v3.26.1
Business Segments (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Summarized Financial Information for Corporation's Reportable Segments

Net sales by product line for the three months ended March 31, 2026 and 2025 are outlined below.

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

Net sales:

 

 

 

 

 

Forged and Cast Engineered Products

 

 

 

 

 

Forged and cast mill rolls

$

66,368

 

 

$

68,622

 

FEP

 

4,441

 

 

 

3,665

 

Forged and Cast Engineered Products

 

70,809

 

 

 

72,287

 

 

 

 

 

 

 

Air and Liquid Processing

 

 

 

 

 

Air handling systems

 

13,043

 

 

 

10,628

 

Heat exchange coils

 

13,068

 

 

 

11,525

 

Centrifugal pumps

 

11,407

 

 

 

9,825

 

Air and Liquid Processing

 

37,518

 

 

 

31,978

 

Total Reportable Segments

$

108,327

 

 

$

104,265

 

Summarized financial information for the Corporation’s reportable segments is shown in the following tables.

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

FCEP

 

ALP

 

 

Total

 

 

FCEP

 

ALP

 

 

Total

 

Net sales

$

70,809

 

$

37,518

 

 

$

108,327

 

 

$

72,287

 

$

31,978

 

 

$

104,265

 

Less:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold (excluding depreciation and amortization)

 

59,191

 

 

27,564

 

 

 

 

 

 

57,613

 

 

24,491

 

 

 

 

Selling and administrative

 

5,920

 

 

4,235

 

 

 

 

 

 

6,385

 

 

3,725

 

 

 

 

Depreciation and amortization

 

3,924

 

 

327

 

 

 

 

 

 

4,368

 

 

268

 

 

 

 

(Gain) loss on disposal of assets

 

(7

)

 

—

 

 

 

 

 

 

16

 

 

—

 

 

 

 

Deconsolidation Charge(2)

 

875

 

 

—

 

 

 

 

 

 

—

 

 

—

 

 

 

 

Segment income from operations

$

906

 

$

5,392

 

 

$

6,298

 

 

$

3,905

 

$

3,494

 

 

$

7,399

 

Reconciliation to income before income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate costs (3)

 

 

 

 

 

 

(3,736

)

 

 

 

 

 

 

 

(3,549

)

Interest expense

 

 

 

 

 

 

(2,723

)

 

 

 

 

 

 

 

(2,726

)

Other income - net (4)

 

 

 

 

 

 

596

 

 

 

 

 

 

 

 

826

 

Income before income taxes

 

 

 

 

 

$

435

 

 

 

 

 

 

 

$

1,950

 

 

 

(1)
The significant expense categories and amounts align with the segment-level information regularly provided to the CODM.
(2)
Deconsolidation Charge represents the write-down of the Estimated Recovery associated with the UES-UK insolvency.
(3)
Corporate costs represent the operating expenses of the corporate office and other costs not allocated to the segments.
(4)
Other income - net includes net pension and other postretirement income, gains on foreign exchange transactions, unrealized losses on Rabbi trust investments, and investment income.

 

 

 

Capital Expenditures

 

 

Depreciation and
Amortization Expense

 

 

Identifiable Assets(1)

 

 

 

Three Months Ended March 31,

 

 

Three Months Ended March 31,

 

 

March 31,

 

December 31,

 

 

 

2026

 

2025

 

 

2026

 

2025

 

 

2026

 

2025

 

FCEP

 

$

1,122

 

$

1,399

 

 

$

3,924

 

$

4,368

 

 

$

274,084

 

$

272,303

 

ALP

 

 

2,263

 

 

801

 

 

 

327

 

 

268

 

 

 

215,887

 

 

215,833

 

Corporate

 

 

—

 

 

—

 

 

 

7

 

 

—

 

 

 

7,236

 

 

7,219

 

Consolidated total

 

$

3,385

 

$

2,200

 

 

$

4,258

 

$

4,636

 

 

$

497,207

 

$

495,355

 

 

 

 

 

Long-lived Assets(2)

 

 

Net Sales by
Geographic Area(3)

 

 

Income
Before Income Taxes(4)

 

 

 

 

March 31,

 

December 31,

 

 

Three Months Ended March 31,

 

 

Three Months Ended March 31,

 

 

Geographic Areas:

 

2026

 

2025

 

 

2026

 

2025

 

 

2026

 

2025

 

United States

 

$

206,016

 

$

211,461

 

 

$

70,429

 

$

59,896

 

 

$

(2,023

)

$

397

 

 

Foreign

 

 

38,233

 

 

40,376

 

 

 

37,898

 

 

44,369

 

 

 

2,458

 

 

1,553

 

 

Consolidated total

 

$

244,249

 

$

251,837

 

 

$

108,327

 

$

104,265

 

 

$

435

 

$

1,950

 

 

 

(1)
Identifiable assets for the FCEP segment include (i) the Estimated Recovery of $5,370 at March 31, 2026 and $7,500 at December 31, 2025 and (ii) investments in joint ventures of $835 at each of March 31, 2026 and December 31, 2025. Identifiable assets for the ALP segment include asbestos-related insurance receivables of $122,571 and $126,838 at March 31, 2026 and December 31, 2025, respectively. Identifiable assets for Corporate represent cash and cash equivalents and other items not allocated to reportable segments.
(2)
Long-lived assets exclude deferred income tax assets. Long-lived assets in the U.S. include noncurrent asbestos-related insurance receivables of $103,571 and $107,838 at March 31, 2026 and December 31, 2025, respectively. Foreign long-lived assets primarily represent assets of the foreign operations.
(3)
Net sales are attributed to the geographic areas based on the location of the customer. Sales to individual foreign countries were less than 10% of condensed consolidated net sales for each of the periods. The majority of foreign net sales for each of the periods is attributable to the FCEP segment.
(4)
Income before income taxes for the United States for the three months ended March 31, 2026 includes the Deconsolidation Charge of $875.