Realignment Programs (Tables)

6 Months Ended

Jun. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

	Three Months Ended June 30, 2025
(Amounts in thousands)	FPD		FCD		Subtotal - Reportable Segments		All Other		Consolidated Total
Realignment Charges
Restructuring Charges
COS	$	787	$	1,181	$	1,968	$	—	$	1,968
SG&A	1,715		(3,505)		(1,790)		—		(1,790)
	$	2,502	$	(2,324)	$	178	$	—	$	178
Non-Restructuring Charges
COS	$	1,101	$	2,036	$	3,137	$	—	$	3,137
SG&A	34		1		35		(32)		3
	$	1,135	$	2,037	$	3,172	$	(32)	$	3,140
Total Realignment Charges
COS	$	1,888	$	3,217	$	5,105	$	—	$	5,105
SG&A	1,749		(3,504)		(1,755)		(32)		(1,787)
Total	$	3,637	$	(287)	$	3,350	$	(32)	$	3,318

	Three Months Ended June 30, 2024
(Amounts in thousands)	FPD		FCD		Subtotal - Reportable Segments		All Other		Consolidated Total
Realignment Charges
Restructuring Charges
COS	$	6,994	$	129	$	7,123	$	—	$	7,123
SG&A	50		(69)		(19)		(28)		(47)
Loss on sale of business (1)	—		12,981		12,981		—		12,981
	$	7,044	$	13,041	$	20,085	$	(28)	$	20,057
Non-Restructuring Charges
COS	$	384	$	92	$	476	$	(78)	$	398
SG&A	(770)		16		(754)		534		(220)
	$	(386)	$	108	$	(278)	$	456	$	178
Total Realignment Charges
COS	$	7,378	$	221	$	7,599	$	(78)	$	7,521
SG&A	(720)		$	(53)	(773)		506		(267)
Loss on sale of business (1)	—		$	12,981	$	12,981	$	—	$	12,981
Total	$	6,658	$	13,149	$	19,807	$	428	$	20,235

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(1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Basis of Presentation and Accounting Policies," to our condensed consolidated financial statements included in this Quarterly Report.

	Six Months Ended June 30, 2025
(Amounts in thousands)	FPD		FCD		Subtotal - Reportable Segments		All Other		Consolidated Total
Restructuring Charges
COS	$	4,403	$	8,290	$	12,693	$	—	$	12,693
SG&A	1,821		(3,505)		(1,684)		—		(1,684)
	$	6,224	$	4,785	$	11,009	$	—	$	11,009
Non-Restructuring Charges
COS	$	464	$	2,028	$	2,492	$	(66)	$	2,426
SG&A	(1,069)		(120)		(1,189)		(217)		(1,406)
	$	(605)	$	1,908	$	1,303	$	(283)	$	1,020
Total Realignment Charges
COS	$	4,867	$	10,318	$	15,185	$	(66)	$	15,119
SG&A	752		(3,625)		(2,873)		(217)		(3,090)
Total	$	5,619	$	6,693	$	12,312	$	(283)	$	12,029

	Six Months Ended June 30, 2024
(Amounts in thousands)	FPD		FCD		Subtotal - Reportable Segments		All Other		Consolidated Total
Restructuring Charges
COS	$	11,408	$	144	$	11,552	$	—	$	11,552
SG&A	751		(69)		682		(28)		654
Loss on sale of business (1)	—		12,981		12,981		—		12,981
	$	12,159	$	13,056	$	25,215	$	(28)	$	25,187
Non-Restructuring Charges
COS	$	1,014	$	844	$	1,858	$	(216)	$	1,642
SG&A	(430)		130		(300)		873		573
	$	584	$	974	$	1,558	$	657	$	2,215
Total Realignment Charges
COS	$	12,422	$	988	$	13,410	$	(216)	$	13,194
SG&A	321		61		382		845		1,227
Loss on sale of business (1)	—		12,981		12,981		—		12,981
Total	$	12,743	$	14,030	$	26,773	$	629	$	27,402

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(1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Basis of Presentation and Accounting Policies," to our condensed consolidated financial statements included in this Quarterly Report.

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	$	4,403	$	8,290	$	12,693	$	—	$	12,693
SG&A	1,821		(3,505)		(1,684)		—		(1,684)
	$	6,224	$	4,785	$	11,009	$	—	$	11,009
Non-Restructuring Charges
COS	$	3,406	$	2,028	$	5,434	$	(66)	$	5,368
SG&A	(1,069)		(120)		(1,189)		(217)		(1,406)
	$	2,337	$	1,908	$	4,245	$	(283)	$	3,962
Total Realignment Charges
COS	$	7,809	$	10,318	$	18,127	$	(66)	$	18,061
SG&A (1)	752		(3,625)		(2,873)		(217)		(3,090)
Total	$	8,561	$	6,693	$	15,254	$	(283)	$	14,971

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(1) Includes the immaterial reversal of previously recognized realignment charges associated with our 2023 Realignment Programs and an immaterial non-cash gain recognized on the early cancellation of certain lease agreements and the resulting write-off of the remaining operating lease liabilities associated with our 2023 Realignment Programs, which were recognized in the first and second quarters of 2025, respectively. 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
Restructuring 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

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(1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Basis of Presentation and Accounting Policies," to our condensed consolidated financial statements included in this Quarterly 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 June 30, 2025
(Amounts in thousands)	Severance		Contract Termination		Asset Write-Downs (Gains)		Other		Total
COS	$	66	$	—	$	444	$	1,458	$	1,968
SG&A (2)	1,256		(3,505)		57		402		(1,790)
Total	$	1,322	$	(3,505)	$	501	$	1,860	$	178

	Three Months Ended June 30, 2024
(Amounts in thousands)	Severance		Contract Termination		Asset Write-Downs (Gains)		Other		Total
COS	$	(89)	$	—	$	6,507	$	705	$	7,123
SG&A	84		—		247		(378)		(47)
Loss on sale of business (1)	$	—	$	—	$	—	$	12,981	$	12,981
Total	$	(5)	$	—	$	6,754	$	13,308	$	20,057

	Six Months Ended June 30, 2025
(Amounts in thousands)	Severance		Contract Termination		Asset Write-Downs (Gains)		Other		Total
COS	$	7,721	$	—	$	2,444	$	2,528	$	12,693
SG&A (2)	1,278		(3,505)		57		486		(1,684)
Total	$	8,999	$	(3,505)	$	2,501	$	3,014	$	11,009

	Six Months Ended June 30, 2024
(Amounts in thousands)	Severance		Contract Termination		Asset Write-Downs (Gains)		Other		Total
COS	$	3,896	$	—	$	6,507	$	1,149	$	11,552
SG&A	785		—		247		(378)		654
Loss on sale of business (1)	—		—		—		12,981		12,981
Total	$	4,681	$	—	$	6,754	$	13,752	$	25,187

(1) Loss on sale of business related to NAF AB control valves business as described within Note 1, "Basis of Presentation and Accounting Policies," to our condensed consolidated financial statements included in this Quarterly Report.

(2) 2025 Contract Termination charges within SG&A include an immaterial non-cash gain recognized on the early cancellation of certain lease agreements and the resulting write-off of the remaining operating lease liabilities associated with our 2023 Realignment Programs. Our 2023 Realignment Programs are substantially completed.

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	$	7,721	$	—	$	2,444	$	2,528	$	12,693
SG&A (2)	1,278		(3,505)		57		486		(1,684)
Total	$	8,999	$	(3,505)	$	2,501	$	3,014	$	11,009

(2) Contract Termination charges within SG&A includes an immaterial non-cash gain from the early cancellation of certain lease agreements and the resulting write-off of the remaining operating lease liabilities associated with our 2023 Realignment Programs. Our 2023 Realignment Programs are substantially completed.

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 (Gains)		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, "Basis of Presentation and Accounting Policies," to our condensed consolidated financial statements included in this Quarterly Report.

The following represents the activity, primarily severance charges from reductions in force, related to the restructuring reserves for the six months ended June 30, 2025 and 2024:

(Amounts in thousands)	2025		2024
Balance at January 1,	$	8,300	$	8,184
Charges, net of adjustments	10,666		5,566
Cash expenditures	(5,962)		(72)
Other non-cash adjustments, including currency	1,156		(2,714)
Balance at June 30,	$	14,160	$	10,964