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Reportable Segments (Tables) | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
Schedule of Reportable and Product Sales Information Segments | The following table represents information for our reportable segments and our corporate function:
| Three Months Ended September 30, 2019
| E&C Cryogenics |  | E&C FinFans |  | D&S West |  | D&S East |  | Intersegment Eliminations |  | Corporate |  | Consolidated
Sales to external customers (1) (2) | $ | 48.9 |  |  | $ | 128.6 |  |  | $ | 114.9 |  |  | $ | 70.4 |  |  | $ | (5.0 | ) |  | $ | — |  |  | $ | 357.8 |
Depreciation and amortization expense | 2.0 |  |  | 15.1 |  |  | 2.9 |  |  | 3.7 |  |  | — |  |  | 0.4 |  |  | 24.1 |
Operating income (loss) (1) - (4) | 3.6 |  |  | 16.2 |  |  | 24.9 |  |  | 7.1 |  |  | (0.9 | ) |  | (21.0 | ) |  | 29.9 |
Capital expenditures | 0.9 |  |  | 1.0 |  |  | 2.4 |  |  | 3.8 |  |  | — |  |  | 3.5 |  |  | 11.6 |
| Three Months Ended September 30, 2018
| E&C Cryogenics |  | E&C FinFans |  | D&S West |  | D&S East |  | Intersegment Eliminations |  | Corporate |  | Consolidated
Sales to external customers | $ | 35.6 |  |  | $ | 62.5 |  |  | $ | 119.0 |  |  | $ | 56.8 |  |  | $ | (1.7 | ) |  | $ | — |  |  | $ | 272.2 |
Depreciation and amortization expense | 2.5 |  |  | 4.0 |  |  | 2.8 |  |  | 2.5 |  |  | — |  |  | 0.3 |  |  | 12.1 |
Operating income (loss) (3) - (7) | 6.4 |  |  | 5.7 |  |  | 31.9 |  |  | 3.3 |  |  | (0.5 | ) |  | (15.3 | ) |  | 31.5 |
Capital expenditures | 2.9 |  |  | 0.9 |  |  | 1.3 |  |  | 2.5 |  |  | — |  |  | 0.8 |  |  | 8.4 |
| Nine Months Ended September 30, 2019
| E&C Cryogenics |  | E&C FinFans |  | D&S West |  | D&S East |  | Intersegment Eliminations |  | Corporate |  | Consolidated
Sales to external customers (1) (2) | $ | 131.3 |  |  | $ | 272.0 |  |  | $ | 344.8 |  |  | $ | 216.8 |  |  | $ | (8.2 | ) |  | $ | — |  |  | $ | 956.7 |
Depreciation and amortization expense | 11.1 |  |  | 23.3 |  |  | 8.7 |  |  | 11.9 |  |  | — |  |  | 1.1 |  |  | 56.1 |
Operating income (loss) (1) - (6) | (7.1 | ) |  | 36.0 |  |  | 77.7 |  |  | 7.1 |  |  | (2.5 | ) |  | (51.4 | ) |  | 59.8 |
Capital expenditures | 4.0 |  |  | 1.9 |  |  | 6.2 |  |  | 9.7 |  |  | — |  |  | 4.9 |  |  | 26.7 |
| Nine Months Ended September 30, 2018
| E&C Cryogenics |  | E&C FinFans |  | D&S West |  | D&S East |  | Intersegment Eliminations |  | Corporate |  | Consolidated
Sales to external customers | $ | 98.6 |  |  | $ | 190.2 |  |  | $ | 337.2 |  |  | $ | 174.3 |  |  | $ | (6.1 | ) |  | $ | — |  |  | $ | 794.2 |
Depreciation and amortization expense | 7.5 |  |  | 12.1 |  |  | 8.4 |  |  | 7.9 |  |  | — |  |  | 1.0 |  |  | 36.9 |
Operating income (loss) (3) (4) (6) (7) | 2.9 |  |  | 17.9 |  |  | 77.7 |  |  | 13.5 |  |  | (1.7 | ) |  | (44.5 | ) |  | 65.8 |
Capital expenditures | 9.9 |  |  | 2.0 |  |  | 4.7 |  |  | 6.0 |  |  | — |  |  | 3.8 |  |  | 26.4 |
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(1) | Includes sales and operating loss for AXC, included in the E&C FinFans segment results since the acquisition date, July 1, 2019 as follows:
• | Sales were $60.1 for both the three and nine months ended September 30, 2019.
• | Operating income was $2.6 for both the three and nine months ended September 30, 2019.
(2) | Includes sales and operating income (loss) for VRV S.r.l and its subsidiaries (“VRV”), included in the E&C Cryogenics and D&S East segment results since the acquisition date, November 15, 2018 as follows:
• | Sales were $25.9 (E&C Cryogenics: $13.5, D&S East: $12.4) for the three months ended September 30, 2019.
• | Sales were $77.0 (E&C Cryogenics: $35.0, D&S East: $42.0) for the nine months ended September 30, 2019.
• | Operating income (loss) was $2.4 (E&C Cryogenics: $2.6, D&S East: $(0.2)) for the three months ended September 30, 2019.
• | Operating loss was $(6.8) (E&C Cryogenics: $(3.0), D&S East: $(3.8)) for the nine months ended September 30, 2019, which includes VRV inventory step-up of $1.7.
(3) | Restructuring costs for the:
• | Three Months Ended September 30, 2019 were $1.5 ($0.2 E&C Cryogenics, $0.6 E&C FinFans, $0.4 D&S West, $0.3 D&S East).
• | Three Months Ended September 30, 2018 were $2.0 ($0.1 E&C FinFans, $0.1 D&S East, $1.8 Corporate).
• | Nine Months Ended September 30, 2019 were $13.3 ($2.4 E&C Cryogenics, $1.8 E&C FinFans, $0.8 D&S West, $8.1 D&S East, $0.2 Corporate).
• | Nine Months Ended September 30, 2018 were $3.5 ($0.4 E&C Cryogenics, $0.1 E&C FinFans, $0.6 D&S East, $2.4 Corporate).
(4) | Corporate includes transaction-related costs of: (transaction-related costs include costs associated with business development and other one-time transactions)
• | $4.3 and $2.0 for the three months ended September 30, 2019 and 2018, respectively, and
• | $7.0 and $4.1 for the nine months ended September 30, 2019 and 2018, respectively.
(5) | Includes $0.8 related to AXC integration activities during the third quarter of 2019 (E&C FinFans: $0.7, Corporate: $0.1), and $0.6 (D&S East: $0.2, Corporate: $0.4) and $1.8 (D&S East: $0.2, Corporate: $1.6) related to VRV integration activities for the three and nine months ended September 30, 2019, respectively.
(6) | Includes an expense of $3.8 recorded to cost of sales related to the estimated costs of the aluminum cryobiological tank recall for the nine months ended September 30, 2018.
(7) | Includes net severance costs of $0.9 related to headcount reductions associated with strategic realignment of our segment structure, which includes $1.8 in payroll severance costs partially offset by a $0.9 credit due to related share-based compensation forfeitures for the nine months ended September 30, 2018. Includes net severance costs of $1.4 related to the departure of our former CEO on June 11, 2018, which includes $3.2 in payroll severance costs partially offset by a $1.8 credit due to share-based compensation forfeitures for the nine months ended September 30, 2018.
Product Sales Information
| Three Months Ended September 30, 2019
| E&C Cryogenics |  | E&C FinFans |  | D&S West |  | D&S East |  | Intersegment Eliminations |  | Consolidated
Natural gas processing (including petrochemical) applications | $ | 17.6 |  |  | $ | 88.6 |  |  | $ | — |  |  | $ | 1.0 |  |  | $ | (1.5 | ) |  | $ | 105.7 |
Liquefied natural gas (LNG) applications | 17.3 |  |  | 11.0 |  |  | 16.1 |  |  | 10.2 |  |  | (0.1 | ) |  | 54.5 |
Industrial gas applications | 6.7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6.7 |
HVAC, power and refining applications | 7.3 |  |  | 29.0 |  |  | — |  |  | — |  |  | (0.6 | ) |  | 35.7 |
Bulk industrial gas applications | — |  |  | — |  |  | 40.7 |  |  | 48.2 |  |  | (2.2 | ) |  | 86.7 |
Packaged gas industrial applications | — |  |  | — |  |  | 38.3 |  |  | 11.0 |  |  | (0.6 | ) |  | 48.7 |
Cryobiological storage | — |  |  | — |  |  | 19.8 |  |  | — |  |  | — |  |  | 19.8 |
Total | $ | 48.9 |  |  | $ | 128.6 |  |  | $ | 114.9 |  |  | $ | 70.4 |  |  | $ | (5.0 | ) |  | $ | 357.8 |
| Three Months Ended September 30, 2018
| E&C Cryogenics |  | E&C FinFans |  | D&S West |  | D&S East |  | Intersegment Eliminations |  | Consolidated
Natural gas processing (including petrochemical) applications | $ | 17.2 |  |  | $ | 43.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 60.3 |
Liquefied natural gas (LNG) applications | 3.4 |  |  | 9.0 |  |  | 20.5 |  |  | 11.8 |  |  | (0.4 | ) |  | 44.3 |
Industrial gas applications | 3.3 |  |  | 3.3 |  |  | — |  |  | — |  |  | — |  |  | 6.6 |
HVAC, power and refining applications | 11.7 |  |  | 7.1 |  |  | — |  |  | — |  |  | — |  |  | 18.8 |
Bulk industrial gas applications | — |  |  | — |  |  | 41.1 |  |  | 31.8 |  |  | (0.4 | ) |  | 72.5 |
Packaged gas industrial applications | — |  |  | — |  |  | 37.2 |  |  | 13.2 |  |  | (0.9 | ) |  | 49.5 |
Cryobiological storage | — |  |  | — |  |  | 20.2 |  |  | — |  |  | — |  |  | 20.2 |
Total | $ | 35.6 |  |  | $ | 62.5 |  |  | $ | 119.0 |  |  | $ | 56.8 |  |  | $ | (1.7 | ) |  | $ | 272.2 |
| Nine Months Ended September 30, 2019
| E&C Cryogenics |  | E&C FinFans |  | D&S West |  | D&S East |  | Intersegment Eliminations |  | Consolidated
Natural gas processing (including petrochemical) applications | $ | 64.1 |  |  | $ | 193.9 |  |  | $ | — |  |  | $ | 1.0 |  |  | $ | (1.5 | ) |  | $ | 257.5 |
Liquefied natural gas (LNG) applications | 26.5 |  |  | 32.2 |  |  | 58.2 |  |  | 38.6 |  |  | (0.1 | ) |  | 155.4 |
Industrial gas applications | 17.3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17.3 |
HVAC, power and refining applications | 23.4 |  |  | 45.9 |  |  | — |  |  | — |  |  | (0.6 | ) |  | 68.7 |
Bulk industrial gas applications | — |  |  | — |  |  | 114.2 |  |  | 136.3 |  |  | (3.0 | ) |  | 247.5 |
Packaged gas industrial applications | — |  |  | — |  |  | 109.8 |  |  | 40.9 |  |  | (3.0 | ) |  | 147.7 |
Cryobiological storage | — |  |  | — |  |  | 62.6 |  |  | — |  |  | — |  |  | 62.6 |
Total | $ | 131.3 |  |  | $ | 272.0 |  |  | $ | 344.8 |  |  | $ | 216.8 |  |  | $ | (8.2 | ) |  | $ | 956.7 |
| Nine Months Ended September 30, 2018
| E&C Cryogenics |  | E&C FinFans |  | D&S West |  | D&S East |  | Intersegment Eliminations |  | Consolidated
Natural gas processing (including petrochemical) applications | $ | 53.1 |  |  | $ | 134.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 188.0 |
Liquefied natural gas (LNG) applications | 11.7 |  |  | 16.8 |  |  | 54.4 |  |  | 48.3 |  |  | (2.0 | ) |  | 129.2 |
Industrial gas applications | 13.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13.0 |
HVAC, power and refining applications | 20.8 |  |  | 38.5 |  |  | — |  |  | — |  |  | — |  |  | 59.3 |
Bulk industrial gas applications | — |  |  | — |  |  | 105.7 |  |  | 85.8 |  |  | (1.2 | ) |  | 190.3 |
Packaged gas industrial applications | — |  |  | — |  |  | 117.8 |  |  | 40.2 |  |  | (2.9 | ) |  | 155.1 |
Cryobiological storage | — |  |  | — |  |  | 59.3 |  |  | — |  |  | — |  |  | 59.3 |
Total | $ | 98.6 |  |  | $ | 190.2 |  |  | $ | 337.2 |  |  | $ | 174.3 |  |  | $ | (6.1 | ) |  | $ | 794.2 |
Segment Assets |
Total Assets |  | September 30, 2019 |  | December 31, 2018
E&C Cryogenics |  | $ | 447.1 |  |  | $ | 455.0 |
E&C FinFans |  | 1,045.6 |  |  | 434.2 |
D&S West |  | 441.4 |  |  | 420.3 |
D&S East |  | 497.2 |  |  | 496.1 |
Corporate |  | 66.5 |  |  | 92.1 |
Total |  | $ | 2,497.8 |  |  | $ | 1,897.7 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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