Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summarized Financial Information of Reportable Segments

The following is a summary of the financial information of our reportable segments as of and for the years ended December 31, 2024, 2023 and 2022 reconciled to the amounts reported in the consolidated financial statements.

				Subtotal—Reportable Segments		Eliminations and All Other		Consolidated Total
	FPD	FCD
	(Amounts in thousands)
Year Ended December 31, 2024:
Sales to external customers	$3,154,151	$	1,403,655	$	4,557,806	$	—	$	4,557,806
Intersegment sales	4,416	5,641		10,057		(10,057)		—
Cost of sales	(2,141,520)	(985,323)		(3,126,843)
SG&A	(556,225)	(252,675)		(808,900)
Other segment items (1)	19,394	(13,033)		6,361
Segment operating income (loss)	480,216	158,265		638,481
Depreciation and amortization	45,726	21,503		67,229		18,369		85,598
Identifiable assets	3,042,859	1,739,425		4,782,284		718,537		5,500,821
Capital expenditures	51,315	20,095		71,410		9,609		81,019

				Subtotal—Reportable Segments		Eliminations and All Other		Consolidated Total
	FPD	FCD
	(Amounts in thousands)
Year Ended December 31, 2023:
Sales to external customers	$3,060,993	$	1,259,584	$	4,320,577	$	—	$	4,320,577
Intersegment sales	3,487	6,448		9,935		(9,935)		—
Cost of sales	(2,157,705)	(893,224)		(3,050,929)
SG&A	(575,792)	(224,774)		(800,566)
Other segment items (2)	17,884	—		17,884
Segment operating income (loss)	348,867	148,034		496,901
Depreciation and amortization	47,628	17,249		64,877		18,870		83,747
Identifiable assets	3,191,726	1,333,973		4,525,699		583,020		5,108,719
Capital expenditures	41,613	15,953		57,566		9,793		67,359

					Subtotal—Reportable Segments		Eliminations and All Other		Consolidated Total
	FPD		FCD
	(Amounts in thousands)
Year Ended December 31, 2022:
Sales to external customers	$	2,518,000	$	1,097,120	$	3,615,120	$	—	$	3,615,120
Intersegment sales	4,508		3,489		7,997		(7,997)		—
Cost of sales	(1,794,425)		(795,095)		(2,589,520)
SG&A	(538,523)		(192,097)		(730,620)
Other segment items (2)	18,397		—		18,397
Segment operating income (loss)	207,957		113,417		321,374
Depreciation and amortization	49,654		18,931		68,585		22,368		90,953
Identifiable assets	3,110,733		1,269,690		4,380,423		410,211		4,790,634
Capital expenditures	34,295		17,178		51,473		24,814		76,287

______________________________

(1) Other segment items comprises Net Earnings from Affiliates as well as the Loss on sale of business of $13 million recorded in the FCD segment in the second quarter of 2024 related to disposal of the NAF AB control valves business.

(2) Other segment items comprises Net Earnings from Affiliates.

The following are reconciliations from total segment operating income to earnings before income tax reported in the consolidated income statement.

	Year Ended December 31,
	2024		2023		2022
	(Amounts in thousands)
Total segment operating income (loss)	$	638,481	$	496,901	$	321,374
Intersegment sales	(10,057)		(9,935)		(7,997)
Eliminations and all other cost of sales	3,282		7,180		(31,305)
Eliminations and all other SG&A	(169,137)		(160,603)		(84,926)
Interest expense	(69,301)		(66,924)		(46,247)
Interest income	5,371		6,991		3,963
Net earnings (loss) from affiliates	(290)		10		73
Other income (expense), net	(12,194)		(49,870)		(559)
Earnings before income taxes	386,155		223,750		154,376

Schedule of Sales and Long-lived Assets by Geographic Area

Sales and long-lived assets by geographic area are as follows:

	Year Ended December 31, 2024
	Sales		Percentage		Long-Lived Assets		Percentage
	(Amounts in thousands, except percentages)
United States	$	1,823,595	40.0	%	$	421,797	46.9	%
EMA(1)	1,583,302		34.7	%	278,197		30.9	%
Asia(2)	676,989		14.9	%	151,727		16.9	%
Other(3)	473,920		10.4	%	47,962		5.3	%
Consolidated total	$	4,557,806	100.0	%	$	899,683	100.0	%

	Year Ended December 31, 2023
	Sales		Percentage		Long-Lived Assets		Percentage
	(Amounts in thousands, except percentages)
United States	$	1,821,751	42.2	%	$	394,395	44.7	%
EMA(1)	1,503,776		34.8	%	289,061		32.8	%
Asia(2)	584,759		13.5	%	140,596		15.9	%
Other(3)	410,291		9.5	%	58,059		6.6	%
Consolidated total	$	4,320,577	100.0	%	$	882,111	100.0	%

	Year Ended December 31, 2022
	Sales		Percentage		Long-Lived Assets		Percentage
	(Amounts in thousands, except percentages)
United States	$	1,536,961	42.5	%	$	412,896	46.6	%
EMA(1)	1,210,436		33.5	%	274,511		30.9	%
Asia(2)	524,952		14.5	%	144,206		16.2	%
Other(3)	342,771		9.5	%	56,132		6.3	%
Consolidated total	$	3,615,120	100.0	%	$	887,745	100.0	%

___________________________________    

(1)"EMA" includes Europe, the Middle East and Africa. The United Kingdom accounted for approximately 10% for 2024, 11% for 2023 and 10% for 2022, of consolidated long-lived assets. No other individual country within this group represents 10% or more of consolidated totals for any period presented.

(2)"Asia" includes Asia and Australia. No individual country within this group represents 10% or more of consolidated totals for any period presented.

(3)"Other" includes Canada and Latin America. No individual country within this group represents 10% or more of consolidated totals for any period presented.