Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Summarized Financial Information of Reportable Segments

The following is a summary of the financial information of the reportable segments reconciled to the amounts reported in the condensed consolidated financial statements:

	Three Months Ended June 30, 2025
(Amounts in thousands)	FPD	FCD	Subtotal – Reportable Segments	Eliminations and All Other	Consolidated Total
Sales to external customers	817,500	370,592	1,188,092	—	1,188,092
Intersegment sales	1,444	858	2,302	(2,302)	—
Cost of Sales	(519,715)	(263,756)	(783,471)
Selling, general and administrative expense	(142,400)	(69,922)	(212,322)
Other Segment items (1)	5,916	—	5,916
Segment operating income	162,744	37,772	200,516
Depreciation and amortization	10,634	9,144	19,778	4,104	23,882
Identifiable assets	3,289,405	1,778,910	5,068,315	614,210	5,682,525
Capital expenditures	10,623	3,331	13,954	2,648	16,602
	Three Months Ended June 30, 2024
	FPD	FCD	Subtotal – Reportable Segments	Eliminations and All Other	Consolidated Total
	(Amounts in thousands)
Sales to external customers	810,613	346,279	1,156,892	—	1,156,892
Intersegment sales	1,560	1,447	3,007	(3,007)	—
Cost of Sales	(551,958)	(241,454)	(793,412)
Selling, general and administrative expense	(136,053)	(61,039)	(197,092)
Other Segment items (1)	6,816	(12,981)	(6,165)
Segment operating income	130,978	32,251	163,229
Depreciation and amortization	11,451	4,093	15,544	5,150	20,694
Identifiable assets	3,280,194	1,346,759	4,626,953	537,531	5,164,484
Capital expenditures	11,218	1,740	12,958	1,721	14,679

	Six Months Ended June 30, 2025
(Amounts in thousands)	FPD		FCD		Subtotal – Reportable Segments		Eliminations and All Other		Consolidated Total
Sales to external customers	$	1,598,989	$	733,646	$	2,332,635	$	—	$	2,332,635
Intersegment sales	3,095		1,910		5,005		(5,005)		—
Cost of Sales	(1,034,393)		(527,675)		(1,562,068)
Selling, general and administrative expense	(280,080)		(138,627)		(418,707)
Other Segment items (1)	11,648		—		11,648
Segment operating income	299,259		69,254		368,513
Depreciation and amortization	20,429		18,887		39,316		8,968		48,284
Identifiable assets	3,289,405		1,778,910		5,068,315		614,210		5,682,525
Capital expenditures	17,567		5,627		23,194		5,146		28,340
	Six Months Ended June 30, 2024
	FPD		FCD		Subtotal – Reportable Segments		Eliminations and All Other		Consolidated Total
	(Amounts in thousands)
Sales to external customers	1,579,376		664,995		2,244,371		—		2,244,371
Intersegment sales	2,197		3,248		5,445		(5,445)		—
Cost of Sales	(1,073,420)		(469,277)		(1,542,697)
Selling, general and administrative expense	(275,763)		(119,026)		(394,789)
Other Segment items (1)	9,483		(12,981)		(3,498)
Segment operating income	241,872		66,959		308,831
Depreciation and amortization	22,875		9,046		31,921		10,353		42,274
Identifiable assets	3,280,194		1,346,759		4,626,953		537,531		5,164,484
Capital expenditures	21,041		4,067		25,108		3,181		28,289

__________________

(1) Other Segment items comprises Net Earnings from Affiliates and for the 2024 periods includes 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.

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

	Three Months Ended June 30,
	2025	2024
	(Amounts in thousands)
Total segment operating income	200,516	163,229
Intersegment sales	(2,302)	(3,007)
Eliminations and all other cost of sales	1,962	2,616
Eliminations and all other SG&A	(53,586)	(41,534)
Interest expense	(20,253)	(16,917)
Interest income	2,526	1,174
Net earnings (loss) from affiliates	—	—
Other income (expense), net	(25,003)	(5,263)
Earnings before income taxes	103,860	100,298

	Six Months Ended June 30,
	2025	2024
	(Amounts in thousands)
Total segment operating income	368,513	308,831
Intersegment sales	(5,005)	(5,445)
Eliminations and all other cost of sales	5,349	3,390
Eliminations and all other SG&A	(90,378)	(72,257)
Interest expense	(39,428)	(32,233)
Interest income	4,271	2,343
Net earnings (loss) from affiliates	—	(137)
Other income (expense), net	(42,262)	(6,137)
Earnings before income taxes	201,060	198,355