Segment Information (Tables)

9 Months Ended

Sep. 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 September 30, 2025
(Amounts in thousands)	FPD	FCD	Subtotal – Reportable Segments	Eliminations and All Other	Consolidated Total
Sales to external customers	799,306	375,128	1,174,434	—	1,174,434
Intersegment sales	1,002	2,255	3,257	(3,257)	—
Cost of Sales	(534,532)	(263,133)	(797,665)
Selling, general and administrative expense	(135,046)	(67,810)	(202,856)
Other Segment items (1)	4,138	—	4,138
Segment operating income	134,869	46,440	181,309
Depreciation and amortization	10,718	8,956	19,674	4,736	24,410
Identifiable assets	3,340,680	1,756,283	5,096,963	733,351	5,830,314
Capital expenditures	8,305	2,350	10,655	6,539	17,194
	Three Months Ended September 30, 2024
(Amounts in thousands)	FPD	FCD	Subtotal – Reportable Segments	Eliminations and All Other	Consolidated Total
Sales to external customers	781,372	351,715	1,133,087	—	1,133,087
Intersegment sales	762	1,410	2,172	(2,172)	—
Cost of Sales	(528,950)	(246,622)	(775,572)
Selling, general and administrative expense	(149,060)	(59,790)	(208,850)
Other Segment items (1)	5,150	—	—
Segment operating income	109,274	46,713	155,987
Depreciation and amortization	11,473	4,269	15,742	5,231	20,973
Identifiable assets	3,266,724	1,415,798	4,682,522	592,036	5,274,558
Capital expenditures	16,540	3,551	20,091	3,789	23,880

	Nine Months Ended September 30, 2025
(Amounts in thousands)	FPD		FCD		Subtotal – Reportable Segments		Eliminations and All Other		Consolidated Total
Sales to external customers	$	2,398,295	$	1,108,774	$	3,507,069	$	—	$	3,507,069
Intersegment sales	4,097		4,165		8,262		(8,262)		—
Cost of Sales	(1,568,925)		(790,808)		(2,359,733)
Selling, general and administrative expense	(415,126)		(206,437)		(621,563)
Other Segment items (1)	15,786		—		15,786
Segment operating income	434,128		115,694		549,822
Depreciation and amortization	31,147		27,843		58,990		13,704		72,694
Identifiable assets	3,340,680		1,756,283		5,096,963		733,351		5,830,314
Capital expenditures	25,872		7,977		33,849		11,685		45,534
	Nine Months Ended September 30, 2024
(Amounts in thousands)	FPD		FCD		Subtotal – Reportable Segments		Eliminations and All Other		Consolidated Total
Sales to external customers	2,360,748		1,016,710		3,377,458		—		3,377,458
Intersegment sales	2,959		4,658		7,617		(7,617)		—
Cost of Sales	(1,602,369)		(715,899)		(2,318,268)
Selling, general and administrative expense	(424,824)		(178,816)		(603,640)
Other Segment items (1)	14,632		(12,981)		1,651
Segment operating income	351,146		113,673		464,819
Depreciation and amortization	34,348		13,314		47,662		15,585		63,247
Identifiable assets	3,266,724		1,415,798		4,682,522		592,036		5,274,558
Capital expenditures	37,581		7,618		45,199		6,970		52,169

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(1) Other Segment items comprises Net Earnings from Affiliates and for the nine-month period ended September 30, 2024 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 September 30,
	2025	2024
	(Amounts in thousands)
Total segment operating income	181,309	155,987
Intersegment sales	(3,257)	(2,172)
Eliminations and all other cost of sales	3,516	(448)
Eliminations and all other SG&A	(102,296)	(50,175)
Interest expense	(18,738)	(16,587)
Interest income	792	1,403
Net earnings (loss) from affiliates	—	—
Other income (expense), net	256,220	(5,920)
Earnings before income taxes	317,546	82,088

	Nine Months Ended September 30,
	2025	2024
	(Amounts in thousands)
Total segment operating income	549,822	464,819
Intersegment sales	(8,262)	(7,617)
Eliminations and all other cost of sales	8,865	2,941
Eliminations and all other SG&A	(192,674)	(122,431)
Interest expense	(58,166)	(48,820)
Interest income	5,063	3,746
Net earnings (loss) from affiliates	—	(137)
Other income (expense), net	213,958	(12,057)
Earnings before income taxes	518,606	280,444