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v3.25.3

Realignment Programs | 9 Months Ended
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Sep. 30, 2025
Restructuring and Related Activities [Abstract] |
Realignment Programs |
| Three Months Ended September 30, 2025 |  |
(Amounts in thousands) | FPD |  | FCD |  | Subtotal - Reportable Segments |  | All Other |  | Consolidated Total |  |
Realignment Charges |  |  |  |  |  |  |  |  |  |  |
Restructuring Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 21,105 |  |  | $ | 1,748 |  |  | $ | 22,853 |  |  | $ | (524) |  |  | $ | 22,329 |  |  |
SG&A | 210 |  |  | 2,220 |  |  | 2,430 |  |  | — |  |  | 2,430 |  |  |
| $ | 21,315 |  |  | $ | 3,968 |  |  | $ | 25,283 |  |  | $ | (524) |  |  | $ | 24,759 |  |  |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 523 |  |  | $ | 2,638 |  |  | $ | 3,161 |  |  | $ | (9) |  |  | $ | 3,152 |  |  |
SG&A | (122) |  |  | 175 |  |  | 53 |  |  | 2,088 |  |  | 2,141 |  |  |
| $ | 401 |  |  | $ | 2,813 |  |  | $ | 3,214 |  |  | $ | 2,079 |  |  | $ | 5,293 |  |  |
Total Realignment Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 21,628 |  |  | $ | 4,386 |  |  | $ | 26,014 |  |  | $ | (533) |  |  | $ | 25,481 |  |  |
SG&A | 88 |  |  | 2,395 |  |  | 2,483 |  |  | 2,088 |  |  | 4,571 |  |  |
Total | $ | 21,716 |  |  | $ | 6,781 |  |  | $ | 28,497 |  |  | $ | 1,555 |  |  | $ | 30,052 |  |  |
| 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 |  |  |
| Nine Months Ended September 30, 2025 |  |
(Amounts in thousands) | FPD |  | FCD |  | Subtotal - Reportable Segments |  | All Other |  | Consolidated Total |  |
Restructuring Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 25,508 |  |  | $ | 10,038 |  |  | $ | 35,546 |  |  | $ | (524) |  |  | $ | 35,022 |  |  |
SG&A | 2,031 |  |  | (1,285) |  |  | 746 |  |  | — |  |  | 746 |  |  |
| $ | 27,539 |  |  | $ | 8,753 |  |  | $ | 36,292 |  |  | $ | (524) |  |  | $ | 35,768 |  |  |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 987 |  |  | $ | 4,666 |  |  | $ | 5,653 |  |  | $ | (75) |  |  | $ | 5,578 |  |  |
SG&A | (1,191) |  |  | 55 |  |  | (1,136) |  |  | 1,871 |  |  | 735 |  |  |
| $ | (204) |  |  | $ | 4,721 |  |  | $ | 4,517 |  |  | $ | 1,796 |  |  | $ | 6,313 |  |  |
Total Realignment Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 26,495 |  |  | $ | 14,704 |  |  | $ | 41,199 |  |  | $ | (599) |  |  | $ | 40,600 |  |  |
SG&A | 840 |  |  | (1,230) |  |  | (390) |  |  | 1,871 |  |  | 1,481 |  |  |
Total | $ | 27,335 |  |  | $ | 13,474 |  |  | $ | 40,809 |  |  | $ | 1,272 |  |  | $ | 42,081 |  |  |
| Nine Months Ended September 30, 2024 |  |
(Amounts in thousands) | FPD |  | FCD |  | Subtotal - Reportable Segments |  | All Other |  | Consolidated Total |  |
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. 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 | $ | 25,508 |  |  | $ | 10,038 |  |  | $ | 35,546 |  |  | $ | (524) |  |  | $ | 35,022 |  |  |
SG&A | 2,031 |  |  | (1,285) |  |  | 746 |  |  | — |  |  | 746 |  |  |
| $ | 27,539 |  |  | $ | 8,753 |  |  | $ | 36,292 |  |  | $ | (524) |  |  | $ | 35,768 |  |  |
Non-Restructuring Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 3,929 |  |  | $ | 4,666 |  |  | $ | 8,595 |  |  | $ | (75) |  |  | $ | 8,520 |  |  |
SG&A | (1,191) |  |  | 55 |  |  | (1,136) |  |  | 1,871 |  |  | 735 |  |  |
| $ | 2,738 |  |  | $ | 4,721 |  |  | $ | 7,459 |  |  | $ | 1,796 |  |  | $ | 9,255 |  |  |
Total Realignment Charges |  |  |  |  |  |  |  |  |  |  |
COS | $ | 29,437 |  |  | $ | 14,704 |  |  | $ | 44,141 |  |  | $ | (599) |  |  | $ | 43,542 |  |  |
SG&A (1) | 840 |  |  | (1,230) |  |  | (390) |  |  | 1,871 |  |  | 1,481 |  |  |
Total | $ | 30,277 |  |  | $ | 13,474 |  |  | $ | 43,751 |  |  | $ | 1,272 |  |  | $ | 45,023 |  |  |
__________________________________ (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. 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 of fixed assets, accelerated amortization 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:
| Three Months Ended September 30, 2025 |  |
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total |  |
COS | $ | 20,772 |  |  | $ | — |  |  | $ | 116 |  |  | $ | 1,441 |  |  | $ | 22,329 |  |  |
SG&A | 2,322 |  |  | — |  |  | (1) |  |  | 109 |  |  | 2,430 |  |  |
Total | $ | 23,094 |  |  | $ | — |  |  | $ | 115 |  |  | $ | 1,550 |  |  | $ | 24,759 |  |  |
| 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 |  |  |
| Nine Months Ended September 30, 2025
(Amounts in thousands) | Severance |  | Contract Termination |  | Asset Write-Downs (Gains) |  | Other |  | Total
COS | $ | 28,493 |  |  | $ | — |  |  | $ | 2,560 |  |  | $ | 3,969 |  |  | $ | 35,022 |
SG&A (2) | 3,600 |  |  | (3,505) |  |  | 56 |  |  | 595 |  |  | 746 |
Total | $ | 32,093 |  |  | $ | (3,505) |  |  | $ | 2,616 |  |  | $ | 4,564 |  |  | $ | 35,768 |
| 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. (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 | $ | 28,493 |  |  | $ | — |  |  | $ | 2,560 |  |  | $ | 3,969 |  |  | $ | 35,022 |  |  |
SG&A (2) | 3,600 |  |  | (3,505) |  |  | 56 |  |  | 595 |  |  | 746 |  |  |
Total | $ | 32,093 |  |  | $ | (3,505) |  |  | $ | 2,616 |  |  | $ | 4,564 |  |  | $ | 35,768 |  |  |
(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 nine months ended September 30, 2025 and 2024:
(Amounts in thousands) | 2025 |  | 2024 |  |
Balance at January 1, | $ | 8,300 |  |  | $ | 8,184 |  |  |
Charges, net of adjustments | 33,992 |  |  | 6,541 |  |  |
Cash expenditures | (8,887) |  |  | (3,012) |  |  |
Other non-cash adjustments, including currency | 1,728 |  |  | (1,894) |  |  |
Balance at September 30, | $ | 35,133 |  |  | $ | 9,819 |  |  |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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