Realignment Programs (Tables)

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following is a summary of total charges, net of adjustments, incurred related to our realignment activities:

	Three Months Ended March 31, 2025
(Amounts in thousands)	FPD		FCD		Subtotal–Reportable Segments		All Other		Consolidated Total
Realignment Charges
Restructuring Charges
COS	$	3,616	$	7,109	$	10,725	$	—	$	10,725
SG&A	106		—		106		—		106
	$	3,722	$	7,109	$	10,831	$	—	$	10,831
Non-Restructuring Charges
COS	$	(637)	$	(8)	$	(645)	$	(66)	$	(711)
SG&A	(1,103)		(121)		(1,224)		(185)		(1,409)
	$	(1,740)	$	(129)	$	(1,869)	$	(251)	$	(2,120)
Total Realignment Charges
COS	$	2,979	$	7,101	$	10,080	$	(66)	$	10,014
SG&A	(997)		(121)		(1,118)		(185)		(1,303)
Total	$	1,982	$	6,980	$	8,962	$	(251)	$	8,711

	Three Months Ended March 31, 2024
(Amounts in thousands)	FPD		FCD		Subtotal–Reportable Segments		All Other		Consolidated Total
Realignment Charges
Restructuring Charges
COS	$	4,414	$	15	$	4,429	$	—	$	4,429
SG&A	701		—		701		—		701
	$	5,115	$	15	$	5,130	$	—	$	5,130
Non-Restructuring Charges
COS	$	630	$	752	$	1,382	$	(138)	$	1,244
SG&A	340		114		454		339		793
	$	970	$	866	$	1,836	$	201	$	2,037
Total Realignment Charges
COS	$	5,044	$	767	$	5,811	$	(138)	$	5,673
SG&A	1,041		114		1,155		339		1,494
Total	$	6,085	$	881	$	6,966	$	201	$	7,167

The following is a summary of total inception to date charges, net of adjustments, related to the 2025 Realignment Programs:

	Inception to Date
(Amounts in thousands)	FPD		FCD		Subtotal–Reportable Segments		All Other		Consolidated Total
Realignment Charges
Restructuring Charges
COS	$	3,616	$	7,109	$	10,725	$	—	$	10,725
SG&A	106		—		106		—		106
	$	3,722	$	7,109	$	10,831	$	—	$	10,831
Non-Restructuring Charges
COS	$	2,305	$	(8)	$	2,297	$	(66)	$	2,231
SG&A(1)	(1,103)		(121)		(1,224)		(185)		(1,409)
	$	1,202	$	(129)	$	1,073	$	(251)	$	822
Total Realignment Charges
COS	$	5,921	$	7,101	$	13,022	$	(66)	$	12,956
SG&A	(997)		(121)		(1,118)		(185)		(1,303)
Total	$	4,924	$	6,980	$	11,904	$	(251)	$	11,653

(1) Includes the immaterial reversal of previously recognized realignment charges associated with our 2023 Realignment Programs, which was recognized in the first quarter of 2025. Our 2023 Realignment Programs are substantially completed.

The following is a summary of total inception to date charges, net of adjustments, related to the 2023 Realignment Programs:

	Inception to Date
(Amounts in thousands)	FPD		FCD		Subtotal–Reportable Segments		All Other		Consolidated Total
Realignment Charges
COS	$	27,076	$	5,041	$	32,117	$	66	$	32,183
SG&A	1,355		12,376		13,731		(28)		13,703
Loss on sale of business(1)	—		12,981		12,981		—		12,981
	$	28,431	$	30,398	$	58,829	$	38	$	58,867
Non-Restructuring Charges
COS	$	11,506	$	6,612	$	18,118	$	(655)	$	17,463
SG&A	14,256		2,112		16,368		19,893		$	36,261
	$	25,762	$	8,724	$	34,486	$	19,238	$	53,724
Total Realignment Charges
COS	$	38,582	$	11,653	$	50,235	$	(589)	$	49,646
SG&A	15,611		14,488		30,099		19,865		$	49,964
Loss on sale of business(1)	—		12,981		12,981		—		$	12,981
Total	$	54,193	$	39,122	$	93,315	$	19,276	$	112,591

(1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Significant Accounting Policies and Accounting Developments," to our consolidated financial statements included in our 2024 Annual Report.

Schedule of Restructuring Reserve by Type of Cost

The following is a summary of restructuring charges, net of adjustments, for our restructuring activities:

	Three Months Ended March 31, 2025
(Amounts in thousands)	Severance		Contract Termination		Asset Write-Downs (Gains)		Other		Total
COS	$	7,655	$	—	$	2,000	$	1,070	$	10,725
SG&A	22		—		—		84		106
Total	$	7,677	$	—	$	2,000	$	1,154	$	10,831

	Three Months Ended March 31, 2024
(Amounts in thousands)	Severance		Contract Termination		Asset Write-Downs (Gains)		Other		Total
COS	$	3,985	$	—	$	—	$	444	$	4,429
SG&A	701		—		—		—		701
Total	$	4,686	$	—	$	—	$	444	$	5,130

The following is a summary of total inception to date restructuring charges, net of adjustments, related to our 2025 Realignment Programs:

	Inception to Date
(Amounts in thousands)	Severance		Contract Termination		Asset Write-Downs (Gains)		Other		Total
COS	$	7,655	$	—	$	2,000	$	1,070	$	10,725
SG&A	22		—		—		84		106
Total	$	7,677	$	—	$	2,000	$	1,154	$	10,831

The following is a summary of total inception to date restructuring charges, net of adjustments, related to our 2023 Realignment Programs:

	Inception to Date
(Amounts in thousands)	Severance		Contract Termination		Asset Write-Downs		Other		Total
COS	$	14,164	$	301	$	13,655	$	4,063	$	32,183
SG&A	1,106		—		12,621		(24)		13,703
Loss on sale of business(1)	—		—		—		12,981		12,981
Total	$	15,270	$	301	$	26,276	$	17,020	$	58,867

(1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Significant Accounting Policies and Accounting Developments," to our consolidated financial statements included in our 2024 Annual Report.

The following represents the activity, primarily severance charges from reductions in force, related to the restructuring reserves for the three months ended March 31, 2025 and 2024:

(Amounts in thousands)	2025		2024
Balance at January 1,	$	8,300	$	8,184
Charges, net of adjustments	8,831		5,130
Cash expenditures	(3,537)		(387)
Other non-cash adjustments, including currency	(684)		(849)
Balance at March 31,	$	12,910	$	12,078