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v3.24.2

Realignment Programs (Tables) | 6 Months Ended
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Jun. 30, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Related Costs | The following is a summary of total charges, net of adjustments, incurred related to our 2023 Realignment Programs:
| Three Months Ended June 30, 2024
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 6,994 |  |  | $ | 129 |  |  | $ | 7,123 |  |  | $ | — |  |  | $ | 7,123 |
SG&A | 50 |  |  | (69) |  |  | (19) |  |  | (28) |  |  | (47) |
Loss on sale of business(1) | — |  |  | 12,981 |  |  | 12,981 |  |  | — |  |  | 12,981 |
| $ | 7,044 |  |  | $ | 13,041 |  |  | $ | 20,085 |  |  | $ | (28) |  |  | $ | 20,057 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 384 |  |  | $ | 92 |  |  | $ | 476 |  |  | $ | (78) |  |  | $ | 398 |
SG&A | (770) |  |  | 16 |  |  | (754) |  |  | 534 |  |  | (220) |
| $ | (386) |  |  | $ | 108 |  |  | $ | (278) |  |  | $ | 456 |  |  | $ | 178 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 7,378 |  |  | $ | 221 |  |  | $ | 7,599 |  |  | $ | (78) |  |  | $ | 7,521 |
SG&A | (720) |  |  | (53) |  |  | (773) |  |  | 506 |  |  | (267) |
Loss on sale of business(1) | — |  |  | 12,981 |  |  | 12,981 |  |  | — |  |  | 12,981 |
Total | $ | 6,658 |  |  | $ | 13,149 |  |  | $ | 19,807 |  |  | $ | 428 |  |  | $ | 20,235 |
__________________________________ (1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Basis of Presentation and Accounting Policies," to our condensed consolidated financial statements included in this Quarterly Report.
| Three Months Ended June 30, 2023
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 1,410 |  |  | $ | — |  |  | $ | 1,410 |  |  | $ | — |  |  | $ | 1,410 |
SG&A | — |  |  | (29) |  |  | (29) |  |  | 1 |  |  | (28) |
| $ | 1,410 |  |  | $ | (29) |  |  | $ | 1,381 |  |  | $ | 1 |  |  | $ | 1,382 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | (457) |  |  | $ | 3,153 |  |  | $ | 2,696 |  |  | $ | — |  |  | $ | 2,696 |
SG&A | 17 |  |  | 29 |  |  | 46 |  |  | 7,427 |  |  | 7,473 |
| $ | (440) |  |  | $ | 3,182 |  |  | $ | 2,742 |  |  | $ | 7,427 |  |  | $ | 10,169 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 953 |  |  | $ | 3,153 |  |  | $ | 4,106 |  |  | $ | — |  |  | $ | 4,106 |
SG&A | 17 |  |  | — |  |  | 17 |  |  | 7,428 |  |  | 7,445 |
Total | $ | 970 |  |  | $ | 3,153 |  |  | $ | 4,123 |  |  | $ | 7,428 |  |  | $ | 11,551 |
| Six Months Ended June 30, 2024
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 11,408 |  |  | $ | 144 |  |  | $ | 11,552 |  |  | $ | — |  |  | $ | 11,552 |
SG&A | 751 |  |  | (69) |  |  | 682 |  |  | (28) |  |  | 654 |
Loss on sale of business(1) | — |  |  | 12,981 |  |  | 12,981 |  |  | — |  |  | 12,981 |
| $ | 12,159 |  |  | $ | 13,056 |  |  | $ | 25,215 |  |  | $ | (28) |  |  | $ | 25,187 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 1,014 |  |  | $ | 844 |  |  | $ | 1,858 |  |  | $ | (216) |  |  | $ | 1,642 |
SG&A | (430) |  |  | 130 |  |  | (300) |  |  | 873 |  |  | 573 |
| $ | 584 |  |  | $ | 974 |  |  | $ | 1,558 |  |  | $ | 657 |  |  | $ | 2,215 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 12,422 |  |  | $ | 988 |  |  | $ | 13,410 |  |  | $ | (216) |  |  | $ | 13,194 |
SG&A | 321 |  |  | 61 |  |  | 382 |  |  | 845 |  |  | 1,227 |
Loss on sale of business(1) | — |  |  | 12,981 |  |  | 12,981 |  |  | — |  |  | $ | 12,981 |
Total | $ | 12,743 |  |  | $ | 14,030 |  |  | $ | 26,773 |  |  | $ | 629 |  |  | $ | 27,402 |
__________________________________ (1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Basis of Presentation and Accounting Policies," to our condensed consolidated financial statements included in this Quarterly Report.
| Six Months Ended June 30, 2023
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 398 |  |  | $ | — |  |  | $ | 398 |  |  | $ | 66 |  |  | $ | 464 |
SG&A | — |  |  | 8,876 |  |  | 8,876 |  |  | 1 |  |  | 8,877 |
| $ | 398 |  |  | $ | 8,876 |  |  | $ | 9,274 |  |  | $ | 67 |  |  | $ | 9,341 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 945 |  |  | $ | 3,164 |  |  | $ | 4,109 |  |  | $ | (265) |  |  | $ | 3,844 |
SG&A | 2,067 |  |  | 30 |  |  | 2,097 |  |  | 13,148 |  |  | 15,245 |
| $ | 3,012 |  |  | $ | 3,194 |  |  | $ | 6,206 |  |  | $ | 12,883 |  |  | $ | 19,089 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 1,343 |  |  | $ | 3,164 |  |  | $ | 4,507 |  |  | $ | (199) |  |  | $ | 4,308 |
SG&A | 2,067 |  |  | 8,906 |  |  | 10,973 |  |  | 13,149 |  |  | 24,122 |
Total | $ | 3,410 |  |  | $ | 12,070 |  |  | $ | 15,480 |  |  | $ | 12,950 |  |  | $ | 28,430 |
The following is a summary of total inception to date charges, net of adjustments, related to the 2023 Realignment Programs:
| Inception to Date
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Realignment Charges |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 14,370 |  |  | $ | 6,549 |  |  | $ | 20,919 |  |  | $ | 66 |  |  | $ | 20,985 |
SG&A | 801 |  |  | 9,708 |  |  | 10,509 |  |  | (28) |  |  | 10,481 |
Loss on sale of business(1) | — |  |  | 12,981 |  |  | 12,981 |  |  | — |  |  | 12,981 |
| $ | 15,171 |  |  | $ | 29,238 |  |  | $ | 44,409 |  |  | $ | 38 |  |  | $ | 44,447 |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 8,849 |  |  | $ | 5,015 |  |  | $ | 13,864 |  |  | $ | (643) |  |  | $ | 13,221 |
SG&A | 14,053 |  |  | 1,746 |  |  | 15,799 |  |  | 19,972 |  |  | 35,771 |
| $ | 22,902 |  |  | $ | 6,761 |  |  | $ | 29,663 |  |  | $ | 19,329 |  |  | $ | 48,992 |
Total Realignment Charges |  |  |  |  |  |  |  |  |
COS | $ | 23,219 |  |  | $ | 11,564 |  |  | $ | 34,783 |  |  | $ | (577) |  |  | $ | 34,206 |
SG&A | 14,854 |  |  | 11,454 |  |  | 26,308 |  |  | 19,944 |  |  | 46,252 |
Loss on sale of business(1) | — |  |  | 12,981 |  |  | 12,981 |  |  | — |  |  | 12,981 |
Total | $ | 38,073 |  |  | $ | 35,999 |  |  | $ | 74,072 |  |  | $ | 19,367 |  |  | $ | 93,439 |
__________________________________ (1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Basis of Presentation and Accounting Policies," to our condensed consolidated financial statements included in this Quarterly Report.
Schedule of Restructuring Reserve by Type of Cost | The following is a summary of restructuring charges, net of adjustments, for our restructuring activities related to our 2023 Realignment Programs:
| Three Months Ended June 30, 2024
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | (89) |  |  | $ | — |  |  | $ | 6,507 |  |  | $ | 705 |  |  | $ | 7,123 |
SG&A | 84 |  |  | — |  |  | 247 |  |  | (378) |  |  | (47) |
Loss on sale of business(1) | — |  |  | — |  |  | — |  |  | 12,981 |  |  | 12,981 |
Total | $ | (5) |  |  | $ | — |  |  | $ | 6,754 |  |  | $ | 13,308 |  |  | $ | 20,057 |
__________________________________ (1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Basis of Presentation and Accounting Policies," to our condensed consolidated financial statements included in this Quarterly Report.
| Three Months Ended June 30, 2023
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | 255 |  |  | $ | 228 |  |  | $ | 33 |  |  | $ | 894 |  |  | $ | 1,410 |
SG&A | (5) |  |  | — |  |  | (29) |  |  | 6 |  |  | (28) |
Total | $ | 250 |  |  | $ | 228 |  |  | $ | 4 |  |  | $ | 900 |  |  | $ | 1,382 |
| Six Months Ended June 30, 2024
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | 3,896 |  |  | $ | — |  |  | $ | 6,507 |  |  | $ | 1,149 |  |  | $ | 11,552 |
SG&A | 785 |  |  | — |  |  | 247 |  |  | (378) |  |  | 654 |
Loss on sale of business(1) | — |  |  | — |  |  | — |  |  | 12,981 |  |  | 12,981 |
Total | $ | 4,681 |  |  | $ | — |  |  | $ | 6,754 |  |  | $ | 13,752 |  |  | $ | 25,187 |
__________________________________ (1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Basis of Presentation and Accounting Policies," to our condensed consolidated financial statements included in this Quarterly Report.
| Six Months Ended June 30, 2023
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | 441 |  |  | $ | 294 |  |  | $ | (1,270) |  |  | $ | 999 |  |  | $ | 464 |
SG&A | — |  |  | — |  |  | 8,871 |  |  | 6 |  |  | 8,877 |
Total | $ | 441 |  |  | $ | 294 |  |  | $ | 7,601 |  |  | $ | 1,005 |  |  | $ | 9,341 |
The following is a summary of total inception to date restructuring charges, net of adjustments, related to our 2023 Realignment Programs:
| Inception to Date
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | 10,981 |  |  | $ | 301 |  |  | $ | 7,301 |  |  | $ | 2,402 |  |  | $ | 20,985 |
SG&A | 1,735 |  |  | — |  |  | 9,118 |  |  | (372) |  |  | 10,481 |
Loss on sale of business(1) | — |  |  | — |  |  | — |  |  | 12,981 |  |  | 12,981 |
Total | $ | 12,716 |  |  | $ | 301 |  |  | $ | 16,419 |  |  | $ | 15,011 |  |  | $ | 44,447 |
__________________________________ (1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Basis of Presentation and Accounting Policies," to our condensed consolidated financial statements included in this Quarterly Report. The following represents the activity, primarily severance charges from reductions in force, related to the restructuring reserves for the six months ended June 30, 2024 and 2023:
(Amounts in thousands) | 2024 |  | 2023
Balance at January 1 | $ | 8,184 |  |  | $ | 965 |
Charges, net of adjustments | 5,566 |  |  | 1,739 |
Cash expenditures | (72) |  |  | (1,231) |
Other non-cash adjustments, including currency | (2,714) |  |  | (170) |
Balance at June 30 | $ | 10,964 |  |  | $ | 1,303 |

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