Business Segments

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Business Segments

NOTE 24 – BUSINESS SEGMENTS:

The Corporation organizes its business into two operating segments – Forged and Cast Engineered Products and Air and Liquid Processing. Summarized financial information concerning the Corporation’s reportable segments is shown in the following tables. Corporate assets included under Identifiable Assets represent primarily cash and cash equivalents and other items not allocated to reportable segments. Long-lived assets exclude deferred income tax assets. Corporate costs are comprised of operating costs of the corporate office and other costs not allocated to the segments. The accounting policies are the same as those described in Note 1, Summary of Significant Accounting Policies.

	Net Sales(1)				Income (Loss) Before Income Taxes
	2022		2021		2022			2021 - as adjusted
Forged and Cast Engineered Products	$	299,484	$	260,204	$	444		$	5,073
Air and Liquid Processing(2)		90,705		84,716		13,686			2,601
Total Reportable Segments		390,189		344,920		14,130			7,674
Corporate costs, including other income (expense)		—		—		(8,574	)		(8,669	)
Consolidated total	$	390,189	$	344,920	$	5,556		$	(995	)

	Capital Expenditures				Depreciation and Amortization Expense				Identifiable Assets(3)
	2022		2021		2022		2021		2022		2021
Forged and Cast Engineered Products	$	15,312	$	14,929	$	16,730	$	17,051	$	327,277	$	331,598
Air and Liquid Processing		1,376		307		667		749		168,583		162,010
Corporate		—		—		11		77		6,914		12,352
Consolidated total	$	16,688	$	15,236	$	17,408	$	17,877	$	502,774	$	505,960

	Long-lived Assets(4)				Income (Loss) Before Income Taxes
Geographic Areas:	2022		2021		2022		2021 - as adjusted
United States (5)	$	202,860	$	218,712	$	1,424	$	(9,314	)
Foreign		66,365		76,447		4,132		8,319
Consolidated total	$	269,225	$	295,159	$	5,556	$	(995	)

(1)For the FCEP segment, one customer accounted for 10% of its net sales in 2022.

(2)Income before income taxes for the ALP segment includes a credit of $(2,226) in 2022 representing the reduction in the estimated defense-to-indemnity cost ratio from 70% to 65% and a charge of $6,661 in 2021 representing the estimated increase in the costs of asbestos-related litigation through the estimated final date by which the Corporation expects to have settled all asbestos-related claims, net of estimated insurance recoveries.

(3)Identifiable assets for the FCEP segment include investments in joint ventures of $2,175 at December 31, 2022 and 2021.

(4)Foreign long-lived assets primarily represent assets of the foreign operations. Long-lived assets of the U.S. include noncurrent asbestos-related insurance receivables of $90,910 and $105,297 at December 31, 2022 and 2021, respectively.

(5)Income (loss) before income taxes for the United States includes Corporate costs, a credit of $(2,226) in 2022 representing the reduction in the estimated defense-to-indemnity cost ratio from 70% to 65%, and a charge of $6,661 in 2021 representing the estimated increase in the costs of asbestos-related litigation through the estimated final date by which the Corporation expects to have settled all asbestos-related claims, net of estimated insurance recoveries.