v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Technifab Acquisition
On November 1, 2024, the Company completed the acquisition of Technifab Products, Inc. (“Technifab”) for $38.8 million on a cash-free and debt-free basis. During the first quarter of 2025, the Company paid $0.2 million to the seller related to a final working capital adjustment
Technifab is a leading provider of vacuum insulated pipe systems and valves for cryogenic applications. Technifab has been integrated into the Process Flow Technologies segment. The amount allocated to goodwill reflects the expected cost synergies. Goodwill from this acquisition is not deductible for tax purposes.
Net assets acquired (in millions)
Total current assets$6.1 
Property, plant and equipment5.9 
Intangible assets15.0 
Goodwill19.4 
Total assets acquired$46.4 
Total current liabilities$2.8 
Other liabilities4.6 
Total assumed liabilities$7.4 
Net assets acquired$39.0 
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (dollars in millions)
Intangible Fair ValueWeighted Average Life (in years)
Trademarks/Trade names$2.5 9.0
Customer relationships11.0 12.0
Backlog1.5 1.0
Total acquired intangible assets$15.0 
CryoWorks Acquisition
On May 1, 2024, the Company completed the acquisition of CryoWorks, Inc. (“CryoWorks”) for $60.7 million on a cash-free and debt-free basis. During the third quarter of 2024, the Company received $1.6 million from the seller related to a final working capital adjustment.
CryoWorks is a leading supplier of vacuum insulated pipe systems for cryogenic and hydrogen applications. CryoWorks has been integrated into the Process Flow Technologies segment. The amount allocated to goodwill reflects the expected cost synergies. Goodwill from this acquisition is not deductible for tax purposes.
Net assets acquired (in millions)
Total current assets$6.6 
Property, plant and equipment0.5 
Other assets1.9 
Intangible assets24.0 
Goodwill31.1 
Total assets acquired$64.1 
Total current liabilities$3.5 
Other liabilities1.5 
Total assumed liabilities$5.0 
Net assets acquired$59.1 
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (dollars in millions)
Intangible Fair ValueWeighted Average Life (in years)
Trademarks/Trade names$5.0 16.0
Customer relationships17.5 12.0
Backlog1.5 1.0
Total acquired intangible assets$24.0 
Vian Acquisition
On January 2, 2024, the Company completed the acquisition of Vian Enterprises, Inc. (“Vian”) for $102.5 million on a cash-free and debt-free basis, and potential additional payments of up to $7.5 million depending on the resolution of outstanding contingencies. During the third quarter of 2024, the Company received $3.0 million from the seller related to a final working capital adjustment.
Vian is a global designer and manufacturer of multi-stage lubrication pumps and lubrication system components technology for critical aerospace and defense applications with sole-sourced and proprietary content on commercial and military aircraft platforms. Vian has been integrated into the Aerospace & Advanced Technologies segment. The amount allocated to goodwill reflects the expected cost synergies. Goodwill from this acquisition is not deductible for tax purposes.
Net assets acquired (in millions)
Total current assets$21.0 
Property, plant and equipment6.8 
Other assets7.4 
Intangible assets53.4 
Goodwill46.2 
Total assets acquired$134.8 
Total current liabilities$6.2 
Other liabilities29.1 
Total assumed liabilities$35.3 
Net assets acquired$99.5 
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (dollars in millions)
Intangible Fair ValueWeighted Average Life (in years)
Trademarks/trade names$2.0 17.0
Customer relationships (a)
43.0 29.0
Manufacturing know-how3.2 4.0
Backlog5.2 1.0
Total acquired intangible assets$53.4 
(a) The useful life of the customer relationship intangible asset related to Vian of 29 years is primarily driven by large customer relationships tied to sole sourced, long-duration aircraft platforms.
BAUM Acquisition
On October 4, 2023, the Company completed the acquisition of Baum lined piping GmbH (“BAUM”) for $93.5 million on a cash-free and debt-free basis. During the first quarter of 2024, the Company paid $3.1 million to the seller, related to the final working capital adjustment.
BAUM, is a German-based company that designs, manufactures, and distributes lined piping products primarily focused on chemical and industrial end markets. BAUM has been integrated into the Process Flow Technologies segment.
The allocation of consideration transferred to net assets acquired is as follows:
Net assets acquired (in millions)
Total current assets$24.7 
Property, plant and equipment18.0 
Other assets9.5 
Intangible assets21.1 
Goodwill49.9 
Total assets acquired$123.2 
Total current liabilities$13.2 
Other liabilities16.5 
Total assumed liabilities$29.7 
Net assets acquired$93.5 
The amounts allocated to acquired intangible assets, and their associated weighted-average useful lives which were determined based on the period in which the assets are expected to contribute directly or indirectly to our future cash flows, consist of the following:
Intangible Assets (dollars in millions)
Intangible Fair ValueWeighted Average Life
Trade names$2.1 16.0
Customer relationships17.9 12.0
Backlog1.1 1.0
Total acquired intangible assets$21.1 
Valuation of Intangible Assets
For all acquisitions, the fair values of the trade name and manufacturing know-how intangible assets were determined by using an income approach, specifically the relief-from-royalty approach, which is a commonly accepted valuation approach. This approach is based on the assumption that in lieu of ownership, a firm would be willing to pay a royalty in order to exploit the related benefits of this asset. Therefore, a portion of earnings, equal to the after-tax royalty that would have been paid for the use of the asset, can be attributed to our ownership.
The fair values of the customer relationships and backlog intangible assets were determined by using an income approach which is a commonly accepted valuation approach. Under this approach, the net earnings attributable to the asset or liability being measured are isolated using the discounted projected net cash flows. These projected cash flows are isolated from the projected cash flows of the combined asset group over the remaining economic life of the intangible asset or liability being measured. Both the amount and the duration of the cash flows are considered from a market participant perspective. Our estimates of market participant net cash flows considered historical and projected pricing, operational performance including market participant synergies, aftermarket retention, product life cycles, material and labor pricing, and other relevant customer, contractual and market factors. Where appropriate, the net cash flows were adjusted to reflect the potential attrition of existing customers in the future, as existing customers are expected to decline over time. The attrition-adjusted future cash flows are then discounted to present value using an appropriate discount rate.
Intangible assets are being amortized on a straight-line basis which approximates the economic pattern of benefits.