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Realignment and Transformation Programs (Tables) | 12 Months Ended
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Dec. 31, 2024
Restructuring and Related Activities [Abstract] |
Restructuring and Related Costs |
| December 31, 2024
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 24,113 |  |  | $ | (1,364) |  |  | $ | 22,749 |  |  | $ | — |  |  | $ | 22,749 |
SG&A | 1,306 |  |  | 2,599 |  |  | 3,905 |  |  | (28) |  |  | 3,877 |
Loss on sale of business(1) | — |  |  | 12,981 |  |  | 12,981 |  |  | — |  |  | 12,981 |
| $ | 25,419 |  |  | $ | 14,216 |  |  | $ | 39,635 |  |  | $ | (28) |  |  | $ | 39,607 |
Non-Restructuring Charges |  |  |  |  |  |  |  |
COS | $ | 6,614 |  |  | $ | 2,440 |  |  | $ | 9,054 |  |  | $ | (228) |  |  | $ | 8,826 |
SG&A | (228) |  |  | 497 |  |  | 269 |  |  | 794 |  |  | 1,063 |
| $ | 6,386 |  |  | $ | 2,937 |  |  | $ | 9,323 |  |  | $ | 566 |  |  | $ | 9,889 |
Total Realignment Charges |  |  |  |  |  |
COS | $ | 30,727 |  |  | $ | 1,076 |  |  | $ | 31,803 |  |  | $ | (228) |  |  | $ | 31,575 |
SG&A | 1,078 |  |  | 3,096 |  |  | 4,174 |  |  | 766 |  |  | 4,940 |
Loss on sale of business(1) | — |  |  | 12,981 |  |  | 12,981 |  |  | — |  |  | 12,981 |
Total | $ | 31,805 |  |  | $ | 17,153 |  |  | $ | 48,958 |  |  | $ | 538 |  |  | $ | 49,496 |
__________________________________ (1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Significant Accounting Policies and Accounting Developments," to our consolidated financial statements included in this Annual Report.
| December 31, 2023
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 2,962 |  |  | $ | 6,405 |  |  | $ | 9,367 |  |  | $ | 66 |  |  | $ | 9,433 |
SG&A | 50 |  |  | 9,777 |  |  | 9,827 |  |  | — |  |  | 9,827 |
| $ | 3,012 |  |  | $ | 16,182 |  |  | $ | 19,194 |  |  | $ | 66 |  |  | $ | 19,260 |
Non-Restructuring Charges |  |  |  |  |  |  |  |
COS | $ | 7,835 |  |  | $ | 4,171 |  |  | $ | 12,006 |  |  | $ | (427) |  |  | $ | 11,579 |
SG&A | 14,483 |  |  | 1,616 |  |  | 16,099 |  |  | 19,099 |  |  | 35,198 |
| $ | 22,318 |  |  | $ | 5,787 |  |  | $ | 28,105 |  |  | $ | 18,672 |  |  | $ | 46,777 |
Total Realignment Charges |  |  |  |  |  |
COS | $ | 10,797 |  |  | $ | 10,576 |  |  | $ | 21,373 |  |  | $ | (361) |  |  | $ | 21,012 |
SG&A | 14,533 |  |  | 11,393 |  |  | 25,926 |  |  | 19,099 |  |  | 45,025 |
Total | $ | 25,330 |  |  | $ | 21,969 |  |  | $ | 47,299 |  |  | $ | 18,738 |  |  | $ | 66,037 |
The following is a summary of total charges, net of adjustments, incurred related to our 2020 Realignment Program:
| December 31, 2022
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Restructuring Charges |  |  |  |  |  |  |  |  |
COS | $ | 768 |  |  | $ | 93 |  |  | $ | 861 |  |  | $ | — |  |  | $ | 861 |
SG&A | — |  |  | (4) |  |  | (4) |  |  | — |  |  | (4) |
| $ | 768 |  |  | $ | 89 |  |  | $ | 857 |  |  | $ | — |  |  | $ | 857 |
Non-Restructuring Charges |  |  |  |  |  |  |  |
COS | $ | (530) |  |  | $ | 86 |  |  | $ | (444) |  |  | $ | (61) |  |  | $ | (505) |
SG&A | 148 |  |  | (391) |  |  | (243) |  |  | (274) |  |  | (517) |
| $ | (382) |  |  | $ | (305) |  |  | $ | (687) |  |  | $ | (335) |  |  | $ | (1,022) |
Total Realignment Charges |  |  |  |  |  |
COS | $ | 238 |  |  | $ | 179 |  |  | $ | 417 |  |  | $ | (61) |  |  | $ | 356 |
SG&A | 148 |  |  | (395) |  |  | (247) |  |  | (274) |  |  | (521) |
Total | $ | 386 |  |  | $ | (216) |  |  | $ | 170 |  |  | $ | (335) |  |  | $ | (165) |
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
Restructuring Charges |  |  |  |  |  |  |  |
COS | $ | 27,076 |  |  | $ | 5,041 |  |  | $ | 32,117 |  |  | 66 |  |  | $ | 32,183 |
SG&A | 1,355 |  |  | 12,376 |  |  | $ | 13,731 |  |  | (28) |  |  | 13,703 |
Loss on sale of business(1) | — |  |  | 12,981 |  |  | $ | 12,981 |  |  | — |  |  | 12,981 |
| $ | 28,431 |  |  | $ | 30,398 |  |  | $ | 58,829 |  |  | $ | 38 |  |  | $ | 58,867 |
Non-Restructuring Charges |  |  |  |  |  |  |  |
COS | $ | 11,506 |  |  | $ | 6,612 |  |  | $ | 18,118 |  |  | $ | (655) |  |  | $ | 17,463 |
SG&A | 14,256 |  |  | 2,112 |  |  | 16,368 |  |  | 19,893 |  |  | 36,261 |
| $ | 25,762 |  |  | $ | 8,724 |  |  | $ | 34,486 |  |  | $ | 19,238 |  |  | $ | 53,724 |
Total Realignment Charges |  |  |  |  |  |  |  |
COS | $ | 38,582 |  |  | $ | 11,653 |  |  | $ | 50,235 |  |  | $ | (589) |  |  | $ | 49,646 |
SG&A | 15,611 |  |  | 14,488 |  |  | 30,099 |  |  | 19,865 |  |  | 49,964 |
Loss on sale of business(1) | — |  |  | 12,981 |  |  | 12,981 |  |  | — |  |  | 12,981 |
Total | $ | 54,193 |  |  | $ | 39,122 |  |  | $ | 93,315 |  |  | $ | 19,276 |  |  | $ | 112,591 |
__________________________________ (1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Significant Accounting Policies and Accounting Developments," to our consolidated financial statements included in this Annual Report. The following is a summary of total inception to date charges, net of adjustments, related to the CORE Realignment Program:
| Inception to Date
(Amounts in thousands) | FPD |  | FCD |  | Subtotal–Reportable Segments |  | All Other |  | Consolidated Total
Restructuring Charges |  |  |  |  |  |  |  |
COS | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
SG&A | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Non-Restructuring Charges |  |  |  |  |  |  |  |
COS | $ | 2,942 |  |  | $ | — |  |  | $ | 2,942 |  |  | $ | — |  |  | $ | 2,942 |
SG&A | — |  |  | — |  |  | — |  |  | — |  |  | — |
| $ | 2,942 |  |  | $ | — |  |  | $ | 2,942 |  |  | $ | — |  |  | $ | 2,942 |
Total Realignment Charges |  |  |  |  |  |  |  |
COS | $ | 2,942 |  |  | $ | — |  |  | $ | 2,942 |  |  | $ | — |  |  | $ | 2,942 |
SG&A | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 2,942 |  |  | $ | — |  |  | $ | 2,942 |  |  | $ | — |  |  | $ | 2,942 |
Restructuring charges represent costs associated with the relocation or reorganization of certain business activities and facility closures and include costs related to employee severance at closed facilities, contract termination costs, asset write-downs and other costs. Severance costs primarily include costs associated with involuntary termination benefits. Contract termination costs include costs related to the termination of operating leases or other contract termination costs. Asset write-downs include accelerated depreciation or impairment of fixed assets, accelerated amortization or impairment of intangible assets, divestiture of certain non-strategic assets and inventory write-downs. Other costs generally include costs related to employee relocation, asset relocation, vacant facility costs (i.e., taxes and insurance) and other charges. Restructuring charges include charges related to approved, but not yet announced, facility closures. The following is a summary of restructuring charges, net of adjustments, for our restructuring activities related to our 2023 Realignment Programs:
| December 31, 2024
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs |  | Other |  | Total
COS | $ | 7,078 |  |  | $ | — |  |  | $ | 12,861 |  |  | $ | 2,809 |  |  | $ | 22,748 |
SG&A | 158 |  |  | — |  |  | 3,750 |  |  | (30) |  |  | 3,878 |
Loss on sale of business(1) | — |  |  | — |  |  | — |  |  | 12,981 |  |  | 12,981 |
Total | $ | 7,236 |  |  | $ | — |  |  | $ | 16,611 |  |  | $ | 15,760 |  |  | $ | 39,607 |
__________________________________ (1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Significant Accounting Policies and Accounting Developments," to our consolidated financial statements included in this Annual Report.
| December 31, 2023
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs |  | Other |  | Total
COS | $ | 7,085 |  |  | $ | 301 |  |  | $ | 794 |  |  | $ | 1,253 |  |  | $ | 9,433 |
SG&A | 950 |  |  | — |  |  | 8,871 |  |  | 6 |  |  | 9,827 |
Total | $ | 8,035 |  |  | $ | 301 |  |  | $ | 9,665 |  |  | $ | 1,259 |  |  | $ | 19,260 |
The following is a summary of restructuring charges, net of adjustments, for our restructuring activities related to our 2020 Realignment Program:
| December 31, 2022
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs |  | Other |  | Total
COS | $ | 122 |  |  | $ | 327 |  |  | $ | 273 |  |  | $ | 139 |  |  | $ | 861 |
SG&A | (4) |  |  | — |  |  | — |  |  | — |  |  | (4) |
Total | $ | 118 |  |  | $ | 327 |  |  | $ | 273 |  |  | $ | 139 |  |  | $ | 857 |
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 |  | Other |  | Total
COS | $ | 14,164 |  |  | $ | 301 |  |  | $ | 13,655 |  |  | $ | 4,063 |  |  | $ | 32,183 |
SG&A | 1,106 |  |  | — |  |  | 12,621 |  |  | (24) |  |  | 13,703 |
Loss on sale of business(1) | — |  |  | — |  |  | — |  |  | 12,981 |  |  | 12,981 |
Total | $ | 15,270 |  |  | $ | 301 |  |  | $ | 26,276 |  |  | $ | 17,020 |  |  | $ | 58,867 |
__________________________________ (1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Significant Accounting Policies and Accounting Developments," to our consolidated financial statements included in this Annual Report. There are no restructuring charges related to our CORE Realignment Program.
Schedule of Restructuring Reserve by Type of Cost | The following represents the activity, primarily severance charges from reductions in workforce, related to the restructuring reserve for the 2023 Realignment Programs for the years ended December 31, 2024 and 2023:
(Amounts in thousands) | 2024 |  | 2023
Balance at January 1, | $ | 8,184 |  |  | $ | 965 |
Charges | 10,129 |  |  | 9,594 |
Cash expenditures | (8,050) |  |  | (2,110) |
Other non-cash adjustments, including currency | (1,963) |  |  | (265) |
Balance at December 31, | $ | 8,300 |  |  | $ | 8,184 |

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