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Business Segments (Tables)

9 Months Ended

Sep. 30, 2025

Summarized Financial Information for Corporation's Reportable Segments

Net sales by product line for the three and nine months ended September 30, 2025 and 2024 are outlined below.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net sales:
Forged and Cast Engineered Products
Forged and cast mill rolls	$	66,455	$	63,833	$	207,304	$	209,876
FEP		5,012		3,370		14,359		10,229
Forged and Cast Engineered Products		71,467		67,203		221,663		220,105

Air and Liquid Processing
Air handling systems		11,169		8,853		35,679		35,406
Heat exchange coils		12,483		10,824		35,307		33,626
Centrifugal pumps		12,890		9,286		32,729		28,232
Air and Liquid Processing		36,542		28,963		103,715		97,264
Total Reportable Segments	$	108,009	$	96,166	$	325,378	$	317,369

Summarized financial information for the Corporation’s reportable segments is shown in the following tables.


	Three Months Ended September 30,
	2025								2024
	FCEP (5)			ALP		Total			FCEP			ALP		Total
Net sales	$	71,467		$	36,542	$	108,009		$	67,203		$	28,963	$	96,166
Less:(1)
Cost of products sold (excluding depreciation and amortization)		58,295			28,361					53,902			22,487
Selling and administrative		6,365			3,737					6,516			3,096
Depreciation and amortization		6,807			284					4,340			246
Severance charge		165			—					—			—
Loss on disposal of assets		236			—					(11	)		—
Segment (loss) income from operations	$	(401	)	$	4,160		3,759		$	2,456		$	3,134		5,590
Reconciliation to loss before income taxes
Corporate costs (3)							(2,636	)							(3,720	)
Interest expense							(3,001	)							(2,976	)
Other income - net (4)							748								288
Loss before income taxes						$	(1,130	)						$	(818	)


	Nine Months Ended September 30,
	2025								2024
	FCEP (5)			ALP		Total			FCEP		ALP		Total
Net sales	$	221,663		$	103,715	$	325,378		$	220,105	$	97,264	$	317,369
Less:(1)
Cost of products sold (excluding depreciation and amortization)(2)		180,345			80,396					178,884		77,679
Selling and administrative		19,236			10,907					18,602		10,565
Depreciation and amortization		16,259			836					13,224		730
Severance charge		6,019			—					—		—
Loss on disposal of assets		263			—					2		—
Segment (loss) income from operations	$	(459	)	$	11,576		11,117		$	9,393	$	8,290		17,683
Reconciliation to (loss) income before income taxes
Corporate costs (3)							(9,222	)						(10,688	)
Interest expense							(8,552	)						(8,750	)
Other income - net (4)							1,349							2,600
(Loss) income before income taxes						$	(5,308	)					$	845

(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 nine months ended September 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 nine months ended September 30, 2025 includes charges for severance, accelerated depreciation and other exit costs of $3,069 and $9,819, respectively, associated with exiting UES-UK and closing AUP.


	Capital Expenditures				Depreciation and Amortization Expense								Identifiable Assets(2)
	Nine Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,				September 30,		December 31,
	2025		2024		2025		2024		2025		2024		2025		2024
FCEP (1)	$	4,492	$	5,347	$	6,807	$	4,340	$	16,259	$	13,224	$	297,501	$	289,129
ALP		2,142		3,096		284		246		836		730		219,136		230,171
Corporate		—		—		—		—		—		—		7,776		11,596
Consolidated total	$	6,634	$	8,443	$	7,091	$	4,586	$	17,095	$	13,954	$	524,413	$	530,896


	Long-lived Assets(3)				Net Sales by Geographic Area(4)								(Loss) Income Before Income Taxes
	September 30,		December 31,		Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended September 30,						Nine Months Ended September 30,
Geographic Areas:	2025		2024		2025		2024		2025		2024		2025			2024			2025			2024
United States (5)	$	215,836	$	235,785	$	67,334	$	59,556	$	188,957	$	202,236	$	192		$	837		$	541		$	(181	)
Foreign (6)		56,171		55,473		40,675		36,610		136,421		115,133		(1,322	)		(1,655	)		(5,849	)		1,026
Consolidated total	$	272,007	$	291,258	$	108,009	$	96,166	$	325,378	$	317,369	$	(1,130	)	$	(818	)	$	(5,308	)	$	845

(1)

Depreciation and amortization expense for the three and nine months ended September 30, 2025 includes accelerated depreciation of $2,407 and $3,061, respectively, associated with exiting UES-UK and closing AUP.

(2)

Identifiable assets for the FCEP segment include investments in joint ventures of $2,175 at September 30, 2025 and December 31, 2024. Identifiable assets for the ALP segment include asbestos-related insurance receivables of $124,947 and $139,295 at September 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 $109,947 and $124,295 at September 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 nine months ended September 30, 2025 includes severance, accelerated depreciation and other exit costs approximating $816 associated with closing AUP and for the nine months ended September 30, 2025 includes Employee-Retention Credits of $735.

(6)

Loss before income taxes for foreign for the three and nine months ended September 30, 2025 includes charges for severance, accelerated depreciation and other exit costs of $2,253 and $9,003, respectively, associated with exiting UES-UK.