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v3.23.2

Business Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Operating Results and Other Financial Data | Segment operating results and other financial data for the quarters and six months ended June 30, 2023 and 2022 were as follows:
| Quarters Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
Sales |  |  |  |  |  |  |
Sealing Technologies | $ | 176.7 |  |  | $ | 155.9 |  |  | $ | 350.0 |  |  | $ | 309.5 |
Advanced Surface Technologies | 100.3 |  |  | 121.5 |  |  | 209.7 |  |  | 238.2 |
| 277.0 |  |  | 277.4 |  |  | 559.7 |  |  | 547.7 |
Intersegment sales | (0.1) |  |  | (0.3) |  |  | (0.2) |  |  | (0.5) |
Total sales | $ | 276.9 |  |  | $ | 277.1 |  |  | $ | 559.5 |  |  | $ | 547.2 |
Adjusted Segment EBITDA |  |  |  |  |  |  |
Sealing Technologies | $ | 56.2 |  |  | $ | 44.1 |  |  | $ | 105.9 |  |  | $ | 78.4 |
Advanced Surface Technologies | 24.1 |  |  | 37.8 |  |  | 53.6 |  |  | 72.7 |
| $ | 80.3 |  |  | $ | 81.9 |  |  | $ | 159.5 |  |  | $ | 151.1 |
Reconciliation of Adjusted Segment EBITDA to income (loss) from continuing operations before income taxes |  |  |  |  |  |  |
Income (loss) from continuing operations before income taxes | $ | (28.6) |  |  | $ | 33.5 |  |  | $ | 5.5 |  |  | $ | 48.9 |
Acquisition and divestiture expenses | — |  |  | 0.3 |  |  | — |  |  | 0.4 |
Non-controlling interest compensation allocation | (0.7) |  |  | 1.4 |  |  | (0.3) |  |  | 0.5 |
Amortization of fair value adjustment to acquisition date inventory | — |  |  | 1.0 |  |  | — |  |  | 11.3 |
Restructuring and impairment expense | 0.3 |  |  | 0.8 |  |  | 0.7 |  |  | 1.1 |
Depreciation and amortization expense | 23.8 |  |  | 26.1 |  |  | 47.3 |  |  | 52.1 |
Corporate expenses | 15.0 |  |  | 9.4 |  |  | 25.7 |  |  | 22.3 |
Interest expense, net | 8.6 |  |  | 7.7 |  |  | 16.5 |  |  | 14.6 |
Goodwill impairment | 60.8 |  |  | — |  |  | 60.8 |  |  | — |
Other expense (income), net | 1.1 |  |  | 1.7 |  |  | 3.3 |  |  | (0.1) |
Adjusted Segment EBITDA | $ | 80.3 |  |  | $ | 81.9 |  |  | $ | 159.5 |  |  | $ | 151.1 |
Schedule of Total Assets Segment | Segment assets are as follows:
| June 30, 2023 |  | December 31, 2022
| (in millions)
Sealing Technologies | $ | 706.4 |  |  | $ | 689.6 |
Advanced Surface Technologies | 1,426.5 |  |  | 1,519.6 |
Corporate | 500.2 |  |  | 422.7 |
Discontinued operations | — |  |  | 15.9 |
| $ | 2,633.1 |  |  | $ | 2,647.8 |
Schedule of Disaggregation of Revenue | Below is a summary of our third-party sales by major end market with which we did business for the quarters and six months ended June 30, 2023 and 2022:
| Quarter Ended June 30, 2023
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 13.7 |  |  | $ | 2.4 |  |  | $ | 16.1 |
Chemical and material processing | 22.9 |  |  | — |  |  | 22.9 |
Food and pharmaceutical | 16.2 |  |  | — |  |  | 16.2 |
General industrial | 44.3 |  |  | 6.0 |  |  | 50.3 |
Commercial vehicle | 53.3 |  |  | — |  |  | 53.3 |
Oil and gas | 4.7 |  |  | 2.9 |  |  | 7.6 |
Power generation | 19.5 |  |  | — |  |  | 19.5 |
Semiconductors | 2.1 |  |  | 88.9 |  |  | 91.0 |
Total third-party sales | $ | 176.7 |  |  | $ | 100.2 |  |  | $ | 276.9 |
| Quarter Ended June 30, 2022
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 10.7 |  |  | $ | 1.1 |  |  | $ | 11.8 |
Chemical and material processing | 19.7 |  |  | — |  |  | 19.7 |
Food and pharmaceutical | 17.1 |  |  | — |  |  | 17.1 |
General industrial | 43.1 |  |  | 9.1 |  |  | 52.2 |
Commercial vehicle | 43.4 |  |  | — |  |  | 43.4 |
Oil and gas | 5.5 |  |  | 1.1 |  |  | 6.6 |
Power generation | 14.6 |  |  | — |  |  | 14.6 |
Semiconductors | 1.4 |  |  | 110.3 |  |  | 111.7 |
Total third-party sales | $ | 155.5 |  |  | $ | 121.6 |  |  | $ | 277.1 |
| Six Months Ended June 30, 2023
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 26.2 |  |  | $ | 4.0 |  |  | $ | 30.2 |
Chemical and material processing | 44.5 |  |  | — |  |  | 44.5 |
Food and pharmaceutical | 34.9 |  |  | — |  |  | 34.9 |
General industrial | 88.2 |  |  | 14.8 |  |  | 103.0 |
Commercial vehicle | 105.7 |  |  | — |  |  | 105.7 |
Oil and gas | 10.6 |  |  | 4.5 |  |  | 15.1 |
Power generation | 35.6 |  |  | — |  |  | 35.6 |
Semiconductors | 4.3 |  |  | 186.2 |  |  | 190.5 |
Total third-party sales | $ | 350.0 |  |  | $ | 209.5 |  |  | $ | 559.5 |
| Six Months Ended June 30, 2022
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 18.8 |  |  | $ | 3.1 |  |  | $ | 21.9 |
Chemical and material processing | 40.0 |  |  | — |  |  | 40.0 |
Food and pharmaceutical | 34.7 |  |  | — |  |  | 34.7 |
General industrial | 86.0 |  |  | 16.9 |  |  | 102.9 |
Commercial vehicle | 88.2 |  |  | — |  |  | 88.2 |
Oil and gas | 10.6 |  |  | 1.7 |  |  | 12.3 |
Power generation | 27.8 |  |  | 0.1 |  |  | 27.9 |
Semiconductors | 3.0 |  |  | 216.3 |  |  | 219.3 |
Total third-party sales | $ | 309.1 |  |  | $ | 238.1 |  |  | $ | 547.2 |

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