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Business Segments | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Business Segments | Note 19 – Business Segments The FCEP segment produces forged hardened steel rolls, cast rolls and forged engineered products (“FEP”). Forged hardened steel rolls are used primarily in hot and cold rolling mills by producers of steel, aluminum and other metals. Cast rolls, which are produced in a variety of iron and steel qualities, are used mainly in hot strip mills, medium/heavy section mills, roughing mills, and plate mills. FEP principally are sold to customers in the steel distribution market, oil and gas industry and the aluminum and plastic extrusion industries. The segment has operations in the United States, England, Sweden, and Slovenia and equity interests in three joint venture companies in China. Collectively, the segment primarily competes with European, Asian and North American and South American companies in both domestic and foreign markets and distributes a significant portion of its products through sales offices located throughout the world. The ALP segment includes Aerofin, Buffalo Air Handling and Buffalo Pumps, all divisions of Air & Liquid. Aerofin produces custom-engineered finned tube heat exchange coils and related heat transfer products for a variety of industries including original equipment manufacturers and commercial, nuclear power generation and industrial manufacturing. Buffalo Air Handling produces large custom-designed air handling systems for institutional (e.g., hospital, university), pharmaceutical and general industrial building markets. Buffalo Pumps manufactures centrifugal pumps for the fossil-fueled power generation, marine defense and industrial refrigeration industries. The segment has operations in Virginia and New York with headquarters in Carnegie, Pennsylvania. The segment utilizes an independent group of sales offices located throughout the United States and Canada. Net sales by product line for the three and six months ended June 30, 2025 and 2024 are outlined below.
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net sales: |  |  |  |  |  |  |  |  |  |  |
Forged and Cast Engineered Products |  |  |  |  |  |  |  |  |  |  |
Forged and cast mill rolls | $ | 72,227 |  |  | $ | 72,647 |  |  | $ | 140,849 |  |  | $ | 146,043 |
FEP |  | 5,682 |  |  |  | 3,066 |  |  |  | 9,347 |  |  |  | 6,859 |
Forged and Cast Engineered Products |  | 77,909 |  |  |  | 75,713 |  |  |  | 150,196 |  |  |  | 152,902 |
Air and Liquid Processing |  |  |  |  |  |  |  |  |  |  |
Air handling systems |  | 13,882 |  |  |  | 14,043 |  |  |  | 24,510 |  |  |  | 26,553 |
Heat exchange coils |  | 11,299 |  |  |  | 11,979 |  |  |  | 22,824 |  |  |  | 22,802 |
Centrifugal pumps |  | 10,014 |  |  |  | 9,253 |  |  |  | 19,839 |  |  |  | 18,946 |
Air and Liquid Processing |  | 35,195 |  |  |  | 35,275 |  |  |  | 67,173 |  |  |  | 68,301 |
Total Reportable Segments | $ | 113,104 |  |  | $ | 110,988 |  |  | $ | 217,369 |  |  | $ | 221,203 |
The accounting policies for each segment are the same as those described in Item 8, Financial Statements and Supplementary Data, in Part II of our Annual Report on Form 10-K for the year ended December 31, 2024. The Corporation's Chief Executive Officer is the Corporation’s CODM. The Corporation measures each segment’s profitab ility based on (loss) income from operations. Segment (loss) income from operations excludes interest expense, other income and expense items and Corporate costs. Along with other measures, including non-GAAP measures, the CODM uses segment (loss) income from operations when assessing segment performance and when making decisions to allocate financial resources between segments, primarily through periodic budgeting and segment performance reviews. Summarized financial information concerning the Corporation’s reportable segments is shown in the following tables.
| Three Months Ended June 30, |
| 2025 |  |  | 2024 |
| FCEP (5) |  | ALP |  |  | Total |  |  | FCEP |  | ALP |  |  | Total |
Net sales | $ | 77,909 |  | $ | 35,195 |  |  | $ | 113,104 |  |  | $ | 75,713 |  | $ | 35,275 |  |  | $ | 110,988 |
Less:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of products sold (excluding depreciation and amortization)(2) |  | 64,437 |  |  | 27,544 |  |  |  |  |  |  | 59,531 |  |  | 28,153 |  |  |  |
Selling and administrative |  | 6,486 |  |  | 3,445 |  |  |  |  |  |  | 6,354 |  |  | 3,704 |  |  |  |
Depreciation and amortization |  | 5,084 |  |  | 284 |  |  |  |  |  |  | 4,454 |  |  | 244 |  |  |  |
Severance charge |  | 5,854 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |
Loss on disposal of assets |  | 11 |  |  | — |  |  |  |  |  |  | 13 |  |  | — |  |  |  |
Segment (loss) income from operations | $ | (3,963 | ) | $ | 3,922 |  |  |  | (41 | ) |  | $ | 5,361 |  | $ | 3,174 |  |  |  | 8,535 |
Reconciliation to (loss) income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate costs (3) |  |  |  |  |  |  | (3,037 | ) |  |  |  |  |  |  |  | (3,492 | )
Interest expense |  |  |  |  |  |  | (2,825 | ) |  |  |  |  |  |  |  | (3,017 | )
Other (expense) income - net (4) |  |  |  |  |  |  | (225 | ) |  |  |  |  |  |  |  | 1,389 |
(Loss) income before income taxes |  |  |  |  |  | $ | (6,128 | ) |  |  |  |  |  |  | $ | 3,415 |
| Six Months Ended June 30, |
| 2025 |  |  | 2024 |
| FCEP (5) |  | ALP |  |  | Total |  |  | FCEP |  | ALP |  |  | Total |
Net sales | $ | 150,196 |  | $ | 67,173 |  |  | $ | 217,369 |  |  | $ | 152,902 |  | $ | 68,301 |  |  | $ | 221,203 |
Less:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of products sold (excluding depreciation and amortization)(2) |  | 122,050 |  |  | 52,035 |  |  |  |  |  |  | 124,982 |  |  | 55,192 |  |  |  |
Selling and administrative |  | 12,871 |  |  | 7,170 |  |  |  |  |  |  | 12,086 |  |  | 7,469 |  |  |  |
Depreciation and amortization |  | 9,452 |  |  | 552 |  |  |  |  |  |  | 8,884 |  |  | 484 |  |  |  |
Severance charge |  | 5,854 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |
Loss on disposal of assets |  | 27 |  |  | — |  |  |  |  |  |  | 13 |  |  | — |  |  |  |
Segment (loss) income from operations | $ | (58 | ) | $ | 7,416 |  |  |  | 7,358 |  |  | $ | 6,937 |  | $ | 5,156 |  |  |  | 12,093 |
Reconciliation to (loss) income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate costs (3) |  |  |  |  |  |  | (6,586 | ) |  |  |  |  |  |  |  | (6,968 | )
Interest expense |  |  |  |  |  |  | (5,551 | ) |  |  |  |  |  |  |  | (5,774 | )
Other income - net (4) |  |  |  |  |  |  | 601 |  |  |  |  |  |  |  |  | 2,312 |
(Loss) income before income taxes |  |  |  |  |  | $ | (4,178 | ) |  |  |  |  |  |  | $ | 1,663 |
(1) The significant expense categories and amounts align with the segment-level information regularly provided to the CODM. (2) Cost of products sold (excluding depreciation and amortization) for the three and six months ended June 30, 2025 includes employee-retention credits, which are refundable employer payroll taxes for certain eligible businesses affected by the COVID-19 pandemic received from the Internal Revenue Service (the “Employee-Retention Credits”) of $735 for the FCEP ($456) and ALP ($279) segments. (3) Corporate costs represent the operating expenses of the corporate office and other costs not allocated to the segments. (4) Other income - net includes net pension and other postretirement income, gains and losses on foreign exchange transactions, unrealized gains and losses on Rabbi trust investments, and investment income. (5) FCEP segment loss from operations for the three and six months ended June 30, 2025 includes charges for severance, accelerated depreciation and other exit costs of $6,750 associated with exiting the U.K. operations.
|  | Capital Expenditures |  |  | Depreciation and Amortization Expense |  |  | Identifiable Assets(2) |
|  | Six Months Ended June 30, |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |  | June 30, 2025 |  | December 31, 2024 |
|  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |  |  |  |  |
FCEP (1) |  | $ | 2,646 |  | $ | 4,134 |  |  | $ | 5,084 |  | $ | 4,454 |  |  | $ | 9,452 |  | $ | 8,884 |  |  | $ | 310,308 |  | $ | 289,129 |
ALP |  |  | 1,015 |  |  | 1,376 |  |  |  | 284 |  |  | 244 |  |  |  | 552 |  |  | 484 |  |  |  | 220,999 |  |  | 230,171 |
Corporate |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | 5,846 |  |  | 11,596 |
Consolidated total |  | $ | 3,661 |  | $ | 5,510 |  |  | $ | 5,368 |  | $ | 4,698 |  |  | $ | 10,004 |  | $ | 9,368 |  |  | $ | 537,153 |  | $ | 530,896 |
|  | Long-lived Assets(3) |  |  | Net Sales by Geographic Area(4) |  |  | (Loss) Income Before Income Taxes |  |
|  | June 30, 2025 |  | December 31, 2024 |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |
Geographic Areas: |  |  |  |  |  |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |  |
United States (5) |  | $ | 221,711 |  | $ | 235,785 |  |  | $ | 61,727 |  | $ | 72,916 |  |  | $ | 121,623 |  | $ | 142,680 |  |  | $ | (48 | ) | $ | 1,205 |  |  | $ | 349 |  | $ | (1,018 | ) |
Foreign (6) |  |  | 61,369 |  |  | 55,473 |  |  |  | 51,377 |  |  | 38,072 |  |  |  | 95,746 |  |  | 78,523 |  |  |  | (6,080 | ) |  | 2,210 |  |  |  | (4,527 | ) |  | 2,681 |  |
Consolidated total |  | $ | 283,080 |  | $ | 291,258 |  |  | $ | 113,104 |  | $ | 110,988 |  |  | $ | 217,369 |  | $ | 221,203 |  |  | $ | (6,128 | ) | $ | 3,415 |  |  | $ | (4,178 | ) | $ | 1,663 |  |
(1) Depreciation and amortization expense for the three and six months ended June 30, 2025 includes accelerated depreciation of $654 associated with exiting the U.K. operations. (2) Identifiable assets for the FCEP segment include investments in joint ventures of $2,175 at June 30, 2025 and December 31, 2024. Identifiable assets for the ALP segment include asbestos-related insurance receivables of $130,143 and $139,295 at June 30, 2025 and December 31, 2024, respectively. Identifiable assets for Corporate represent cash and cash equivalents and other items not allocated to reportable segments. (3) Long-lived assets exclude deferred income tax assets. Long-lived assets in the U.S. include noncurrent asbestos-related insurance receivables of $115,143 and $124,295 at June 30, 2025 and December 31, 2024, respectively. Foreign long-lived assets primarily represent assets of the foreign operations. (4) Net sales are attributed to the geographic areas based on the location of the customer. Sales to individual foreign countries were less than 10% of consolidated net sales for each of the periods. The majority of foreign net sales for each of the periods is attributable to the FCEP segment. (5) Loss before income taxes for the U.S. for the three and six months ended June 30, 2025 include Employee-Retention Credits of $735. (6) Loss before income taxes for foreign for th e three and six months ended June 30, 2025 includes charges for severance, accelerated depreciation and other exit costs of $6,750 associated with exiting the U.K. operations.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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