finish and sell the goods. See Note 5: Inventories for additional information regarding inventories. L.Property, Plant and Equipment Property, plant and equipment is carried at cost less accumulated depreciation. Depreciation is calculated using the straight-line method. The estimated useful lives of plant, machinery and equipment and building and building improvements generally range from 3 to 10 years and 15 to 40 years, respectively. Leasehold improvements are amortized over the shorter of the estimated useful life of the improvements or the remaining life of the lease. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation or amortization are removed from the Consolidated Balance Sheets, and the net gain or loss is included in the determination of net earnings. Maintenance and repairs are charged to operations as incurred and renewals and improvements are capitalized. See Note 6: Property, Plant and Equipment for additional information regarding property, plant and equipment. M.Goodwill Goodwill represents the excess purchase price paid to acquire a business over the fair value of net assets acquired. Goodwill is assigned to reporting units and is reviewed for impairment at the reporting unit level on an annual basis, or whenever changes in circumstances indicate that the carrying amount may not be recoverable. A reporting unit is an operating segment, or one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by the segment manager. Two or more components of an operating segment may be aggregated and deemed a single reporting unit if the components have similar economic characteristics. The Company uses quantitative assessments and qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If a qualitative assessment is performed and the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a quantitative assessment is performed. When performing a quantitative assessment, we compare the fair values of each of our reporting units to their respective carrying values. In order to compute the fair value of our reporting units, we primarily use the income approach based on the discounted cash flows that each reporting unit expects to generate in the future, consistent with our operating plans. Determining the fair value of our reporting units requires significant judgments, including the timing and amount of future cash flows, long-term growth rates, determination of the weighted average cost of capital and terminal value assumptions. If, based on the quantitative assessment, the Company concludes that the carrying value of the reporting unit exceeds its fair value, the Company will recognize a goodwill impairment loss in an amount equal to that excess. The Company completed impairment tests as of October 1, 2025, 2024, and 2023 and no adjustment to the carrying value of goodwill was deemed to be necessary. See Note 8: Goodwill for additional information regarding goodwill. N.Long-Lived Assets and Acquired Identifiable Intangible Assets Identifiable intangible assets represent assets acquired as part of the Company's business acquisitions and include customer and program/contract-related assets. The values assigned to acquired identifiable intangible assets are determined as of the date of acquisition based on estimates and judgments regarding expectations for the estimated future after-tax cash flows from those assets over their lives, including the probability of expected future contract renewals and revenues, all of which are discounted to present value. The Company assesses the recoverability of the carrying value of its long-lived assets and intangible assets with finite useful lives whenever events or changes in circumstances indicate that the carrying amount of the assets or asset group may not be recoverable. If there are any indicators of impairment present, the Company then evaluates the recoverability of the potentially impaired long-lived assets and acquired identifiable intangible assets based upon expectations of undiscounted net cash flows from such assets. If the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset or asset group, a loss is recognized for the difference between the estimated fair value and the carrying amount of the assets. Assets to be disposed of, including those of discontinued operations, are reported at the lower of the carrying amount or fair value, less the costs to sell. See Note 6: Property, Plant and Equipment, Note 9: Intangible Assets and Note 10: Leases for additional information regarding long-lived assets and intangible assets. O.Pension and Other Postretirement Benefits The obligations for the Company's pension plans and postretirement benefit plans and the related annual costs of employee benefits are calculated based on several long-term assumptions, including discount rates for employee benefit liabilities, rates of return on plan assets, and expected annual increases in the costs of medical and other health care benefits in the case of postretirement benefit plans. These long-term assumptions are subject to revision based on changes in interest rates, financial market conditions, expected versus actual returns on plan assets, participant mortality rates and other actuarial assumptions, including benefit formulas and levels, and rates of increase in the costs of benefits. Changes in these assumptions, if significant, can materially affect the amount of annual net periodic benefit costs recognized in the Company's results of operations from one year to the next, the liabilities for the pension plans and postretirement benefit plans and the Company's annual cash requirements to fund these plans. See Note 13: Pension and Other Postretirement Benefits for further information regarding our pension and postretirement plans. P.Income Taxes Beginning October 4, 2022, DRS began filing a consolidated return with only DRS and subsidiaries for federal and state purposes. Prior to October 4, 2022, DRS was included in the U.S. federal and state tax returns of US Holding. DRS and US Holding had entered into a Tax Allocation Agreement (“Tax Allocation Agreement”), dated as of November 16, 2020, with members of an affiliated group, as defined in Section 1504(a) of the U.S. Internal Revenue Code of 1986, as amended (the “Tax Code”), members of one or more consolidated, combined, unitary or similar state tax groups and additional parties who are part of an “expanded affiliated group” for certain tax purposes. The agreement provided for the method of computing and allocating the consolidated U.S. federal tax liability of the affiliated group among its members and of allocating any state group tax liabilities among the state members for the taxable year ending December 31, 2008 and each subsequent year in which the parties are members of a group (whether federal or state). The agreement also provided for reimbursement of US Holding and/or DRS for payment of such tax liabilities, for compensation of any member for use of its “net operating loss” or “tax credits” in arriving at such tax liabilities and the allocation and payment of any refund arising from a carryback of net operating losses or tax credits from subsequent taxable years. Under the agreement, the parties agreed to calculate and allocate their respective tax liabilities and other tax attributes for taxable years beginning with the first consolidated taxable year that included DRS (i.e., the taxable year ended December 31, 2008) as if the agreement was then in effect. Although DRS filed its federal consolidated return outside of US Holding post October 3, 2022, the Tax Allocation Agreement will remain in effect for all historic unaudited periods (federal or state) and all applicable prospective periods where the expanded affiliated relationship may warrant it. The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. Income taxes as presented attribute deferred income taxes of US Holding to DRS in a manner that is systematic, rational and consistent with the asset and liability method and the governing Tax Allocation Agreement which allocates the tax liability amongst the entities, including DRS. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of DRS’ assets and liabilities and are adjusted for changes in tax rates and tax laws when such changes are enacted. In general, the taxable income of DRS is included in the consolidated U.S. federal and state tax returns of US Holding for the short taxable year ended October 3, 2022. Where applicable, US Holding’s current portion of U.S. federal income taxes payable were offset against DRS’ net operating loss carryforwards in the period the related tax expense was recorded. Consequently, our net operating loss carryforwards are deemed to have been settled with US Holding in each year in an amount commensurate with the carrying value of the tax effected net operating loss utilized. If management determines that some portion or all of a deferred tax asset is not “more likely than not” to be realized, a valuation allowance is recorded as a component of the income tax provision to reduce the deferred tax asset to the amounts expected to be realized. In determining whether the Company’s deferred tax assets are realizable, management considers all evidence, both positive and negative, including the history of financial reporting earnings, existing taxable temporary differences and their projected reversals, as well as projected future income and tax planning strategies. We believe it is more likely than not that we will generate sufficient taxable income in future periods to realize our deferred tax assets, subject to the valuation allowances recognized. The Company assesses its tax positions for all periods open to examination by tax authorities based on the latest available information. Those positions are evaluated to determine whether they will more likely than not be sustained upon examination by the relevant taxing authorities. Liabilities for unrecognized tax benefits are measured based on the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. These unrecognized tax benefits are recorded as a component of income tax expense. Interest and penalties related to unrecognized tax benefits are not material. The Company treats the global intangible low-taxed income (“GILTI”) tax as a period cost when incurred. See Note 11: Income Taxes for additional information regarding income taxes. Q.Earnings Per Share (“EPS”) Basic EPS is computed by dividing net earnings by the weighted average number of shares of common stock outstanding during each period. The computation of diluted EPS includes the dilutive effect of outstanding stock-based compensation awards, only in periods in which such effect would have been dilutive for the period. See Note 15: Earnings Per Share, Stock Repurchases, and Dividends for additional information regarding earnings per share. R.Fair Value Measurements Fair value is the price the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant on the measurement date. We are required to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value, and to utilize a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The three hierarchical levels used to measure fair value are as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs other than quoted prices that are directly or indirectly observable. Level 3 — Significant inputs to the valuation model are unobservable. In certain instances, fair value is determined through information obtained from third parties using the latest available market data. In obtaining such data from third parties, we have evaluated the methodologies used to develop the estimate of fair value in order to assess whether such valuations are representative of fair value. The Company categorizes plan assets for disclosure purposes in accordance with this fair value hierarchy. See Note 13: Pension and Other Postretirement Benefits for further information regarding our pension and postretirement plans. The fair value of the Company’s outstanding debt obligations is calculated using Level 2 inputs, based on interest rates available for debt with terms and maturities similar to the Company’s existing debt arrangements. See Note 12: Debt for further information regarding debt. S.Financial Instruments Our financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses and other current liabilities. Financial instruments are reported in the Consolidated Balance Sheets at carrying value, which approximates fair value, as of December 31, 2025 and 2024. T.Acquisitions, Investments, and Variable Interest Entities Acquisitions Our Consolidated Financial Statements include the operations of acquired businesses from the date of acquisition. We account for acquired businesses using the acquisition method of accounting, which requires that any assets acquired, and liabilities assumed be measured at their respective fair values on the acquisition date. The accounting for business combinations requires the Company to make significant judgments and estimates. Any excess of the fair value of consideration transferred over the assigned values of the net assets acquired is recognized as goodwill. Investments The Company has an equity investment in the preferred stock of a private company of $21 million at December 31, 2025 that is included in other noncurrent assets in our Consolidated Balance Sheets. As there is not a readily determinable fair value, the investment is recorded at cost and will be adjusted if we identify an observable price change or an impairment when a qualitative impairment assessment is performed. Variable Interest Entities The Company occasionally forms joint ventures and/or enters into arrangements with special purpose limited liability companies for the purpose of bidding and executing on specific projects. The Company analyzes each such arrangement to determine whether it represents a variable interest entity (“VIE”). If the arrangement is determined to be a VIE, the Company assesses whether it is the primary beneficiary of the VIE and if it is, consequently required to consolidate the VIE. The Company did not have any investments in VIEs as of December 31, 2025 and 2024. U.Stock-based Compensation The fair value of stock awards is determined based on the closing market price of the Company's common stock on the grant date. Compensation expense for stock awards is recorded based on the grant date fair value and recognized over the vesting period. For purposes of measuring compensation expense, the amount of shares ultimately expected to vest is estimated at each reporting date based on Company's expectations regarding the relevant service or performance criteria. For awards with a service condition only, the Company recognizes the compensation expense on a straight-line basis. See Note 14: Stock-based Compensation Plans for further information regarding our stock-based compensation plans. V.Derivative Instruments Derivative instruments are recorded on the Consolidated Balance Sheets at fair value. Unrealized gains and losses on derivatives designated as cash flow hedges are reported in other comprehensive income (loss) and reclassified to earnings in a manner that matches the timing of the earnings impact of the hedged transactions. Settlement amounts related to derivatives designated as cash flow hedges are presented within operating activities on the Consolidated Statements of Cash Flows. W.New Accounting Pronouncements Recently Adopted Accounting Pronouncements Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional disclosures regarding rate reconciliation, income taxes paid, and other income tax disclosures. We adopted the new standard effective December 31, 2025 and applied the disclosure requirements on a prospective basis. See Note 11: Income Taxes. Accounting Guidance Issued but Not Yet Adopted as of December 31, 2025 Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of specified information about certain costs and expenses. The new standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, on a prospective basis. We are currently evaluating the impact of adopting this new pronouncement. Targeted Improvements to the Accounting for Internal-Use Software In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes references to project stages, requiring companies to capitalize internal-use software costs when management commits to funding the software project and it is probable the project will be completed. The new standard is effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years, and may be applied on a prospective, modified transition, or retrospective transition basis. We are currently evaluating the impact of adopting this new pronouncement. Accounting for Government Grants Received by Business Entities In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832)—Accounting for Government Grants Received by Business Entities, which establishes the accounting for government grants received by business entities. The new standard is effective for fiscal years beginning after December 15, 2028 and interim periods within those fiscal years, and may be applied on a modified prospective, modified retrospective, or retrospective transition basis. We are currently evaluating the impact of adopting this new pronouncement.

Leases - Schedule of Weighted Average Lease Term and Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Weighted average remaining lease term:
Operating leases	6 years	5 years
Finance leases	13 years	14 years
Weighted average discount rate:
Operating leases	5.50%	4.60%
Finance leases	5.90%	5.20%

Pension and Other Postretirement Benefits - Schedule of Other Changes Recognized in Other Comprehensive Income (Details) - Defined Benefit Pension Plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gain) loss	$ (1)	$ 1	$ 1
Amortization of net actuarial loss from prior years	(1)	(1)	(1)
Total recognized in other comprehensive income	$ (2)	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan.

+ References + Details

Segment Information - Total Assets by Segment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total assets	$ 4,486	$ 4,184
Operating Segments \| ASC
Segment Reporting Information [Line Items]
Total assets	2,451	2,249
Operating Segments \| IMS
Segment Reporting Information [Line Items]
Total assets	1,300	1,225
Corporate & Eliminations
Segment Reporting Information [Line Items]
Total assets	$ 735	$ 710

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Earnings before taxes consists of the following:


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Earnings before taxes
Domestic	$	324	$	236	$	197
Foreign	12		28		(5)
Total	$	336	$	264	$	192

Income tax provision consists of the following:


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Current:
Federal	$	17	$	15	$	61
State	8		11		14
Foreign	5		2		1
Total current	30		28		76
Deferred:
Federal	27		16		(44)
State	4		4		(7)
Foreign	(3)		3		(1)
Total deferred	28		23		(52)
Total	$	58	$	51	$	24

The reconciliation from the statutory federal income tax rate to our effective income tax rate for the year ended December 31, 2025 follows:


	Year Ended December 31, 2025
(Dollars in millions)	$		%
U.S. federal statutory income tax rate	$	71	21.0	%

Domestic state & local, net of federal benefit(1)	11		3.2	%
Tax credits:
Research and development	(20)		(5.8)	%
Other	(4)		(1.3)	%
Nontaxable and nondeductible items, net:
Excess tax benefit on stock-based compensation	(8)		(2.4)	%
Nondeductible officer compensation	6		1.8	%
Other	1		0.3	%
Cross-border taxes:
Global intangible low-taxed income	3		1.0	%
Other	(1)		(0.3)	%
Foreign reconciling items:
Canada

Changes in valuation allowance	3		1.0	%
Israel
Rate differential	(2)		(0.6)	%
Other	(2)		(0.6)	%

Income tax provision and effective tax rate	$	58	17.3	%

________________

(1)State taxes in Connecticut, Florida, and Pennsylvania comprise the majority (greater than 50 percent) of the taxes in this category.

The reconciliation from the statutory federal income tax rate to our effective income tax rate for the years ended December 31, 2024 and 2023 (as previously disclosed, prior to the adoption of ASU 2023-09) follows:


	Year Ended December 31,
	2024		2023
Statutory federal rate	21.0	%	21.0	%
State rate, net of federal benefit	4.2	%	2.5	%
Foreign rate differential	(1.5)	%	0.1	%
Research and development credit, net of reserves	(7.1)	%	(18.0)	%
Excess tax benefit on stock-based compensation	(1.2)	%	(0.1)	%
Nondeductible officer compensation	1.2	%	0.8	%
Nondeductible expenses	0.6	%	0.2	%
Global intangible low-taxed income	2.1	%	0.2	%
Change in valuation allowance	0.7	%	1.0	%
Change in tax reserves	0.2	%	1.1	%
Purchase tax credits	(0.7)	%	—	%
Divestiture impact	—	%	4.7	%
Other	(0.2)	%	(1.0)	%
Effective tax rate	19.3	%	12.5	%

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024 are as follows:


	December 31,
(Dollars in millions)	2025		2024
Deferred tax assets:
Federal net operating loss	$	1	$	1
State net operating loss	6		6
Foreign net operating loss	11		7
Tax credit carryforwards	24		19
Lease liabilities	48		44
Capitalized R&D, net of amortization	77		143
Accrued compensation and benefits	29		27
Contract liabilities	20		20
Accrued expenses	4		3
Pension and postretirement plans	9		12
Inventory capitalization	9		8

Other	14		7
Total gross deferred tax assets	252		297
Less valuation allowance	36		25
Deferred tax assets	216		272
Deferred tax liabilities:
Right-of-use assets	(43)		(40)
Long-term contracts	(30)		(55)
Intangible assets	(33)		(39)
Property, plant and equipment, net	(22)		(23)
Other	(3)		(2)
Deferred tax liabilities	(131)		(159)
Net deferred tax asset	$	85	$	113

As of December 31, 2025, and 2024 the Company had U.S. federal net operating loss carryforwards of $15 million and $18 million, respectively, which we anticipate we will be able to utilize prior to their expiration which commences in 2032. The annual utilization of our federal NOL is limited to approximately $3 million pursuant to Section 382 of the Tax Code. Our foreign net operating losses have expirations ranging from 2041 to indefinite. We recorded an additional valuation allowance in Canada of $4 million and $2 million in 2025 and 2024, respectively. As of December 31, 2025 and 2024, we had apportioned state net operating loss carryforwards of $108 million and $105 million, respectively, which are associated with jurisdictions in which we currently file and the Company expects to utilize prior to expiration except for those for which we have recorded a valuation allowance. Our state net operating losses have expirations ranging from 2025 to 2041 and are offset by a valuation allowance of $2 million.

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “IRA”) which, among other items, allows a company to purchase transferable tax credits. During 2024, the Company purchased $25 million in tax credits for approximately $23 million in cash. These credits were used to offset the Company’s federal tax liability for 2023.

On July 4, 2025, the reconciliation bill, commonly referred to as the One Big Beautiful Bill Act (the “OBBBA”), was enacted, which includes a broad range of tax reform provisions. The OBBBA provides for an elective deduction for domestic research and development expenses starting in 2025, a reinstatement

of elective 100% first-year bonus depreciation, and changes to existing international tax provisions. Due to the nature of the tax law changes, the Company has not realized a material impact in the Consolidated Statements of Earnings for the year ended December 31, 2025. For the year ended December 31, 2025 the Company reduced both income taxes payable and deferred tax assets by approximately $66 million as a result of the election to deduct a portion of previously capitalized research and development costs. We will continue to monitor the impact of the OBBBA and the range of potential outcomes, which will depend on our circumstances in each year and anticipated guidance from the U.S. Department of the Treasury.

Cash paid for income taxes, net of refunds, in 2025 consists of the following:


(Dollars in millions)	Year Ended December 31, 2025
Federal	$	12
State and local
Pennsylvania	4
New Jersey	3
California	2
Other	3

Cash paid for income taxes, net of refunds	$	24

Cash paid for income taxes, net of refunds, was $71 million, and $45 million in 2024 and 2023, respectively (as previously disclosed, prior to the adoption of ASU 2023-09).

Tax Uncertainties

The Company maintains reserves for uncertain tax positions related to unrecognized income tax benefits. These reserves involve considerable judgment and estimation and are evaluated by management at least quarterly based on the best information available. The Company’s total liability for unrecognized tax benefits as of December 31, 2025, 2024 and 2023 was approximately $52 million, $48 million and $40 million, respectively; all of which will impact the effective tax rate when recognized. Approximately $2 million, $2 million and $2 million as of December 31, 2025, 2024 and 2023, respectively, was recorded within (and as an offset to) deferred tax assets. The table below summarizes the activity associated with our unrecognized tax benefits:


(Dollars in millions)	2025		2024		2023
Balance at January 1,	$	48	$	40	$	24
Increase related to prior year tax positions	1		2		11
Increase related to current year tax positions	5		6		6
Decreases related to prior year tax positions	(2)		—		(1)


Balance at December 31,	$	52	$	48	$	40

The Company is subject to U.S. federal income tax as well as income tax of multiple state and foreign jurisdictions. The Company has substantially concluded all U.S. federal income tax matters for years through the tax year ended December 31, 2018 except as it relates to the net operating loss carryforward and tax credit carryforwards. Substantially all material state and local matters have been concluded for years through the tax year ended December 31, 2017. The Company has substantially concluded all material tax matters in foreign jurisdictions for years through the tax years ending 2018.

As of December 31, 2025, the Company has accumulated undistributed earnings generated by our foreign subsidiaries and most have been taxed in the U.S. as a result of the Tax Cuts and Jobs Act of 2017 (“TCJA”). The TCJA allows for a dividend received deduction for repatriation of foreign earnings. We intend to indefinitely reinvest these earnings. Should the Company’s undistributed earnings from its

investment in non‐U.S. subsidiaries be distributed in the future in the form of dividends or otherwise, the Company may be subject to foreign and domestic income taxes and withholding taxes.

- Definition

The entire disclosure for income tax.

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+ Details

Commitments and Contingencies - Schedule of Product Warranty Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 29	$ 26
Additional provision	25	16
Reversal and utilization	(21)	(13)
Ending balance	$ 33	$ 29

Pension and Other Postretirement Benefits - Schedule of Allocation of Plan Assets (Details)	Dec. 31, 2025	Dec. 31, 2024
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets, actual allocation percentage	0.00%	18.00%
Plan assets, target allocation percentage	0.00%
Equity securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Plan assets, target allocation percentage		11.00%
Equity securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Plan assets, target allocation percentage		19.00%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets, actual allocation percentage	94.00%	72.00%
Debt securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Plan assets, target allocation percentage	96.00%	75.00%
Debt securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Plan assets, target allocation percentage	100.00%	91.00%
Other, primarily cash and cash equivalents, and hedge funds
Defined Benefit Plan Disclosure [Line Items]
Plan assets, actual allocation percentage	6.00%	10.00%
Other, primarily cash and cash equivalents, and hedge funds \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Plan assets, target allocation percentage	0.00%	0.00%
Other, primarily cash and cash equivalents, and hedge funds \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Plan assets, target allocation percentage	4.00%	4.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-based Compensation Plans - Narrative (Details) $ in Millions	1 Months Ended		12 Months Ended
	May 31, 2024 shares	Nov. 30, 2022 shares	Dec. 31, 2025 USD ($) metric shares	Dec. 31, 2024 metric	Dec. 31, 2023 metric
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options assumed through acquisition, exercisable term		48 months
Stock options granted in period (in shares) \| shares			0
Stock options, cost not yet recognized			$ 1
Exercised, aggregate intrinsic value			$ 11
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment award, award vesting period			2 years
Nonvested award, excluding option, cost not yet recognized			$ 12
Fair value of PRSUs			$ 25
PRSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment award, award vesting period			2 years
Nonvested award, excluding option, cost not yet recognized			$ 12
Fair value of PRSUs			$ 19
Share-Based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Nonvested award, cost not yet recognized, period for recognition			1 year
RADA
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Assumed (in shares) \| shares		5,400,000
2022 Equity Compensation Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock available for issuance (in shares) \| shares	8,100,000
Common stock reserved for future issuance (in shares) \| shares			9,000,000
2022 Long-term Incentive Program \| RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment award, award vesting period			3 years	3 years	3 years
2022 Long-term Incentive Program \| PRSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment award, award vesting period			3 years	3 years	3 years
Number of financial metrics \| metric			3	3	3
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares) \| shares			2,000,000
Percentage of market price for employee purchase program for stock purchases during non-compensatory period	90.00%

Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

A summary of the carrying amount of goodwill by reportable segment follows:


(Dollars in millions)	ASC		IMS		Total


Balance at December 31, 2024	$	819	$	419	$	1,238
Balance at December 31, 2025	$	819	$	419	$	1,238

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Section 55
-Paragraph 24
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+ Details

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	Dec. 31, 2025
Plant and machinery \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Plant and machinery \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	10 years
Building and building improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	15 years
Building and building improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	40 years

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consists of the following:


	December 31,
(Dollars in millions)	2025		2024
Accounts receivable	$	335	$	254
Less allowance for credit losses	(1)		(1)
Accounts receivable, net	$	334	$	253

Earnings Per Share, Stock Repurchases, and Dividends - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net earnings, basic	$ 278	$ 213	$ 168
Net earnings, diluted	$ 278	$ 213	$ 168
Basic weighted average number of shares outstanding (in shares)	265.9	263.7	261.5
Impact of dilutive stock-based awards (in shares)	2.8	4.0	2.7
Diluted weighted average number of shares outstanding (in shares)	268.7	267.7	264.2
Basic earnings per share (in dollars per share)	$ 1.05	$ 0.81	$ 0.64
Diluted earnings per share (in dollars per share)	$ 1.03	$ 0.80	$ 0.64

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories consists of the following:


	December 31,
(Dollars in millions)	2025		2024
Raw materials	$	112	$	86
Work in progress	225		264
Finished goods	15		8
Total	$	352	$	358

Accounts Receivable - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Receivables [Abstract]
Noncurrent accounts receivable	$ 53

Earnings Per Share, Stock Repurchases, and Dividends (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Year Ended December 31,
(In millions, except per share amounts)	2025		2024		2023
Net earnings	$	278	$	213	$	168
Basic weighted average number of shares outstanding	265.9		263.7		261.5
Impact of dilutive stock-based awards	2.8		4.0		2.7
Diluted weighted average number of shares outstanding	268.7		267.7		264.2
Basic earnings per share	$	1.05	$	0.81	$	0.64
Diluted earnings per share	$	1.03	$	0.80	$	0.64

Leases - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Lease term	10 years
Operating Lease, Lease Not yet Commenced
Unrecorded Unconditional Purchase Obligation [Line Items]
Operating lease commitments not yet commenced	$ 28

Commitments and Contingencies - Schedule of Restructuring Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1	$ 10
Additional provision	2	8	$ 11
Reversal and utilization	(2)	(17)
Ending balance	$ 1	$ 1	$ 10

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 278	$ 213	$ 168
Other comprehensive income (loss), net of income taxes:
Foreign currency translation (loss) gain	0	(1)	1
Pension and other postretirement benefit plan adjustments	2	0	1
Net unrealized gain on derivative instruments	4	1	0
Other comprehensive income, net of income taxes	6	0	2
Total comprehensive income	$ 284	$ 213	$ 170

- Definition

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Pension and Other Postretirement Benefits - Schedule of Amounts Recognized in Balance Sheet (Details) - Defined Benefit Pension Plans - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	$ 1	$ 2
Noncurrent liabilities	(18)	(29)
Net liability recognized	$ (17)	$ (27)

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Schedule of Effective Tax Rate Reconciliation Prior to ASU 2023-09 Adoption (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Statutory federal rate	21.00%	21.00%	21.00%
State rate, net of federal benefit	3.20%	4.20%	2.50%
Rate differential	(0.60%)	(1.50%)	0.10%
Research and development credit, net of reserves	(5.80%)	(7.10%)	(18.00%)
Excess tax benefit on stock-based compensation	(2.40%)	(1.20%)	(0.10%)
Nondeductible officer compensation	1.80%	1.20%	0.80%
Nondeductible expenses		0.60%	0.20%
Global intangible low-taxed income	1.00%	2.10%	0.20%
Change in valuation allowance	1.00%	0.70%	1.00%
Change in tax reserves		0.20%	1.10%
Purchase tax credits	(1.30%)	(0.70%)	0.00%
Divestiture impact		0.00%	4.70%
Other	(0.60%)	(0.20%)	(1.00%)
Effective tax rate	17.30%	19.30%	12.50%

Sale of Receivables - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Transfers and Servicing [Abstract]
Sale of receivable, aggregate capacity	$ 225
Sale of receivables, purchase discount fees	$ 1	$ 2	$ 5

Income Taxes - Schedule of Earnings Before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings before taxes
Domestic	$ 324	$ 236	$ 197
Foreign	12	28	(5)
Earnings before taxes	$ 336	$ 264	$ 192

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Stock-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Plan Expense

Stock-based compensation, which was recorded in the Consolidated Statements of Earnings within general and administrative expenses, and the related tax benefits recognized for the periods presented consists of the following:


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Total stock-based compensation expense	$	32	$	22	$	17
Tax benefits recognized from stock-based compensation	6		6		2

Schedule of Stock Option Activity

The following table shows a summary of all option activity under the 2022 Equity Plan for the year ended December 31, 2025:


	Number of Shares (in millions)	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (Dollars in millions)
Outstanding as of January 1, 2025	1.57	$	10.39	3	$	34

Exercised	(0.36)	10.28
Forfeited	(0.02)	10.66
Outstanding as of December 31, 2025	1.19	$	10.42	2	$	28
Exercisable as of December 31, 2025	1.14	$	10.43	2	$	27
Vested and expected to vest as of December 31, 2025	1.19	$	10.42	2	$	28

Schedule of RSUs and PRSUs Activity

The following table shows a summary of all RSU activity under the 2022 Equity Plan for the year ended December 31, 2025:


	Number of Shares (in millions)	Weighted Average Grant Date Fair Value
Unvested as of January 1, 2025	1.31	$	16.89
Granted	0.46	33.23
Vested	(0.73)	15.18
Forfeited	(0.03)	24.91
Unvested as of December 31, 2025	1.01	$	25.39

The following table shows a summary of all PRSU activity under the 2022 Equity Plan for the year ended December 31, 2025:


	Number of Shares (in millions)	Weighted Average Grant Date Fair Value
Unvested as of January 1, 2025	1.51	$	16.19
Granted	0.28	37.96
Vested	(0.99)	10.25
Forfeited	(0.04)	25.61
Performance adjustments	0.39	10.68
Unvested as of December 31, 2025	1.15	$	21.74

Schedule of PRSUs Valuation Assumptions

The Monte Carlo Model assumptions used in valuing market condition PRSUs during the periods presented are set forth in the following table:


	Year Ended December 31,
	2025			2024			2023
Grant date stock price	$	32.71		$	21.51		$	14.74
Expected volatility	37.4		%	36.0		%	51.2		%
Risk-free interest rate	3.7		%	4.9		%	4.0		%
Expected dividend yield	—		%	—		%	—		%

Stock-based Compensation Plans - Schedule of PRSUs Activity (Details) - PRSUs shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	1,510
Granted (in shares) \| shares	280
Vested (in shares) \| shares	(990)
Forfeited (in shares) \| shares	(40)
Performance adjustments (in shares) \| shares	390
Ending balance (in shares) \| shares	1,150
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 16.19
Granted (in dollars per share) \| $ / shares	37.96
Vested (in dollars per share) \| $ / shares	10.25
Forfeited (in dollars per share) \| $ / shares	25.61
Performance adjustments (in dollars per share) \| $ / shares	10.68
Ending balance (in dollars per share) \| $ / shares	$ 21.74

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Earning Before Income Tax, Domestic and Foreign

Earnings before taxes consists of the following:


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Earnings before taxes
Domestic	$	324	$	236	$	197
Foreign	12		28		(5)
Total	$	336	$	264	$	192

Schedule of Income Tax Provision

Income tax provision consists of the following:


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Current:
Federal	$	17	$	15	$	61
State	8		11		14
Foreign	5		2		1
Total current	30		28		76
Deferred:
Federal	27		16		(44)
State	4		4		(7)
Foreign	(3)		3		(1)
Total deferred	28		23		(52)
Total	$	58	$	51	$	24

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation from the statutory federal income tax rate to our effective income tax rate for the year ended December 31, 2025 follows:


	Year Ended December 31, 2025
(Dollars in millions)	$		%
U.S. federal statutory income tax rate	$	71	21.0	%

Domestic state & local, net of federal benefit(1)	11		3.2	%
Tax credits:
Research and development	(20)		(5.8)	%
Other	(4)		(1.3)	%
Nontaxable and nondeductible items, net:
Excess tax benefit on stock-based compensation	(8)		(2.4)	%
Nondeductible officer compensation	6		1.8	%
Other	1		0.3	%
Cross-border taxes:
Global intangible low-taxed income	3		1.0	%
Other	(1)		(0.3)	%
Foreign reconciling items:
Canada

Changes in valuation allowance	3		1.0	%
Israel
Rate differential	(2)		(0.6)	%
Other	(2)		(0.6)	%

Income tax provision and effective tax rate	$	58	17.3	%

________________

(1)State taxes in Connecticut, Florida, and Pennsylvania comprise the majority (greater than 50 percent) of the taxes in this category.


	Year Ended December 31,
	2024		2023
Statutory federal rate	21.0	%	21.0	%
State rate, net of federal benefit	4.2	%	2.5	%
Foreign rate differential	(1.5)	%	0.1	%
Research and development credit, net of reserves	(7.1)	%	(18.0)	%
Excess tax benefit on stock-based compensation	(1.2)	%	(0.1)	%
Nondeductible officer compensation	1.2	%	0.8	%
Nondeductible expenses	0.6	%	0.2	%
Global intangible low-taxed income	2.1	%	0.2	%
Change in valuation allowance	0.7	%	1.0	%
Change in tax reserves	0.2	%	1.1	%
Purchase tax credits	(0.7)	%	—	%
Divestiture impact	—	%	4.7	%
Other	(0.2)	%	(1.0)	%
Effective tax rate	19.3	%	12.5	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024 are as follows:


	December 31,
(Dollars in millions)	2025		2024
Deferred tax assets:
Federal net operating loss	$	1	$	1
State net operating loss	6		6
Foreign net operating loss	11		7
Tax credit carryforwards	24		19
Lease liabilities	48		44
Capitalized R&D, net of amortization	77		143
Accrued compensation and benefits	29		27
Contract liabilities	20		20
Accrued expenses	4		3
Pension and postretirement plans	9		12
Inventory capitalization	9		8

Other	14		7
Total gross deferred tax assets	252		297
Less valuation allowance	36		25
Deferred tax assets	216		272
Deferred tax liabilities:
Right-of-use assets	(43)		(40)
Long-term contracts	(30)		(55)
Intangible assets	(33)		(39)
Property, plant and equipment, net	(22)		(23)
Other	(3)		(2)
Deferred tax liabilities	(131)		(159)
Net deferred tax asset	$	85	$	113

Schedule of Income Taxes Paid, Net

Cash paid for income taxes, net of refunds, in 2025 consists of the following:


(Dollars in millions)	Year Ended December 31, 2025
Federal	$	12
State and local
Pennsylvania	4
New Jersey	3
California	2
Other	3

Cash paid for income taxes, net of refunds	$	24

Schedule of Unrecognized Tax Benefits

The table below summarizes the activity associated with our unrecognized tax benefits:


(Dollars in millions)	2025		2024		2023
Balance at January 1,	$	48	$	40	$	24
Increase related to prior year tax positions	1		2		11
Increase related to current year tax positions	5		6		6
Decreases related to prior year tax positions	(2)		—		(1)


Balance at December 31,	$	52	$	48	$	40

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Foreign exchange transaction gains (losses)	$ 0	$ 0	$ 0

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Other Liabilities

A summary of significant other liabilities by balance sheet caption follows:


	December 31,
(Dollars in millions)	2025		2024
Salaries, wages and accrued bonuses	$	85	$	75
Fringe benefits	60		63


Provision for contract losses	35		43
Operating lease liabilities	28		27
Taxes payable	10		24
Warranty reserves	24		19
Other	27		15
Total other current liabilities	$	269	$	266

Operating lease liabilities	$	95	$	66
Unrecognized tax benefits	50		46
Warranty reserves	9		10
Other	12		8
Total other noncurrent liabilities	$	166	$	130

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Finance lease and other	$ 152	$ 159
Short-term borrowings related to factoring facilities (Note 4)	5	4
Total debt principal	348	366
Less unamortized debt issuance costs and discounts	(1)	(1)
Total debt, net	347	365
Less short-term borrowings and current portion of long-term debt	(26)	(25)
Total long-term debt	321	340
2022 Term Loan A \| Notes Payable, Other Payables
Debt Instrument [Line Items]
Long-term debt, gross	$ 191	$ 203

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases - Schedule of Supplemental Cash Flows Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 24	$ 26	$ 28
Operating cash flows from finance leases	6	6	5
Financing cash flows from finance leases	10	9	8
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	47	25	17
Finance leases	$ 2	$ 11	$ 6

Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 17	$ 15	$ 61
State	8	11	14
Foreign	5	2	1
Total current	30	28	76
Deferred:
Federal	27	16	(44)
State	4	4	(7)
Foreign	(3)	3	(1)
Total deferred	28	23	(52)
Income tax provision	$ 58	$ 51	$ 24

Sale of Receivables - Schedule of Sale of Receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Transfer of Financial Assets Accounted for as Sales [Roll Forward]
Beginning balance	$ 130	$ 192
Sales of receivables	130	190
Cash returned to purchasers	(190)	(252)
Outstanding balance sold to purchasers	70	130
Cash collected, not remitted to purchasers	(1)	0
Remaining sold receivables	$ 69	$ 130

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

The Company’s commitments are primarily related to our lease agreements, purchase obligations, and credit agreements. See Note 10: Leases and Note 12: Debt for additional information on our leases and credit agreements.

Contingencies

From time to time, we are subject to certain legal proceedings and claims in the ordinary course of business. These matters are subject to many uncertainties, and it is possible that some of these matters ultimately could be decided, resolved or settled in a manner adverse to us. Although the precise amount of liability that may result from these matters is not ascertainable, the Company believes that any amounts exceeding the Company's recorded accruals should not materially adversely affect the Company's financial condition or liquidity. It is possible, however, that the ultimate resolution of those matters could result in a material adverse effect on the Company's results of operations and/or cash flows from operating activities for a particular reporting period. We establish reserves for specific legal matters when we determine that the likelihood of an unfavorable outcome is probable, and the loss is reasonably estimable. The Company reviews the developments in contingencies that could affect the amount of the reserves that have been previously recorded. The Company adjusts provisions and changes to disclosures accordingly to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and updated information. Significant judgment is required to determine both the probability and the estimated amount of any potential losses.

As a government contractor, with customers including the U.S. government as well as various state and local government entities, the Company may be subject to audits, investigations and claims with respect to its contract performance, pricing, costs, cost allocations and procurement practices. Additionally, amounts billed under such contracts, including direct and indirect costs, are subject to potential adjustments before final settlement.

Management believes that adequate provisions for such potential audits, investigations, claims and contract adjustments, if any, have been made in the Consolidated Financial Statements.

Restructuring costs

We engage in targeted restructuring initiatives in order to rationalize headcount and align our operations in a more strategic and cost-efficient structure. In connection with these restructuring initiatives, we recorded charges totaling $2 million, $8 million and $11 million for the years ended December 31, 2025, 2024 and 2023, respectively. These restructuring initiatives were within our ASC segment and were substantially completed as of December 31, 2025. Costs incurred were related to employee termination and severance costs, as well as costs related to discontinuing product lines or closing down of locations. Charges were recorded within other operating expenses, net, on the

Consolidated Statements of Earnings. See the table below for a breakout of restructuring costs by nature of cost incurred:


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023

Severance	$	2	$	6	$	9
Facility abandonment	—		2		2












Total	$	2	$	8	$	11

The following is a summary of changes in the restructuring provision balance during the years ended December 31, 2025 and 2024:


(Dollars in millions)
Balance at January 1, 2024	$	10
Additional provision	8
Reversal and utilization	(17)
Balance at December 31, 2024	1
Additional provision	2
Reversal and utilization	(2)
Balance at December 31, 2025	$	1

Product Warranties

Product warranty costs generally are accrued in proportion to product revenue realized in conjunction with our over time revenue recognition policy. Product warranty expense is recognized based on the term of the product warranty, generally one year to three years, and the related estimated costs, considering historical claims expense. Accrued warranty costs are reduced as these costs are incurred and as the warranty period expires, and otherwise may be modified as specific product performance issues are identified and resolved. The following is a summary of changes in the product warranty balances during the years ended December 31, 2025 and 2024:


(Dollars in millions)
Balance at January 1, 2024	$	26
Additional provision	16
Reversal and utilization	(13)
Balance at December 31, 2024	$	29
Additional provision	25
Reversal and utilization	(21)
Balance at December 31, 2025	$	33

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	350,000,000	350,000,000
Common stock, issued (in shares)	265,822,404	265,064,755
Common stock, outstanding (in shares)	265,822,404	265,064,755

Pension and Other Postretirement Benefits - Narrative (Details) $ in Millions	1 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Apr. 30, 2024 USD ($) employee	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Plan assets transferred to an insurance company		$ 24
Number of retirees and beneficiaries transferred plans \| employee		700
Defined benefit plan, expected employer contribution next fiscal year			$ 6
Defined contribution plan, employer contribution amount			35	$ 31	$ 28
Terminated Vested Participants
Defined Benefit Plan Disclosure [Line Items]
Benefits paid	$ 8
Retirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation			119	144
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Benefits paid			$ 8	$ 41

Segment Information - Revenues and Intersegment Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total intersegment revenues	$ (3,648)	$ (3,234)	$ (2,826)
Corporate & Eliminations
Segment Reporting Information [Line Items]
Total intersegment revenues	14	22	26
Corporate & Eliminations \| ASC
Segment Reporting Information [Line Items]
Total intersegment revenues	12	21	25
Corporate & Eliminations \| IMS
Segment Reporting Information [Line Items]
Total intersegment revenues	$ 2	$ 1	$ 1

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Revenue from Contracts with Customers - Estimate at Completion Adjustments (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Change in Accounting Estimate [Line Items]
Net earnings	$ 278	$ 213	$ 168
Impact on diluted earnings per share (in dollars per share)	$ 1.03	$ 0.80	$ 0.64
Contracts Accounted for under Percentage of Completion
Change in Accounting Estimate [Line Items]
Revenue and operating earnings	$ (59)	$ (25)	$ (23)
Total % of revenue	2.00%	1.00%	1.00%
Net earnings	$ (47)	$ (20)	$ (18)
Impact on diluted earnings per share (in dollars per share)	$ (0.17)	$ (0.07)	$ (0.07)

- Definition

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Change in Estimate at Completion Adjustments

Net EAC adjustments had the following impacts to revenue for the periods presented:


	Year Ended December 31,
(Dollars in millions)	2025			2024			2023
Revenue and operating earnings	$	(59)		$	(25)		$	(23)
Total % of revenue	2		%	1		%	1		%
Net earnings	(47)			(20)			(18)
Impact on diluted earnings per share	$	(0.17)		$	(0.07)		$	(0.07)

Schedule of Contract Assets and Contract Liabilities

Contract assets and contract liabilities as of the dates presented were:


	December 31,
(Dollars in millions)	2025		2024
Contract assets	$	931	$	872
Contract liabilities	585		399

Schedule of Disaggregation of Revenue

We disaggregate ASC revenue by geographical region, customer relationship and contract

type. We believe these categories best depict how the nature, amount, timing and uncertainty of ASC revenue and cash flows are affected by economic factors.


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Revenue by Geographical Region
United States	$	2,018	$	1,685	$	1,537
International	325		412		269
Intersegment sales	12		21		25
Total	$	2,355	$	2,118	$	1,831
Revenue by Customer Relationship
Prime contractor	$	1,056	$	925	$	858
Subcontractor	1,287		1,172		948
Intersegment sales	12		21		25
Total	$	2,355	$	2,118	$	1,831
Revenue by Contract Type
Firm-fixed price	$	2,056	$	1,762	$	1,522
Flexibly priced(1)	287		335		284
Intersegment sales	12		21		25
Total	$	2,355	$	2,118	$	1,831

________________

(1)Includes revenue derived from cost-type and time-and-materials contracts.

We disaggregate IMS revenue by geographical region, customer relationship and contract type. We believe these categories best depict how the nature, amount, timing and uncertainty of IMS revenue and cash flows are affected by economic factors.


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Revenue by Geographical Region
United States	$	1,326	$	1,117	$	1,006
International	(21)		20		14
Intersegment sales	2		1		1
Total	$	1,307	$	1,138	$	1,021
Revenue by Customer Relationship
Prime contractor	$	351	$	259	$	252
Subcontractor	954		878		768
Intersegment sales	2		1		1
Total	$	1,307	$	1,138	$	1,021
Revenue by Contract Type
Firm-fixed price	$	1,149	$	948	$	851
Flexibly priced(1)	156		189		169
Intersegment sales	2		1		1
Total	$	1,307	$	1,138	$	1,021

________________

(1)Includes revenue derived from cost-type and time-and-materials contracts.

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 3,648	$ 3,234	$ 2,826
Intersegment sales
Disaggregation of Revenue [Line Items]
Revenues	(14)	(22)	(26)
ASC \| Prime contractor
Disaggregation of Revenue [Line Items]
Revenues	1,056	925	858
ASC \| Subcontractor
Disaggregation of Revenue [Line Items]
Revenues	1,287	1,172	948
ASC \| Firm-fixed price
Disaggregation of Revenue [Line Items]
Revenues	2,056	1,762	1,522
ASC \| Flexibly Priced
Disaggregation of Revenue [Line Items]
Revenues	287	335	284
ASC \| Intersegment sales
Disaggregation of Revenue [Line Items]
Revenues	(12)	(21)	(25)
ASC \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	2,355	2,118	1,831
IMS \| Prime contractor
Disaggregation of Revenue [Line Items]
Revenues	351	259	252
IMS \| Subcontractor
Disaggregation of Revenue [Line Items]
Revenues	954	878	768
IMS \| Firm-fixed price
Disaggregation of Revenue [Line Items]
Revenues	1,149	948	851
IMS \| Flexibly Priced
Disaggregation of Revenue [Line Items]
Revenues	156	189	169
IMS \| Intersegment sales
Disaggregation of Revenue [Line Items]
Revenues	(2)	(1)	(1)
IMS \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	1,307	1,138	1,021
United States \| ASC
Disaggregation of Revenue [Line Items]
Revenues	2,018	1,685	1,537
United States \| IMS
Disaggregation of Revenue [Line Items]
Revenues	1,326	1,117	1,006
International \| ASC
Disaggregation of Revenue [Line Items]
Revenues	325	412	269
International \| IMS
Disaggregation of Revenue [Line Items]
Revenues	$ (21)	$ 20	$ 14

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 24, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-41565
Entity Registrant Name	Leonardo DRS, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2632319
Entity Address, Address Line One	2345 Crystal Drive
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22202
City Area Code	703
Local Phone Number	416-8000
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	DRS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 3,508
Entity Common Stock, Shares Outstanding		265,846,193
Documents Incorporated by Reference	Portions of Leonardo DRS, Inc.’s 2026 definitive proxy statement (the “Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year ended December 31, 2025.
Entity CIK	0001833756
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Consolidated Statements of Stockholders’ Equity (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share) \| $ / shares	$ 0.36
Issuances of stock under employee stock purchase plan	$ 6
Cash dividends	(96)
Repurchases of common stock	(35)
Total comprehensive income	$ 284

- Definition

+ References + Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Stock-based Compensation Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Plans

The Company’s 2022 Omnibus Equity Compensation Plan (the “2022 Equity Plan”) allows for grants of stock options, stock appreciation rights, restricted shares, restricted stock units (“RSUs”) and performance-based awards. In May 2024, the 2022 Equity Plan was amended and restated to increase the common stock available for issuance under the plan by 8,100,000 shares and to extend the terms of the plan to expire on the tenth anniversary of the amended and restated plan’s effective date. As of December 31, 2025, there were 9 million shares of the Company’s common stock reserved for future issuances under the 2022 Equity Plan.

In November 2022, in conjunction with the acquisition of RADA Electronic Industries Ltd (“RADA”), the Company assumed 5.4 million stock options. The outstanding stock options were exchanged into options to purchase the Company’s common stock. The assumed stock options are subject to the same terms and conditions as the original awards, including time-based vesting. The options are generally exercisable for 48 months following the date of vesting.

During 2023, the Company granted equity awards in the form of RSUs and performance-based restricted stock units (“PRSUs”) under the 2022 Equity Plan. The RSUs are subject to annual time-based vesting over a three-year period. The PRSUs are subject to both time and performance-based vesting based upon the achievement of three financial metrics over a three-year period: Relative Total Shareholder Return (“rTSR”), Revenue Growth, and Return on Invested Capital (“ROIC”).

During 2024 and 2025, the Company granted equity awards in the form of RSUs and PRSUs under the 2022 Equity Plan. The RSUs are subject to annual time-based vesting over a three-year period. The PRSUs are subject to both time and performance-based vesting based upon the achievement of three financial metrics over a three-year period: rTSR, Adjusted Diluted EPS, and ROIC.

The fair value of stock options is measured on the date of the acquisition of RADA using the Black-Scholes option pricing model. The fair value of market condition PRSUs is measured on the date of grant using the Monte Carlo Simulation Model. Expense for time-based awards is recognized on a straight-line basis over the requisite service period. Forfeitures are recognized as they occur.

In May 2024, the Company established the Employee Stock Purchase Plan (the “ESPP”). The ESPP allows eligible employees to purchase shares of the Company’s stock at 90% of the fair market value on

the date of purchase. As of December 31, 2025, there were 2 million shares of the Company’s common stock reserved for future issuances under the ESPP.


	Year Ended December 31,
(Dollars in millions)	2025		2024		2023
Total stock-based compensation expense	$	32	$	22	$	17
Tax benefits recognized from stock-based compensation	6		6		2

Stock Options

The following table shows a summary of all option activity under the 2022 Equity Plan for the year ended December 31, 2025:


	Number of Shares (in millions)	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (Dollars in millions)
Outstanding as of January 1, 2025	1.57	$	10.39	3	$	34

Exercised	(0.36)	10.28
Forfeited	(0.02)	10.66
Outstanding as of December 31, 2025	1.19	$	10.42	2	$	28
Exercisable as of December 31, 2025	1.14	$	10.43	2	$	27
Vested and expected to vest as of December 31, 2025	1.19	$	10.42	2	$	28

There were no stock options granted or assumed during 2025. As of December 31, 2025, total compensation expense not yet recognized related to unvested options was approximately $1 million, which is expected to be recognized over a weighted average period of less than one year. The total intrinsic value of stock options exercised during the year ended December 31, 2025, was $11 million.

RSUs

The following table shows a summary of all RSU activity under the 2022 Equity Plan for the year ended December 31, 2025:


	Number of Shares (in millions)	Weighted Average Grant Date Fair Value
Unvested as of January 1, 2025	1.31	$	16.89
Granted	0.46	33.23
Vested	(0.73)	15.18
Forfeited	(0.03)	24.91
Unvested as of December 31, 2025	1.01	$	25.39

As of December 31, 2025, total compensation expense not yet recognized related to unvested RSUs was approximately $12 million, which is expected to be recognized over a weighted average period of 2 years. The fair value of RSUs that vested in 2025 was $25 million.

PRSUs

The following table shows a summary of all PRSU activity under the 2022 Equity Plan for the year ended December 31, 2025:


	Number of Shares (in millions)	Weighted Average Grant Date Fair Value
Unvested as of January 1, 2025	1.51	$	16.19
Granted	0.28	37.96
Vested	(0.99)	10.25
Forfeited	(0.04)	25.61
Performance adjustments	0.39	10.68
Unvested as of December 31, 2025	1.15	$	21.74

The Monte Carlo Model assumptions used in valuing market condition PRSUs during the periods presented are set forth in the following table:


	Year Ended December 31,
	2025			2024			2023
Grant date stock price	$	32.71		$	21.51		$	14.74
Expected volatility	37.4		%	36.0		%	51.2		%
Risk-free interest rate	3.7		%	4.9		%	4.0		%
Expected dividend yield	—		%	—		%	—		%

As of December 31, 2025, total compensation expense not yet recognized related to unvested PRSUs was approximately $12 million, which is expected to be recognized over a weighted average period of 2 years. The fair value of PRSUs that vested in 2025 was $19 million.

Pension and Other Postretirement Benefits - Schedule of Fair Value of Category of Plan Assets (Details) - Defined Benefit Pension Plans - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 112	$ 100	$ 134
Investments measured at fair value:
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	112	114
Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	14
Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	112	100
Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents \| Investments measured at fair value: \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		8
Cash and cash equivalents \| Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		8
Cash and cash equivalents \| Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Cash and cash equivalents \| Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Equity securities \| Investments measured at fair value: \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		6
Equity securities \| Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		6
Equity securities \| Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Equity securities \| Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets		0
Collective trust funds \| Investments measured at fair value: \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	112	100
Collective trust funds \| Level 1 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Collective trust funds \| Level 2 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	112	100
Collective trust funds \| Level 3 \| Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 0