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v3.25.2

Realignment Programs (Tables) | 6 Months Ended
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Jun. 30, 2025
Restructuring and Related Activities [Abstract] |
Restructuring and Related Costs |
| Three Months Ended June 30, 2025 |  |
(Amounts in thousands) | FPD |  | FCD |  | Subtotal - Reportable Segments |  | All Other |  | Consolidated Total |  |
Realignment Charges |  |  |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 787 |  |  | $ | 1,181 |  |  | $ | 1,968 |  |  | $ | — |  |  | $ | 1,968 |  |  |
SG&A | 1,715 |  |  | (3,505) |  |  | (1,790) |  |  | — |  |  | (1,790) |  |  |
| $ | 2,502 |  |  | $ | (2,324) |  |  | $ | 178 |  |  | $ | — |  |  | $ | 178 |  |  |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 1,101 |  |  | $ | 2,036 |  |  | $ | 3,137 |  |  | $ | — |  |  | $ | 3,137 |  |  |
SG&A | 34 |  |  | 1 |  |  | 35 |  |  | (32) |  |  | 3 |  |  |
| $ | 1,135 |  |  | $ | 2,037 |  |  | $ | 3,172 |  |  | $ | (32) |  |  | $ | 3,140 |  |  |
Total Realignment Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 1,888 |  |  | $ | 3,217 |  |  | $ | 5,105 |  |  | $ | — |  |  | $ | 5,105 |  |  |
SG&A | 1,749 |  |  | (3,504) |  |  | (1,755) |  |  | (32) |  |  | (1,787) |  |  |
Total | $ | 3,637 |  |  | $ | (287) |  |  | $ | 3,350 |  |  | $ | (32) |  |  | $ | 3,318 |  |  |
| 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.
| Six Months Ended June 30, 2025 |  |
(Amounts in thousands) | FPD |  | FCD |  | Subtotal - Reportable Segments |  | All Other |  | Consolidated Total |  |
Restructuring Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 4,403 |  |  | $ | 8,290 |  |  | $ | 12,693 |  |  | $ | — |  |  | $ | 12,693 |  |  |
SG&A | 1,821 |  |  | (3,505) |  |  | (1,684) |  |  | — |  |  | (1,684) |  |  |
| $ | 6,224 |  |  | $ | 4,785 |  |  | $ | 11,009 |  |  | $ | — |  |  | $ | 11,009 |  |  |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 464 |  |  | $ | 2,028 |  |  | $ | 2,492 |  |  | $ | (66) |  |  | $ | 2,426 |  |  |
SG&A | (1,069) |  |  | (120) |  |  | (1,189) |  |  | (217) |  |  | (1,406) |  |  |
| $ | (605) |  |  | $ | 1,908 |  |  | $ | 1,303 |  |  | $ | (283) |  |  | $ | 1,020 |  |  |
Total Realignment Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 4,867 |  |  | $ | 10,318 |  |  | $ | 15,185 |  |  | $ | (66) |  |  | $ | 15,119 |  |  |
SG&A | 752 |  |  | (3,625) |  |  | (2,873) |  |  | (217) |  |  | (3,090) |  |  |
Total | $ | 5,619 |  |  | $ | 6,693 |  |  | $ | 12,312 |  |  | $ | (283) |  |  | $ | 12,029 |  |  |
| Six Months Ended June 30, 2024 |  |
(Amounts in thousands) | FPD |  | FCD |  | Subtotal - Reportable Segments |  | All Other |  | Consolidated Total |  |
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. The following is a summary of total inception to date charges, net of adjustments, related to the 2025 Realignment Programs:
| Inception to Date |  |
(Amounts in thousands) | FPD |  | FCD |  | Subtotal - Reportable Segments |  | All Other |  | Consolidated Total |  |
Realignment Charges |  |  |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 4,403 |  |  | $ | 8,290 |  |  | $ | 12,693 |  |  | $ | — |  |  | $ | 12,693 |  |  |
SG&A | 1,821 |  |  | (3,505) |  |  | (1,684) |  |  | — |  |  | (1,684) |  |  |
| $ | 6,224 |  |  | $ | 4,785 |  |  | $ | 11,009 |  |  | $ | — |  |  | $ | 11,009 |  |  |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 3,406 |  |  | $ | 2,028 |  |  | $ | 5,434 |  |  | $ | (66) |  |  | $ | 5,368 |  |  |
SG&A | (1,069) |  |  | (120) |  |  | (1,189) |  |  | (217) |  |  | (1,406) |  |  |
| $ | 2,337 |  |  | $ | 1,908 |  |  | $ | 4,245 |  |  | $ | (283) |  |  | $ | 3,962 |  |  |
Total Realignment Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 7,809 |  |  | $ | 10,318 |  |  | $ | 18,127 |  |  | $ | (66) |  |  | $ | 18,061 |  |  |
SG&A (1) | 752 |  |  | (3,625) |  |  | (2,873) |  |  | (217) |  |  | (3,090) |  |  |
Total | $ | 8,561 |  |  | $ | 6,693 |  |  | $ | 15,254 |  |  | $ | (283) |  |  | $ | 14,971 |  |  |
__________________________________ (1) Includes the immaterial reversal of previously recognized realignment charges associated with our 2023 Realignment Programs and an immaterial non-cash gain recognized on the early cancellation of certain lease agreements and the resulting write-off of the remaining operating lease liabilities associated with our 2023 Realignment Programs, which were recognized in the first and second quarters of 2025, respectively. Our 2023 Realignment Programs are substantially completed. 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, "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:
| Three Months Ended June 30, 2025 |  |
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total |  |
COS | $ | 66 |  |  | $ | — |  |  | $ | 444 |  |  | $ | 1,458 |  |  | $ | 1,968 |  |  |
SG&A (2) | 1,256 |  |  | (3,505) |  |  | 57 |  |  | 402 |  |  | (1,790) |  |  |
Total | $ | 1,322 |  |  | $ | (3,505) |  |  | $ | 501 |  |  | $ | 1,860 |  |  | $ | 178 |  |  |
| 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 |  |  |
| Six Months Ended June 30, 2025
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | 7,721 |  |  | $ | — |  |  | $ | 2,444 |  |  | $ | 2,528 |  |  | $ | 12,693 |
SG&A (2) | 1,278 |  |  | (3,505) |  |  | 57 |  |  | 486 |  |  | (1,684) |
Total | $ | 8,999 |  |  | $ | (3,505) |  |  | $ | 2,501 |  |  | $ | 3,014 |  |  | $ | 11,009 |
| 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. (2) 2025 Contract Termination charges within SG&A include an immaterial non-cash gain recognized on the early cancellation of certain lease agreements and the resulting write-off of the remaining operating lease liabilities associated with our 2023 Realignment Programs. Our 2023 Realignment Programs are substantially completed. The following is a summary of total inception to date restructuring charges, net of adjustments, related to our 2025 Realignment Programs:
| Inception to Date |  |
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total |  |
COS | $ | 7,721 |  |  | $ | — |  |  | $ | 2,444 |  |  | $ | 2,528 |  |  | $ | 12,693 |  |  |
SG&A (2) | 1,278 |  |  | (3,505) |  |  | 57 |  |  | 486 |  |  | (1,684) |  |  |
Total | $ | 8,999 |  |  | $ | (3,505) |  |  | $ | 2,501 |  |  | $ | 3,014 |  |  | $ | 11,009 |  |  |
(2) Contract Termination charges within SG&A includes an immaterial non-cash gain from the early cancellation of certain lease agreements and the resulting write-off of the remaining operating lease liabilities associated with our 2023 Realignment Programs. Our 2023 Realignment Programs are substantially completed. 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 | $ | 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, "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, 2025 and 2024:
(Amounts in thousands) | 2025 |  | 2024 |  |
Balance at January 1, | $ | 8,300 |  |  | $ | 8,184 |  |  |
Charges, net of adjustments | 10,666 |  |  | 5,566 |  |  |
Cash expenditures | (5,962) |  |  | (72) |  |  |
Other non-cash adjustments, including currency | 1,156 |  |  | (2,714) |  |  |
Balance at June 30, | $ | 14,160 |  |  | $ | 10,964 |  |  |

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