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Business Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Net Sales and Income from Operation by Business Segment | The financial segment information is as follows for the three and nine months ended September 30, 2025:
|  | Three months ended September 30, 2025 |  |  | Nine months ended September 30, 2025 |
(in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |  |  | Engineered Systems |  |  | Industrial Process Solutions |
Sales |  | $ | 141,400 |  |  | $ | 56,860 |  |  | $ | 396,697 |  |  | $ | 172,378 |
Income from operations |  |  | 25,034 |  |  |  | 4,237 |  |  |  | 68,968 |  |  |  | 88,997 |
The financial segment information is as follows for the three and nine months ended September 30, 2024:
|  | Three months ended September 30, 2024 |  |  | Nine months ended September 30, 2024 |
(in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |  |  | Engineered Systems |  |  | Industrial Process Solutions |
Sales |  | $ | 98,527 |  |  | $ | 51,379 |  |  | $ | 293,186 |  |  | $ | 135,631 |
Income from operations |  |  | 15,837 |  |  |  | 8,065 |  |  |  | 51,544 |  |  |  | 20,834 |
Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets | Other segment information is as follows for the three and nine months ended September 30, 2025:
|  | Three months ended September 30, 2025 |  |  | Nine months ended September 30, 2025 |
(in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |  |  | Engineered Systems |  |  | Industrial Process Solutions |
Property and equipment additions |  | $ | 1,649 |  |  | $ | 429 |  |  | $ | 2,855 |  |  | $ | 1,390 |
Depreciation and amortization(1) |  |  | 5,333 |  |  |  | 1,814 |  |  |  | 9,432 |  |  |  | 6,002 |
(1) The amounts of depreciation and amortization disclosed by reportable segment are included within other segment expense captions, such as shop burden or general and administrative expense. Other segment information is as follows for the three and nine months ended September 30, 2024:
|  | Three months ended September 30, 2024 |  |  | Nine months ended September 30, 2024 |
(in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |  |  | Engineered Systems |  |  | Industrial Process Solutions |
Property and equipment additions |  | $ | 645 |  |  | $ | 690 |  |  | $ | 2,672 |  |  | $ | 1,725 |
Depreciation and amortization(1) |  |  | 1,817 |  |  |  | 1,148 |  |  |  | 5,416 |  |  |  | 3,398 |
(1) The amounts of depreciation and amortization disclosed by reportable segment are included within other segment expense captions, such as shop burden or general and administrative expense.
Intra-Segment and Inter-Segment Revenues | A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the three months ended September 30, 2025:
(in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |  |  | Total |
Sales from external customers |  | $ | 143,692 |  |  | $ | 53,907 |  |  | $ | 197,599 |
Intra-segment sales |  |  | (2,463 | ) |  |  | 2,852 |  |  |  | 389 |
Inter-segment sales |  |  | 171 |  |  |  | 101.0 |  |  |  | 272 |
Total segment sales |  |  | 141,400 |  |  |  | 56,860 |  |  |  | 198,260 |
Reconciliation to sales |  |  |  |  |  |  |  |  |
Elimination of intra- and inter-segment sales |  |  |  |  |  |  |  |  | 661 |
Total consolidated sales |  |  |  |  |  |  |  |  | 197,599 |
Reconciliation to income before income taxes |  |  |  |  |  |  |  |  |
Direct cost of sales |  |  | 90,352 |  |  |  | 35,698 |  |  |  | 126,050 |
Shop burden |  |  | 4,003 |  |  |  | 2,957 |  |  |  | 6,960 |
Selling expense |  |  | 7,813 |  |  |  | 3,080 |  |  |  | 10,893 |
Project engineering expense |  |  | 4,183 |  |  |  | 2,843 |  |  |  | 7,026 |
General and administrative expense |  |  | 7,513 |  |  |  | 2,428 |  |  |  | 9,941 |
Other segment items(1) |  |  | 4,794 |  |  |  | 2,665 |  |  |  | 7,459 |
Income from operations |  |  | 22,742 |  |  |  | 7,190 |  |  |  | 29,932 |
Stock-based compensation |  |  |  |  |  |  |  |  | 3,273 |
Other corporate expenses(2) |  |  |  |  |  |  |  |  | 16,598 |
Elimination of intra- and inter-segment activity |  |  |  |  |  |  |  |  | 661 |
Interest expense |  |  |  |  |  |  |  |  | 5,054 |
Other expense(3) |  |  |  |  |  |  |  |  | 2,056 |
Total consolidated income before income taxes |  |  |  |  |  |  |  |  | 2,290 |
(1) Includes amortization expenses, acquisition and integration expenses, and restructuring expenses. (2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses. (3) Includes foreign exchange (gain) loss. A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the nine months ended September 30, 2025:
(in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |  |  | Total |
Sales from external customers |  | $ | 392,586 |  |  | $ | 167,102 |  |  | $ | 559,687 |
Intra-segment sales |  |  | 3,753 |  |  |  | 5,175 |  |  |  | 8,928 |
Inter-segment sales |  |  | 358 |  |  |  | 101.0 |  |  |  | 459 |
Total segment sales |  |  | 396,697 |  |  |  | 172,378 |  |  |  | 569,074 |
Reconciliation to sales |  |  |  |  |  |  |  |  |
Elimination of intra- and inter-segment sales |  |  |  |  |  |  |  |  | 9,387 |
Total consolidated sales |  |  |  |  |  |  |  |  | 559,687 |
Reconciliation to income before income taxes |  |  |  |  |  |  |  |  |
Direct cost of sales |  |  | 240,056 |  |  |  | 107,414 |  |  |  | 347,470 |
Shop burden |  |  | 10,272 |  |  |  | 8,081 |  |  |  | 18,354 |
Selling expense |  |  | 23,578 |  |  |  | 9,667 |  |  |  | 33,245 |
Project engineering expense |  |  | 13,641 |  |  |  | 8,518 |  |  |  | 22,160 |
General and administrative expense |  |  | 25,738 |  |  |  | 8,975 |  |  |  | 34,712 |
Gain on sale of Global Pump Solutions business |  |  | — |  |  |  | (63,701 | ) |  |  | (63,701 | )
Other segment items(1) |  |  | 10,332 |  |  |  | (850 | ) |  |  | 9,482 |
Income from operations |  |  | 73,079 |  |  |  | 94,273 |  |  |  | 167,352 |
Stock-based compensation |  |  |  |  |  |  |  |  | 9,507 |
Other corporate expenses(2) |  |  |  |  |  |  |  |  | 59,127 |
Elimination of intra- and inter-segment activity |  |  |  |  |  |  |  |  | 9,387 |
Interest expense |  |  |  |  |  |  |  |  | 16,169 |
Other expense(3) |  |  |  |  |  |  |  |  | 1,196 |
Total consolidated income before income taxes |  |  |  |  |  |  |  |  | 71,966 |
(1) Includes amortization expenses, acquisition and integration expenses, divestiture expenses, restructuring expenses, and asbestos litigation expenses. (2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses. (3) Includes foreign exchange (gain) loss and pension expense. A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the three months ended September 30, 2024:
(in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |  |  | Total |
Sales from external customers |  | $ | 91,277 |  |  | $ | 44,236 |  |  | $ | 135,513 |
Intra-segment sales |  |  | 6,952 |  |  |  | 6,918 |  |  |  | 13,870 |
Inter-segment sales |  |  | 298 |  |  |  | 225 |  |  |  | 523 |
Total segment sales |  |  | 98,527 |  |  |  | 51,379 |  |  |  | 149,906 |
Reconciliation to sales |  |  |  |  |  |  |  |  |
Elimination of intra- and inter-segment sales |  |  |  |  |  |  |  |  | 14,393 |
Total consolidated sales |  |  |  |  |  |  |  |  | 135,513 |
Reconciliation to income before income taxes |  |  |  |  |  |  |  |  |
Direct cost of sales |  |  | 59,568 |  |  |  | 25,625 |  |  |  | 85,193 |
Shop burden |  |  | 2,156 |  |  |  | 2,893 |  |  |  | 5,048 |
Selling expense |  |  | 4,502 |  |  |  | 2,906 |  |  |  | 7,408 |
Project engineering expense |  |  | 3,322 |  |  |  | 1,747 |  |  |  | 5,069 |
General and administrative expense |  |  | 4,071 |  |  |  | 2,392 |  |  |  | 6,463 |
Other segment items(1) |  |  | 1,822 |  |  |  | 607 |  |  |  | 2,429 |
Income from operations |  |  | 23,086 |  |  |  | 15,209 |  |  |  | 38,295 |
Stock-based compensation |  |  |  |  |  |  |  |  | 1,943 |
Other corporate expenses(2) |  |  |  |  |  |  |  |  | 14,772 |
Elimination of intra- and inter-segment activity |  |  |  |  |  |  |  |  | 14,393 |
Interest expense |  |  |  |  |  |  |  |  | 2,648 |
Other expense(3) |  |  |  |  |  |  |  |  | 398 |
Total consolidated income before income taxes |  |  |  |  |  |  |  |  | 4,141 |
(1) Includes amortization expenses, and acquisition and integration expenses. (2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses. (3) Includes foreign exchange (gain) loss and pension expense. A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the nine months ended September 30, 2024:
(in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |  |  | Total |
Sales from external customers |  | $ | 278,018 |  |  | $ | 121,349 |  |  | $ | 399,367 |
Intra-segment sales |  |  | 14,587 |  |  |  | 13,893 |  |  |  | 28,480 |
Inter-segment sales |  |  | 581 |  |  |  | 389 |  |  |  | 970 |
Total segment sales |  |  | 293,186 |  |  |  | 135,631 |  |  |  | 428,817 |
Reconciliation to sales |  |  |  |  |  |  |  |  |
Elimination of intra- and inter-segment sales |  |  |  |  |  |  |  |  | 29,450 |
Total consolidated sales |  |  |  |  |  |  |  |  | 399,367 |
Reconciliation to income before income taxes |  |  |  |  |  |  |  |  |
Direct cost of sales |  |  | 176,146 |  |  |  | 69,930 |  |  |  | 246,076 |
Shop burden |  |  | 5,955 |  |  |  | 7,876 |  |  |  | 13,831 |
Selling expense |  |  | 15,907 |  |  |  | 8,599 |  |  |  | 24,506 |
Project engineering expense |  |  | 9,710 |  |  |  | 4,956 |  |  |  | 14,666 |
General and administrative expense |  |  | 13,608 |  |  |  | 7,131 |  |  |  | 20,740 |
Other segment items(1) |  |  | 5,172 |  |  |  | 2,022 |  |  |  | 7,194 |
Income from operations |  |  | 66,687 |  |  |  | 35,117 |  |  |  | 101,804 |
Stock-based compensation |  |  |  |  |  |  |  |  | 5,790 |
Other corporate expenses(2) |  |  |  |  |  |  |  |  | 42,435 |
Elimination of intra- and inter-segment activity |  |  |  |  |  |  |  |  | 29,450 |
Interest expense |  |  |  |  |  |  |  |  | 9,315 |
Other expense(3) |  |  |  |  |  |  |  |  | 2,589 |
Total consolidated income before income taxes |  |  |  |  |  |  |  |  | 12,225 |
(1) Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses. (2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses. (3) Includes foreign exchange (gain) loss and pension expense.
Net Sales By Geographic Area | Net sales by geographic area are as follows:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
United States |  | $ | 137,119 |  |  | $ | 91,399 |  |  | $ | 367,993 |  |  | $ | 259,637 |
United Kingdom |  |  | 11,843 |  |  |  | 15,986 |  |  |  | 43,870 |  |  |  | 42,541 |
Netherlands |  |  | 17,773 |  |  |  | 10,389 |  |  |  | 44,762 |  |  |  | 40,696 |
China |  |  | 9,011 |  |  |  | 7,517 |  |  |  | 37,368 |  |  |  | 20,730 |
Other |  |  | 21,853 |  |  |  | 10,222 |  |  |  | 65,694 |  |  |  | 35,763 |
Total net sales |  | $ | 197,599 |  |  | $ | 135,513 |  |  | $ | 559,687 |  |  | $ | 399,367 |
The geographical area data for net sales is based upon the country location of the Company's business unit generating such sales.
Long-Lived Assets By Geographic Area | Long-lived assets by geographic area are as follows:
(in thousands) |  | September 30, 2025 |  |  | December 31, 2024 |
United States |  | $ | 370,971 |  |  | $ | 332,162 |
United Kingdom |  |  | 28,122 |  |  |  | 27,003 |
China |  |  | 39,438 |  |  |  | 36,315 |
Other |  |  | 57,873 |  |  |  | 33,248 |
Total long-lived assets |  | $ | 496,404 |  |  | $ | 428,728 |
The geographical area data for long-lived assets is based upon physical location of such assets.

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