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v3.23.3

Business Segment Information (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2023 and 2022 were as follows:
| Quarters Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
Sales |  |  |  |  |  |  |
Sealing Technologies | $ | 161.4 |  |  | $ | 157.9 |  |  | $ | 511.4 |  |  | $ | 467.4 |
Advanced Surface Technologies | 89.4 |  |  | 122.5 |  |  | 299.1 |  |  | 360.7 |
| 250.8 |  |  | 280.4 |  |  | 810.5 |  |  | 828.1 |
Intersegment sales | (0.1) |  |  | (0.3) |  |  | (0.3) |  |  | (0.8) |
Total sales | $ | 250.7 |  |  | $ | 280.1 |  |  | $ | 810.2 |  |  | $ | 827.3 |
Adjusted Segment EBITDA |  |  |  |  |  |  |
Sealing Technologies | $ | 48.0 |  |  | $ | 39.7 |  |  | $ | 153.9 |  |  | $ | 118.1 |
Advanced Surface Technologies | 19.0 |  |  | 39.9 |  |  | 72.6 |  |  | 112.6 |
| $ | 67.0 |  |  | $ | 79.6 |  |  | $ | 226.5 |  |  | $ | 230.7 |
Reconciliation of Adjusted Segment EBITDA to income from continuing operations before income taxes |  |  |  |  |  |  |
Income from continuing operations before income taxes | $ | 22.9 |  |  | $ | 35.9 |  |  | $ | 28.4 |  |  | $ | 84.8 |
Acquisition and divestiture expenses | — |  |  | — |  |  | — |  |  | 0.4 |
Non-controlling interest compensation allocation | — |  |  | (0.6) |  |  | (0.3) |  |  | (0.1) |
Amortization of fair value adjustment to acquisition date inventory | — |  |  | 1.0 |  |  | — |  |  | 12.3 |
Restructuring and impairment expense | 2.0 |  |  | 0.1 |  |  | 2.6 |  |  | 1.2 |
Depreciation and amortization expense | 23.5 |  |  | 25.7 |  |  | 70.9 |  |  | 77.7 |
Corporate expenses | 9.4 |  |  | 9.1 |  |  | 35.1 |  |  | 31.4 |
Interest expense, net | 7.1 |  |  | 9.3 |  |  | 23.6 |  |  | 23.9 |
Goodwill impairment | — |  |  | — |  |  | 60.8 |  |  | — |
Other expense (income), net | 2.1 |  |  | (0.9) |  |  | 5.4 |  |  | (0.9) |
Adjusted Segment EBITDA | $ | 67.0 |  |  | $ | 79.6 |  |  | $ | 226.5 |  |  | $ | 230.7 |
Schedule of Total Assets Segment | Segment assets are as follows:
| September 30, 2023 |  | December 31, 2022
| (in millions)
Sealing Technologies | $ | 693.3 |  |  | $ | 689.6 |
Advanced Surface Technologies | 1,395.4 |  |  | 1,519.6 |
Corporate | 412.6 |  |  | 422.7 |
Discontinued operations | — |  |  | 15.9 |
| $ | 2,501.3 |  |  | $ | 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 nine months ended September 30, 2023 and 2022:
| Quarter Ended September 30, 2023
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 11.2 |  |  | $ | 2.9 |  |  | $ | 14.1 |
Chemical and material processing | 20.8 |  |  | — |  |  | 20.8 |
Food and pharmaceutical | 15.9 |  |  | — |  |  | 15.9 |
General industrial | 39.4 |  |  | 4.8 |  |  | 44.2 |
Commercial vehicle | 51.5 |  |  | — |  |  | 51.5 |
Oil and gas | 4.7 |  |  | 1.9 |  |  | 6.6 |
Power generation | 15.6 |  |  | — |  |  | 15.6 |
Semiconductors | 2.2 |  |  | 79.8 |  |  | 82.0 |
Total third-party sales | $ | 161.3 |  |  | $ | 89.4 |  |  | $ | 250.7 |
| Quarter Ended September 30, 2022
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 10.9 |  |  | $ | 1.5 |  |  | $ | 12.4 |
Chemical and material processing | 19.1 |  |  | — |  |  | 19.1 |
Food and pharmaceutical | 16.7 |  |  | — |  |  | 16.7 |
General industrial | 40.5 |  |  | 7.9 |  |  | 48.4 |
Commercial vehicle | 51.7 |  |  | — |  |  | 51.7 |
Oil and gas | 5.5 |  |  | 1.6 |  |  | 7.1 |
Power generation | 10.9 |  |  | — |  |  | 10.9 |
Semiconductors | 2.3 |  |  | 111.5 |  |  | 113.8 |
Total third-party sales | $ | 157.6 |  |  | $ | 122.5 |  |  | $ | 280.1 |
| Nine Months Ended September 30, 2023
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 37.4 |  |  | $ | 6.9 |  |  | $ | 44.3 |
Chemical and material processing | 65.3 |  |  | — |  |  | 65.3 |
Food and pharmaceutical | 50.8 |  |  | — |  |  | 50.8 |
General industrial | 127.6 |  |  | 19.6 |  |  | 147.2 |
Commercial vehicle | 157.2 |  |  | — |  |  | 157.2 |
Oil and gas | 15.3 |  |  | 6.4 |  |  | 21.7 |
Power generation | 51.2 |  |  | — |  |  | 51.2 |
Semiconductors | 6.5 |  |  | 266.0 |  |  | 272.5 |
Total third-party sales | $ | 511.3 |  |  | $ | 298.9 |  |  | $ | 810.2 |
| Nine Months Ended September 30, 2022
(in millions) | Sealing Technologies |  | Advanced Surface Technologies |  | Total
Aerospace | $ | 29.7 |  |  | $ | 4.6 |  |  | $ | 34.3 |
Chemical and material processing | 59.1 |  |  | — |  |  | 59.1 |
Food and pharmaceutical | 51.4 |  |  | — |  |  | 51.4 |
General industrial | 126.5 |  |  | 24.8 |  |  | 151.3 |
Commercial vehicle | 139.9 |  |  | — |  |  | 139.9 |
Oil and gas | 16.1 |  |  | 3.3 |  |  | 19.4 |
Power generation | 38.7 |  |  | 0.1 |  |  | 38.8 |
Semiconductors | 5.3 |  |  | 327.8 |  |  | 333.1 |
Total third-party sales | $ | 466.7 |  |  | $ | 360.6 |  |  | $ | 827.3 |

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