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Business Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business Segment Information | BUSINESS SEGMENT INFORMATION Our business segments, which are the same as our reportable segments, share a focus on industrial flow control technology and have a high number of common customers. These segments also have complementary product offerings and technologies that are often combined in applications that provide us a net competitive advantage. Our segments also benefit from our global footprint and our economies of scale in reducing administrative and overhead costs to serve customers more cost effectively. We conduct our operations through two business segments based on type of product and how we manage the business: •FPD for custom, highly-engineered pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems and replacement parts and related services; and •FCD for engineered-to-order and configured-to-order isolation values, control valves, valve automation products and related equipment. Our corporate headquarters does not constitute a separate division or business segment. Amounts classified as "Eliminations and All Other" include corporate headquarters costs and other minor entities that do not constitute separate segments. Inter segment sales and transfers are recorded at cost plus a profit margin, with the sales and related margin on such sales eliminated in consolidation. The following is a summary of the financial information of our reportable segments as of and for the years ended December 31, 2023, 2022 and 2021 reconciled to the amounts reported in the consolidated financial statements.
|  |  |  | Subtotal—Reportable Segments |  | Eliminations and All Other |  | Consolidated Total
| FPD |  | FCD |  |  |
| (Amounts in thousands)
Year Ended December 31, 2023: |  |  |  |  |  |  |  |  |
Sales to external customers | $3,060,993 |  |  | $ | 1,259,584 |  |  | $ | 4,320,577 |  |  | $ | — |  |  | $ | 4,320,577 |
Intersegment sales | 3,487 |  |  | 6,448 |  |  | 9,935 |  |  | (9,935) |  |  | — |
Segment operating income (loss) | 348,867 |  |  | 148,034 |  |  | 496,901 |  |  | (163,348) |  |  | 333,553 |
Depreciation and amortization | 47,628 |  |  | 17,249 |  |  | 64,877 |  |  | 18,870 |  |  | 83,747 |
Identifiable assets | 3,191,726 |  |  | 1,333,973 |  |  | 4,525,699 |  |  | 583,020 |  |  | 5,108,719 |
Capital expenditures | 41,613 |  |  | 15,953 |  |  | 57,566 |  |  | 9,793 |  |  | 67,359 |
|  |  |  | Subtotal—Reportable Segments |  | Eliminations and All Other |  | Consolidated Total
| FPD |  | FCD |  |  |
| (Amounts in thousands)
Year Ended December 31, 2022: |  |  |  |  |  |  |  |  |
Sales to external customers | $2,518,000 |  |  | $ | 1,097,120 |  |  | $ | 3,615,120 |  |  | $ | — |  |  | $ | 3,615,120 |
Intersegment sales | 4,508 |  |  | 3,489 |  |  | 7,997 |  |  | (7,997) |  |  | — |
Segment operating income (loss) | 207,957 |  |  | 113,417 |  |  | 321,374 |  |  | (124,155) |  |  | 197,219 |
Depreciation and amortization | 49,654 |  |  | 18,931 |  |  | 68,585 |  |  | 22,368 |  |  | 90,953 |
Identifiable assets | 3,110,733 |  |  | 1,269,690 |  |  | 4,380,423 |  |  | 410,211 |  |  | 4,790,634 |
Capital expenditures | 34,295 |  |  | 17,178 |  |  | 51,473 |  |  | 24,814 |  |  | 76,287 |
|  |  |  | Subtotal—Reportable Segments |  | Eliminations and All Other |  | Consolidated Total
| FPD |  | FCD |  |  |
| (Amounts in thousands)
Year Ended December 31, 2021: |  |  |  |  |  |  |  |  |
Sales to external customers | $ | 2,468,098 |  |  | $ | 1,072,962 |  |  | $ | 3,541,060 |  |  | $ | — |  |  | $ | 3,541,060 |
Intersegment sales | 2,750 |  |  | 2,924 |  |  | 5,674 |  |  | (5,674) |  |  | — |
Segment operating income (loss) | 243,203 |  |  | 119,651 |  |  | 362,854 |  |  | (92,095) |  |  | 270,759 |
Depreciation and amortization | 51,094 |  |  | 21,286 |  |  | 72,380 |  |  | 27,442 |  |  | 99,822 |
Identifiable assets | 2,927,346 |  |  | 1,223,316 |  |  | 4,150,662 |  |  | 599,106 |  |  | 4,749,768 |
Capital expenditures | 21,575 |  |  | 12,283 |  |  | 33,858 |  |  | 21,078 |  |  | 54,936 |
Geographic Information — We attribute sales to different geographic areas based on our facilities’ locations. Long-lived assets are classified based on the geographic area in which the assets are located and exclude deferred taxes, goodwill and intangible assets. Sales and long-lived assets by geographic area are as follows:
| Year Ended December 31, 2023
| Sales |  | Percentage |  | Long-Lived Assets |  | Percentage
| (Amounts in thousands, except percentages)
United States | $ | 1,821,751 |  |  | 42.2 | % |  | $ | 394,395 |  |  | 44.7 | %
EMA(1) | 1,503,776 |  |  | 34.8 | % |  | 289,061 |  |  | 32.8 | %
Asia(2) | 584,759 |  |  | 13.5 | % |  | 140,596 |  |  | 15.9 | %
Other(3) | 410,291 |  |  | 9.5 | % |  | 58,059 |  |  | 6.6 | %
Consolidated total | $ | 4,320,577 |  |  | 100.0 | % |  | $ | 882,111 |  |  | 100.0 | %
| Year Ended December 31, 2022
| Sales |  | Percentage |  | Long-Lived Assets |  | Percentage
| (Amounts in thousands, except percentages)
United States | $ | 1,536,961 |  |  | 42.5 | % |  | $ | 412,896 |  |  | 46.6 | %
EMA(1) | 1,210,436 |  |  | 33.5 | % |  | 274,511 |  |  | 30.9 | %
Asia(2) | 524,952 |  |  | 14.5 | % |  | 144,206 |  |  | 16.2 | %
Other(3) | 342,771 |  |  | 9.5 | % |  | 56,132 |  |  | 6.3 | %
Consolidated total | $ | 3,615,120 |  |  | 100.0 | % |  | $ | 887,745 |  |  | 100.0 | %
| Year Ended December 31, 2021
| Sales |  | Percentage |  | Long-Lived Assets |  | Percentage
| (Amounts in thousands, except percentages)
United States | $ | 1,376,771 |  |  | 38.9 | % |  | $ | 476,176 |  |  | 49.2 | %
EMA(1) | 1,270,326 |  |  | 35.9 | % |  | 298,426 |  |  | 30.8 | %
Asia(2) | 557,314 |  |  | 15.7 | % |  | 141,810 |  |  | 14.6 | %
Other(3) | 336,649 |  |  | 9.5 | % |  | 51,688 |  |  | 5.4 | %
Consolidated total | $ | 3,541,060 |  |  | 100.0 | % |  | $ | 968,100 |  |  | 100.0 | %
___________________________________ (1)"EMA" includes Europe, the Middle East and Africa. U. K. accounted for approximate ly 11% for 2023, 10% for 2022 and 10% for 2021, of consolidated long-lived assets. No other individual country within t his group represents 10% or more of consolidated totals for any period presented. (2)"Asia" includes Asia and Austral ia. No individual country wi thin this group represents 10% or more of consolidated totals for any period presented. (3)"Other" includes Canada and Latin Am erica. No individual country within this group represents 10% or more of consolidated totals for any period presented. Net sales to international customers, including export sales from the U.S., represented approximately 62% of total sales in both 2023 and 2022 and 67% of total sales in 2021. Major Custo mer Information — We have a large number of customers across a large number of manufacturing and service facilities and do not have sales to any individual customer that represent 10% or more of consolidated sales for any of the years presented.

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- 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 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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