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Realignment Programs (Tables)

6 Months Ended

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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Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

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Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

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