Discontinued Operations (Notes)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations

On November 4, 2025, the Company announced it entered into a definite agreement to sell Aerospace to an affiliate of Tinicum L.P., and funds managed by Blackstone, Inc. for a purchase price of approximately $1.45 billion in cash, subject to customary post-closing adjustments. The closing is expected to occur by the end of the first quarter of 2026, subject to customary regulatory approvals and closing conditions.

The Company determined that Aerospace met the criteria to be classified as a discontinued operation. As a result, the historical results for Aerospace are reported in the accompanying consolidated statement of income as a discontinued operation and the assets and liabilities have been retrospectively reclassified to assets and liabilities held for sale in the accompanying consolidated balance sheet.

The carrying value of the assets and liabilities held for sale were as follows (dollars in thousands):


	December 31, 2025		December 31, 2024
Assets
Current assets:

Receivables, net	$	60,460	$	49,230
Inventories	113,950		98,750

Prepaid expenses and other current assets	1,870		2,300
Total current assets	176,280		150,280
Property and equipment, net	90,780		80,950
Operating lease right-of-use assets	10,360		8,040
Goodwill	86,960		69,300
Other intangibles, net	77,530		82,690
Other assets	1,540		800
Total assets	$	443,450	$	392,060
Liabilities
Current liabilities:

Accounts payable	$	16,370	$	18,700
Accrued liabilities	25,000		17,580
Lease liabilities, current portion	6,280		2,040
Total current liabilities	47,650		38,320

Lease liabilities	4,540		6,440
Deferred income taxes	6,160		2,530
Other long-term liabilities	590		370
Total liabilities	$	58,940	$	47,660

Results of discontinued operations are summarized as follows (dollars in thousands):


	Year ended December 31,
	2025		2024		2023
Net sales	$	396,430	$	294,210	$	241,400
Cost of sales	(281,220)		(224,290)		(193,380)
Gross profit	115,210		69,920		48,020
Selling, general and administrative expenses	(48,040)		(37,880)		(32,120)
Net loss on dispositions of assets	(170)		(20)		—
Impairment of indefinite-lived intangible assets	—		—		(1,120)
Operating profit	67,000		32,020		14,780

Other income (expense), net	(2,170)		2,200		(40)

Income from discontinued operations, before income taxes	64,830		34,220		14,740
Income tax expense	(17,000)		(8,020)		(3,920)
Income from discontinued operations, net of tax	$	47,830	$	26,200	$	10,820

The depreciation, amortization, capital expenditures, and significant cash flow items of the discontinued operations were as follows (dollars in thousands):


	Year ended December 31,
	2025		2024		2023
Cash flows from discontinued operating activities:
Depreciation	$	8,180	$	7,900	$	7,820
Amortization of intangible assets	10,640		10,280		11,340
Non-cash compensation expense	1,630		1,330		750
Gain on reversal of contingent consideration liability	—		(2,250)		—
Impairment of indefinite-lived intangible assets	—		—		1,120

Cash flows from discontinued investing activities:
Capital expenditures	$	(16,660)	$	(9,960)	$	(14,620)
Acquisition of businesses, net of cash acquired	(37,730)		—		(39,550)

Cash flows from discontinued financing activities:
Payments for contingent consideration	$	—	$	(2,250)	$	—

Supplemental disclosure of cash flow information:
Non-cash property additions	$	780	$	—	$	—