(DOLLARS AND SHARES IN MILLIONS, EXCEPT PAR VALUE) |
March 31, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
116.9 |
|
|
$ |
131.7 |
|
Accounts receivable, less allowance for credit losses of $1.0 and $1.1 |
|
159.2 |
|
|
|
161.9 |
|
Contract assets |
|
40.3 |
|
|
|
45.2 |
|
Inventories, net |
|
150.9 |
|
|
|
153.5 |
|
Asbestos-related insurance receivables, current portion |
|
4.3 |
|
|
|
4.3 |
|
Other current assets |
|
29.8 |
|
|
|
30.3 |
|
Total current assets |
|
501.4 |
|
|
|
526.9 |
|
Property, plant and equipment, net of accumulated depreciation of $386.2 and $385.7 |
|
363.4 |
|
|
|
366.3 |
|
Operating lease right-of-use assets |
|
18.6 |
|
|
|
18.9 |
|
Goodwill |
|
357.2 |
|
|
|
359.8 |
|
| Other intangible assets, net of amortization |
|
120.3 |
|
|
|
123.9 |
|
| Asbestos-related insurance receivables, non-current portion |
|
52.2 |
|
|
|
52.2 |
|
| Investments in unconsolidated joint ventures |
|
10.9 |
|
|
|
11.1 |
|
| Deferred income taxes |
|
55.7 |
|
|
|
49.7 |
|
| Other long-term assets |
|
8.3 |
|
|
|
8.4 |
|
| Total assets |
$ |
1,488.0 |
|
|
$ |
1,517.2 |
|
| Liabilities and Shareholders’ Equity |
|
|
|
||||
| Current liabilities |
|
|
|
||||
| Accounts payable |
$ |
51.7 |
|
|
$ |
50.3 |
|
| Accrued employee benefits and compensation |
|
29.5 |
|
|
|
31.1 |
|
| Accrued income taxes payable |
|
7.3 |
|
|
|
2.0 |
|
| Operating lease obligations, current portion |
|
3.8 |
|
|
|
3.5 |
|
| Asbestos-related liabilities, current portion |
|
5.5 |
|
|
|
5.5 |
|
| Other accrued liabilities |
|
19.2 |
|
|
|
24.0 |
|
| Total current liabilities |
|
117.0 |
|
|
|
116.4 |
|
| Borrowings under revolving credit facility |
|
— |
|
|
|
30.0 |
|
| Operating lease obligations, non-current portion |
|
15.1 |
|
|
|
15.4 |
|
| Asbestos-related liabilities, non-current portion |
|
56.0 |
|
|
|
56.0 |
|
| Non-current income tax |
|
7.2 |
|
|
|
7.2 |
|
| Deferred income taxes |
|
22.7 |
|
|
|
22.9 |
|
| Other long-term liabilities |
|
10.2 |
|
|
|
10.3 |
|
| Shareholders’ equity |
|
|
|
||||
| Capital stock - $1 par value; 50.0 authorized shares; 18.7 and 18.6 shares issued and outstanding |
|
18.7 |
|
|
|
18.6 |
|
| Additional paid-in capital |
|
153.8 |
|
|
|
151.8 |
|
| Retained earnings |
|
1,162.8 |
|
|
|
1,155.0 |
|
| Accumulated other comprehensive loss |
|
(75.5 |
) |
|
|
(66.4 |
) |
| Total shareholders' equity |
|
1,259.8 |
|
|
|
1,259.0 |
|
| Total liabilities and shareholders' equity |
$ |
1,488.0 |
|
|
$ |
1,517.2 |
|
Reconciliation of non-GAAP financial measures to the comparable GAAP measures
