Business Segments

12 Months Ended

Dec. 31, 2023

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				(Loss) Income Before Income Taxes
	2023		2022		2023			2022
Forged and Cast Engineered Products(1)	$	303,761	$	299,484	$	7,580		$	444
Air and Liquid Processing(2)		118,579		90,705		(29,084	)		13,686
Total Reportable Segments		422,340		390,189		(21,504	)		14,130
Corporate costs, including other (expense) income		—		—		(17,773	)		(8,574	)
Consolidated total	$	422,340	$	390,189	$	(39,277	)	$	5,556

	Capital Expenditures				Depreciation and Amortization Expense				Identifiable Assets(3)
	2023		2022		2023		2022		2023		2022
Forged and Cast Engineered Products	$	17,055	$	15,312	$	16,840	$	16,730	$	308,966	$	327,277
Air and Liquid Processing		3,393		1,376		829		667		247,733		168,583
Corporate		—		—		5		11		8,955		6,914
Consolidated total	$	20,448	$	16,688	$	17,674	$	17,408	$	565,654	$	502,774

	Long-lived Assets(4)				(Loss) Income Before Income Taxes
Geographic Areas:	2023		2022		2023			2022
United States (5)	$	264,120	$	202,860	$	(44,114	)	$	1,424
Foreign		61,721		66,365		4,837			4,132
Consolidated total	$	325,841	$	269,225	$	(39,277	)	$	5,556

(1)For the FCEP segment, one customer accounted for 11% and 10% of its net sales in 2023 and 2022, respectively.

(2)Loss before income taxes for the ALP segment includes a net charge of $40,696 in 2023 representing the expense associated with changes in the estimated costs of pending and future asbestos claims, net of additional insurance recoveries through the estimated final date by which the Corporation expects to have settled all asbestos-related claims. The charge is net of credits of approximately $1,457 for the reduction in the estimated defense-to-indemnity ratio from 65% to 60% and $191 for proceeds received from an insolvent asbestos-related insurance carrier. In 2022, income before income taxes includes a credit of $(2,226) representing the reduction in the estimated defense-to-indemnity cost ratio from 70% to 65%.

(3)Identifiable assets for the FCEP segment include investments in joint ventures of $2,175 at December 31, 2023 and 2022. Identifiable assets for the ALP segment include asbestos-related insurance receivables of $160,245 and $105,910 at December 31, 2023 and 2022, respectively.

(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 $145,245 and $90,910 at December 31, 2023 and 2022, respectively.

(5)Loss before income taxes for the United States includes Corporate costs, a net charge of $40,696 in 2023 representing the expense associated with changes in the estimated costs of pending and future asbestos claims, net of additional insurance recoveries through the estimated final date by which the Corporation expects to have settled all asbestos-related claims. The charge is net of credits of approximately $1,457 for the reduction in the estimated defense-to-indemnity ratio from 65% to 60% and $191 for proceeds received from an insolvent asbestos-related insurance carrier. In 2022, income before income taxes includes a credit of $(2,226) representing the reduction in the estimated defense-to-indemnity cost ratio from 70% to 65%.