(DOLLARS AND SHARES IN THOUSANDS, EXCEPT PAR VALUE) |
March 31, 2023 |
|
December 31, 2022 |
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
193,724 |
|
|
$ |
235,850 |
|
Accounts receivable, less allowance for doubtful accounts of $1,099 and $1,007 |
|
174,620 |
|
|
|
177,413 |
|
Contract assets |
|
46,746 |
|
|
|
38,853 |
|
Inventories |
|
177,089 |
|
|
|
182,402 |
|
Prepaid income taxes |
|
3,908 |
|
|
|
4,042 |
|
Asbestos-related insurance receivables, current portion |
|
3,881 |
|
|
|
3,881 |
|
Other current assets |
|
11,913 |
|
|
|
17,426 |
|
Total current assets |
|
611,881 |
|
|
|
659,867 |
|
Property, plant and equipment, net of accumulated depreciation of $392,217 and $381,584 |
|
361,527 |
|
|
|
358,415 |
|
Investments in unconsolidated joint ventures |
|
12,841 |
|
|
|
14,082 |
|
| Deferred income taxes |
|
57,991 |
|
|
|
50,649 |
|
| Goodwill |
|
355,867 |
|
|
|
352,365 |
|
| Other intangible assets, net of amortization |
|
132,233 |
|
|
|
133,724 |
|
| Pension assets |
|
5,342 |
|
|
|
5,251 |
|
| Asbestos-related insurance receivables, non-current portion |
|
55,926 |
|
|
|
55,926 |
|
| Other long-term assets |
|
17,919 |
|
|
|
15,935 |
|
| Total assets |
$ |
1,611,527 |
|
|
$ |
1,646,214 |
|
| Liabilities and Shareholders’ Equity |
|
|
|
||||
| Current liabilities |
|
|
|
||||
| Accounts payable |
$ |
52,156 |
|
|
$ |
57,342 |
|
| Accrued employee benefits and compensation |
|
37,207 |
|
|
|
34,158 |
|
| Accrued income taxes payable |
|
4,553 |
|
|
|
5,504 |
|
| Asbestos-related liabilities, current portion |
|
4,968 |
|
|
|
4,968 |
|
| Finance lease obligations, current portion |
|
380 |
|
|
|
498 |
|
| Other accrued liabilities |
|
28,214 |
|
|
|
40,067 |
|
| Total current liabilities |
|
127,478 |
|
|
|
142,537 |
|
| Borrowings under revolving credit facility |
|
190,000 |
|
|
|
215,000 |
|
| Pension and other postretirement benefits liabilities |
|
1,540 |
|
|
|
1,501 |
|
| Asbestos-related liabilities, non-current portion |
|
59,996 |
|
|
|
60,065 |
|
| Finance lease obligations, non-current portion |
|
1,323 |
|
|
|
1,295 |
|
| Non-current income tax |
|
9,204 |
|
|
|
9,985 |
|
| Deferred income taxes |
|
24,026 |
|
|
|
23,557 |
|
| Other long-term liabilities |
|
19,702 |
|
|
|
19,808 |
|
| Shareholders’ equity |
|
|
|
||||
| Capital stock - $1 par value; 50,000 authorized shares; 18,609 and 18,574 shares issued and outstanding |
|
18,609 |
|
|
|
18,574 |
|
| Additional paid-in capital |
|
140,214 |
|
|
|
140,702 |
|
| Retained earnings |
|
1,094,949 |
|
|
|
1,098,454 |
|
| Accumulated other comprehensive loss |
|
(75,514 |
) |
|
|
(85,264 |
) |
| Total shareholders' equity |
|
1,178,258 |
|
|
|
1,172,466 |
|
| Total liabilities and shareholders' equity |
$ |
1,611,527 |
|
|
$ |
1,646,214 |
|
Reconciliation of non-GAAP financial measures to the comparable GAAP measures
