v3.25.2
Segment Results
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Results Segment Results
In accordance with ASC Topic 280, “Segment Reporting,” for purposes of segment performance measurement, we do not allocate to the business segments items that are of a non-operating nature, including charges which occur from time to time related to our legacy environmental liabilities, as such liabilities are not related to current business activities; or corporate organizational and functional expenses of a governance nature. Corporate expenses consist of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs. Assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, deferred tax assets, certain property, plant and equipment, and certain other assets.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the year ended December 31, 2024. We account for intersegment sales and transfers as if the sales or transfers were to third parties at current market prices.
The Company’s segments maintain separate financial information. The Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, uses forecast-to-actual variances and year-over-year variances on a monthly basis when assessing segment performance and forecasts in deciding how to allocate resources among the segments. The CODM evaluates the performance of the Company’s segments based on operating profit. We currently have two reporting segments: Aerospace & Electronics and Process Flow Technologies.
A brief description of each of our current segments is as follows:
Aerospace & Electronics
The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets. Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets. The business designs and delivers proven systems, reliable components, and flexible power solutions that excel in tough and mission-critical environments. Products and services are organized into six integrated solutions: Sensing Components & Systems, Electrical Power Solutions, Fluid Management Solutions, Landing & Control Systems, and Microwave Solutions.
Process Flow Technologies
The Process Flow Technologies segment is a provider of highly engineered fluid handling equipment for mission critical applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Pumps and Systems. Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves includes the manufacturing and distribution of valves and related products for the non-residential construction, general
industrial, and to a lesser extent, municipal markets. Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets.
Financial information by reportable segment is set forth below.

Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2025202420252024
Net Sales:
Aerospace & Electronics$258.2 $230.9 $507.1 $456.8 
Process Flow Technologies319.0 297.7 627.7 582.0 
TOTAL NET SALES$577.2 $528.6 $1,134.8 $1,038.8 
Cost of Sales:
Aerospace & Electronics$152.3 $143.9 $300.1 $285.6 
Process Flow Technologies182.6 173.2 354.8 334.9 
TOTAL COST OF SALES$334.9 $317.1 $654.9 $620.5 
Engineering, selling and administrative:
Aerospace & Electronics$38.0 $34.3 $74.5 $70.2 
Process Flow Technologies72.5 65.0 146.2 130.7 
Corporate28.9 22.9 55.2 46.8 
TOTAL ENGINEERING, SELLING AND ADMINISTRATIVE$139.4 $122.2 $275.9 $247.7 
Operating profit:
Aerospace & Electronics $67.9 $52.7 $132.5 $101.0 
Process Flow Technologies 63.9 59.5 126.7 116.4 
Corporate (28.9)(22.9)(55.2)(46.8)
TOTAL OPERATING PROFIT$102.9 $89.3 $204.0 $170.6 
Interest income2.9 1.3 6.1 2.5 
Interest expense(4.3)(7.4)(8.8)(14.6)
Miscellaneous income, net3.1 1.3 2.1 0.1 
Income from continuing operations before income taxes$104.6 $84.5 $203.4 $158.6 

Three Months EndedSix Months Ended
June 30,June 30,
(in millions)2025202420252024
Depreciation and amortization:
Aerospace & Electronics$4.8 $5.4 $9.3 $11.0 
Process Flow Technologies8.2 7.3 16.2 13.6 
Corporate0.1 0.1 0.1 0.1 
TOTAL DEPRECIATION AND AMORTIZATION$13.1 $12.8 $25.6 $24.7 
Six Months Ended
June 30,
(in millions)20252024
Capital expenditures:
Aerospace & Electronics$13.1 $4.5 
Process Flow Technologies17.2 10.2 
TOTAL CAPITAL EXPENDITURES$30.3 $14.7 

(in millions)June 30, 2025December 31, 2024
Assets:
Aerospace & Electronics$947.2 $896.2 
Process Flow Technologies1,353.5 1,265.0 
Corporate215.9 262.8 
Assets held for sale— 217.9 
TOTAL ASSETS$2,516.6 $2,641.9 
 
(in millions)June 30, 2025December 31, 2024
Goodwill:
Aerospace & Electronics$248.7 $248.5 
Process Flow Technologies436.2 413.1 
TOTAL GOODWILL$684.9 $661.6