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Business Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Summarized Financial Information of Reportable Segments | The following is a summary of the financial information of our reportable segments as of and for the years ended December 31, 2024, 2023 and 2022 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, 2024: |  |  |  |  |  |  |  |  |
Sales to external customers | $3,154,151 |  |  | $ | 1,403,655 |  |  | $ | 4,557,806 |  |  | $ | — |  |  | $ | 4,557,806 |
Intersegment sales | 4,416 |  |  | 5,641 |  |  | 10,057 |  |  | (10,057) |  |  | — |
Cost of sales | (2,141,520) |  |  | (985,323) |  |  | (3,126,843) |  |  |  |  |
SG&A | (556,225) |  |  | (252,675) |  |  | (808,900) |  |  |  |  |
Other segment items (1) | 19,394 |  |  | (13,033) |  |  | 6,361 |  |  |  |  |
Segment operating income (loss) | 480,216 |  |  | 158,265 |  |  | 638,481 |  |  |  |  |
Depreciation and amortization | 45,726 |  |  | 21,503 |  |  | 67,229 |  |  | 18,369 |  |  | 85,598 |
Identifiable assets | 3,042,859 |  |  | 1,739,425 |  |  | 4,782,284 |  |  | 718,537 |  |  | 5,500,821 |
Capital expenditures | 51,315 |  |  | 20,095 |  |  | 71,410 |  |  | 9,609 |  |  | 81,019 |
|  |  |  | 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) |  |  | — |
Cost of sales | (2,157,705) |  |  | (893,224) |  |  | (3,050,929) |  |  |  |  |
SG&A | (575,792) |  |  | (224,774) |  |  | (800,566) |  |  |  |  |
Other segment items (2) | 17,884 |  |  | — |  |  | 17,884 |  |  |  |  |
Segment operating income (loss) | 348,867 |  |  | 148,034 |  |  | 496,901 |  |  |  |  |
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) |  |  | — |
Cost of sales | (1,794,425) |  |  | (795,095) |  |  | (2,589,520) |  |  |  |  |
SG&A | (538,523) |  |  | (192,097) |  |  | (730,620) |  |  |  |  |
Other segment items (2) | 18,397 |  |  | — |  |  | 18,397 |  |  |  |  |
Segment operating income (loss) | 207,957 |  |  | 113,417 |  |  | 321,374 |  |  |  |  |
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 |
______________________________ (1) Other segment items comprises Net Earnings from Affiliates as well as the Loss on sale of business of $13 million recorded in the FCD segment in the second quarter of 2024 related to disposal of the NAF AB control valves business. (2) Other segment items comprises Net Earnings from Affiliates. The following are reconciliations from total segment operating income to earnings before income tax reported in the consolidated income statement.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Amounts in thousands)
Total segment operating income (loss) | $ | 638,481 |  |  | $ | 496,901 |  |  | $ | 321,374 |
Intersegment sales | (10,057) |  |  | (9,935) |  |  | (7,997) |
Eliminations and all other cost of sales | 3,282 |  |  | 7,180 |  |  | (31,305) |
Eliminations and all other SG&A | (169,137) |  |  | (160,603) |  |  | (84,926) |
Interest expense | (69,301) |  |  | (66,924) |  |  | (46,247) |
Interest income | 5,371 |  |  | 6,991 |  |  | 3,963 |
Net earnings (loss) from affiliates | (290) |  |  | 10 |  |  | 73 |
Other income (expense), net | (12,194) |  |  | (49,870) |  |  | (559) |
Earnings before income taxes | 386,155 |  |  | 223,750 |  |  | 154,376 |
Schedule of Sales and Long-lived Assets by Geographic Area | Sales and long-lived assets by geographic area are as follows:
| Year Ended December 31, 2024
| Sales |  | Percentage |  | Long-Lived Assets |  | Percentage
| (Amounts in thousands, except percentages)
United States | $ | 1,823,595 |  |  | 40.0 | % |  | $ | 421,797 |  |  | 46.9 | %
EMA(1) | 1,583,302 |  |  | 34.7 | % |  | 278,197 |  |  | 30.9 | %
Asia(2) | 676,989 |  |  | 14.9 | % |  | 151,727 |  |  | 16.9 | %
Other(3) | 473,920 |  |  | 10.4 | % |  | 47,962 |  |  | 5.3 | %
Consolidated total | $ | 4,557,806 |  |  | 100.0 | % |  | $ | 899,683 |  |  | 100.0 | %
| 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 | %
___________________________________ (1)"EMA" includes Europe, the Middle East and Africa. The United Kingdom accounted for approximately 10% for 2024, 11% for 2023 and 10% for 2022, of consolidated long-lived assets. No other individual country within this group represents 10% or more of consolidated totals for any period presented. (2)"Asia" includes Asia and Austral ia. No individual country within 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.

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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