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Realignment Programs (Tables)

9 Months Ended

Sep. 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 September 30, 2024
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Realignment Charges
Restructuring Charges
COS			$	7,856					$	(2,342)					$	5,514					$	—					$	5,514
SG&A			484						1,254						1,738						—						1,738
			$	8,340					$	(1,088)					$	7,252					$	—					$	7,252
Non-Restructuring Charges
COS			$	559					$	752					$	1,311					$	(12)					$	1,299
SG&A			232						125						357						47						404
			$	791					$	877					$	1,668					$	35					$	1,703
Total Realignment Charges
COS			$	8,415					$	(1,590)					$	6,825					$	(12)					$	6,813
SG&A			716						1,379						2,095						47						2,142
Total			$	9,131					$	(211)					$	8,920					$	35					$	8,955

			Three Months Ended September 30, 2023
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Realignment Charges
Restructuring Charges
COS			$	173					$	—					$	173					$	—					$	173
SG&A			—						1						1						(1)						—
			$	173					$	1					$	174					$	(1)					$	173
Non-Restructuring Charges
COS			$	5,968					$	1,099					$	7,067					$	—					$	7,067
SG&A			9,929						1,571						11,500						3,454						14,954
			$	15,897					$	2,670					$	18,567					$	3,454					$	22,021
Total Realignment Charges
COS			$	6,141					$	1,099					$	7,240					$	—					$	7,240
SG&A			9,929						1,572						11,501						3,453						14,954
Total			$	16,070					$	2,671					$	18,741					$	3,453					$	22,194

			Nine Months Ended September 30, 2024
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Realignment Charges
Restructuring Charges
COS			$	19,264					$	(2,198)					$	17,066					$	—					$	17,066
SG&A			1,235						1,185						2,420						(28)						2,392
Loss on sale of business(1)			—						12,981						12,981						—						12,981
			$	20,499					$	11,968					$	32,467					$	(28)					$	32,439
Non-Restructuring Charges
COS			$	1,573					$	1,595					$	3,168					$	(228)					$	2,940
SG&A			(199)						256						57						920						977
			$	1,374					$	1,851					$	3,225					$	692					$	3,917
Total Realignment Charges
COS			$	20,837					$	(603)					$	20,234					$	(228)					$	20,006
SG&A			1,036						1,441						2,477						892						3,369
Loss on sale of business(1)			—						12,981						12,981						—						$	12,981
Total			$	21,873					$	13,819					$	35,692					$	664					$	36,356

__________________________________

(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.

			Nine Months Ended September 30, 2023
(Amounts in thousands)			FPD						FCD						Subtotal–Reportable Segments						All Other						Consolidated Total
Realignment Charges
Restructuring Charges
COS			$	571					$	—					$	571					$	66					$	637
SG&A			—						8,877						8,877						—						8,877
			$	571					$	8,877					$	9,448					$	66					$	9,514
Non-Restructuring Charges
COS			$	6,913					$	4,263					$	11,176					$	(265)					$	10,911
SG&A			11,996						1,601						13,597						16,602						30,199
			$	18,909					$	5,864					$	24,773					$	16,337					$	41,110
Total Realignment Charges
COS			$	7,484					$	4,263					$	11,747					$	(199)					$	11,548
SG&A			11,996						10,478						22,474						16,602						39,076
Total			$	19,480					$	14,741					$	34,221					$	16,403					$	50,624

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			$	22,226					$	4,207					$	26,433					$	66					$	26,499
SG&A			1,285						10,962						12,247						(28)						12,219
Loss on sale of business(1)			—						12,981						12,981						—						12,981
			$	23,511					$	28,150					$	51,661					$	38					$	51,699
Non-Restructuring Charges
COS			$	9,408					$	5,767					$	15,175					$	(655)					$	14,520
SG&A			14,285						1,871						16,156						20,019						36,175
			$	23,693					$	7,638					$	31,331					$	19,364					$	50,695
Total Realignment Charges
COS			$	31,634					$	9,974					$	41,608					$	(589)					$	41,019
SG&A			15,570						12,833						28,403						19,991						48,394
Loss on sale of business(1)			—						12,981						12,981						—						12,981
Total			$	47,204					$	35,788					$	82,992					$	19,402					$	102,394

__________________________________

(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 September 30, 2024
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs (Gains)						Other						Total
COS			$	2,593					$	—					$	2,597					$	324					$	5,514
SG&A			(1,055)						—						2,455						338						1,738
Total			$	1,538					$	—					$	5,052					$	662					$	7,252

			Three Months Ended September 30, 2023
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs (Gains)						Other						Total
COS			$	2					$	—					$	—					$	171					$	173
SG&A			—						—						—						—						—
Total			$	2					$	—					$	—					$	171					$	173

			Nine Months Ended September 30, 2024
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs (Gains)						Other						Total
COS			$	6,489					$	—					$	9,104					$	1,473					$	17,066
SG&A			(269)						—						2,702						(41)						2,392
Loss on sale of business(1)			—						—						—						12,981						12,981
Total			$	6,220					$	—					$	11,806					$	14,413					$	32,439

__________________________________

(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.

			Nine Months Ended September 30, 2023
(Amounts in thousands)			Severance						Contract Termination						Asset Write-Downs (Gains)						Other						Total
COS			$	443					$	294					$	(1,270)					$	1,170					$	637
SG&A			—						—						8,871						6						8,877
Total			$	443					$	294					$	7,601					$	1,176					$	9,514

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			$	13,574					$	301					$	9,898					$	2,726					$	26,499
SG&A			680						—						11,573						(34)						12,219
Loss on sale of business(1)			—						—						—						12,981						12,981
Total			$	14,254					$	301					$	21,471					$	15,673					$	51,699

__________________________________

(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 nine months ended September 30, 2024 and 2023:

(Amounts in thousands)			2024						2023
Balance at January 1			$	8,184					$	965
Charges, net of adjustments			6,541						1,912
Cash expenditures			(3,012)						(1,747)
Other non-cash adjustments, including currency			(1,894)						(266)
Balance at September 30			$	9,819					$	864

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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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