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Business Segments (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Summarized Financial Information Concerning Corporation's Reportable Segments | 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 |
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 Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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