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Reportable Segments | 3 Months Ended
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Mar. 31, 2020
Segment Reporting [Abstract] |
Reportable Segments | Reportable Segments As reported in our Annual Report on Form 10-K for the year ended December 31, 2019, the structure of our internal organization is divided into the following reportable segments, which are also our operating segments: Distribution and Storage Eastern Hemisphere (“D&S East”), Distribution and Storage Western Hemisphere (“D&S West”), Energy & Chemicals Cryogenics (“E&C Cryogenics”), and Energy & Chemicals FinFans (“E&C FinFans”). Our D&S East segment has principal operations in Europe and Asia and primarily serves the geographic regions of Europe, Middle East and Asia. Our D&S West segment has principal operations in the United States and Latin America and primarily serves the Americas geographic region. Our D&S West segment also includes cryobiological storage manufacturing and distribution operations in the U.S., Europe and Asia, which serve customers around the world. E&C Cryogenics supplies critical engineered equipment and systems used in the separation, liquefaction, and purification of hydrocarbon and industrial gases that span gas-to-liquid applications. The E&C FinFans segment is focused on our unique and broad product offering and capabilities in air cooled heat exchangers (“ACHX”) and fans. Corporate includes operating expenses for executive management, accounting, tax, treasury, corporate development, human resources, information technology, investor relations, legal, internal audit, and risk management. Corporate support functions are not currently allocated to the segments. All prior period amounts presented in the tables below have been reclassified based on our current reportable segments. We evaluate performance and allocate resources based on operating income as determined in our consolidated statements of income and comprehensive loss. Segment Financial Information
| Three Months Ended March 31, 2020
| D&S East |  | D&S West |  | E&C Cryogenics |  | E&C FinFans |  | Intersegment Eliminations |  | Corporate |  | Consolidated
Sales to external customers | $ | 70.0 |  |  | $ | 111.6 |  |  | $ | 62.2 |  |  | $ | 80.7 |  |  | $ | (3.4 | ) |  | $ | — |  |  | $ | 321.1 |
Depreciation and amortization expense | 3.6 |  |  | 3.0 |  |  | 3.8 |  |  | 13.1 |  |  | — |  |  | 0.4 |  |  | 23.9 |
Operating income (loss) (1) (2) | 6.9 |  |  | 26.5 |  |  | 8.7 |  |  | 1.1 |  |  | — |  |  | (19.7 | ) |  | 23.5 |
Capital expenditures | 5.1 |  |  | 1.7 |  |  | 1.0 |  |  | 0.5 |  |  | — |  |  | 2.0 |  |  | 10.3 |
| Three Months Ended March 31, 2019
| D&S East |  | D&S West |  | E&C Cryogenics |  | E&C FinFans |  | Intersegment Eliminations |  | Corporate |  | Consolidated
Sales to external customers | $ | 68.7 |  |  | $ | 118.0 |  |  | $ | 35.1 |  |  | $ | 70.5 |  |  | $ | (3.0 | ) |  | $ | — |  |  | $ | 289.3 |
Depreciation and amortization expense | 4.2 |  |  | 2.9 |  |  | 4.5 |  |  | 4.1 |  |  | — |  |  | 0.3 |  |  | 16.0 |
Operating income (loss) (1) (2) | (2.3 | ) |  | 25.6 |  |  | (10.7 | ) |  | 9.4 |  |  | (1.1 | ) |  | (16.3 | ) |  | 4.6 |
Capital expenditures | 1.0 |  |  | 1.2 |  |  | 2.7 |  |  | 0.5 |  |  | — |  |  | 0.5 |  |  | 5.9 |
_______________
(1) | Restructuring costs for the:
• | three months ended March 31, 2020 were $5.2 ($1.0 - D&S East), $0.8 - D&S West, $0.4 - E&C Cryogenics, $2.4 - E&C FinFans, 0.6 - Corporate).
• | three months ended March 31, 2019 were $7.4 ($2.4 - D&S East, $0.3 - D&S West, $3.4 - E&C Cryogenics, $1.1 - E&C FinFans, $0.2 - Corporate).
(2) | Corporate includes transaction-related costs of: (includes costs associated with business development and other one-time transactions)
• | $0.9 for the three months ended March 31, 2019.
Product Sales Information
| Three Months Ended March 31, 2020
| D&S East |  | D&S West |  | E&C Cryogenics |  | E&C FinFans |  | Intersegment Eliminations |  | Consolidated
Natural gas processing (including petrochemical) and industrial gas applications | $ | — |  |  | $ | — |  |  | $ | 21.6 |  |  | $ | 62.0 |  |  | $ | (0.3 | ) |  | $ | 83.3 |
Liquefied natural gas (LNG) applications | 19.7 |  |  | 18.9 |  |  | 33.3 |  |  | 8.6 |  |  | (1.1 | ) |  | 79.4 |
HVAC, power and refining applications | — |  |  | — |  |  | 7.3 |  |  | 10.1 |  |  | (0.1 | ) |  | 17.3 |
Bulk industrial gas applications | 39.0 |  |  | 32.4 |  |  | — |  |  | — |  |  | (0.9 | ) |  | 70.5 |
Packaged gas industrial applications | 11.1 |  |  | 41.1 |  |  | — |  |  | — |  |  | (0.9 | ) |  | 51.3 |
Cryobiological storage | 0.2 |  |  | 19.2 |  |  | — |  |  | — |  |  | (0.1 | ) |  | 19.3 |
Total | $ | 70.0 |  |  | $ | 111.6 |  |  | $ | 62.2 |  |  | $ | 80.7 |  |  | $ | (3.4 | ) |  | $ | 321.1 |
| Three Months Ended March 31, 2019
| D&S East |  | D&S West |  | E&C Cryogenics |  | E&C FinFans |  | Intersegment Eliminations |  | Consolidated
Natural gas processing (including petrochemical) and industrial gas applications | $ | — |  |  | $ | — |  |  | $ | 25.9 |  |  | $ | 51.5 |  |  | $ | — |  |  | $ | 77.4 |
Liquefied natural gas (LNG) applications | 12.1 |  |  | 22.1 |  |  | 4.2 |  |  | 10.4 |  |  | — |  |  | 48.8 |
HVAC, power and refining applications | — |  |  | — |  |  | 5.0 |  |  | 8.6 |  |  | — |  |  | 13.6 |
Bulk industrial gas applications | 40.2 |  |  | 37.8 |  |  | — |  |  | — |  |  | (0.3 | ) |  | 77.7 |
Packaged gas industrial applications | 16.4 |  |  | 36.1 |  |  | — |  |  | — |  |  | (1.0 | ) |  | 51.5 |
Cryobiological storage | — |  |  | 22.0 |  |  | — |  |  | — |  |  | (1.7 | ) |  | 20.3 |
Total | $ | 68.7 |  |  | $ | 118.0 |  |  | $ | 35.1 |  |  | $ | 70.5 |  |  | $ | (3.0 | ) |  | $ | 289.3 |
Total Assets |  | March 31, 2020 |  | December 31, 2019
D&S East |  | $ | 511.9 |  |  | $ | 528.6 |
D&S West |  | 423.3 |  |  | 414.9 |
E&C Cryogenics |  | 428.1 |  |  | 430.3 |
E&C FinFans |  | 1,032.3 |  |  | 1,028.0 |
Corporate |  | 27.4 |  |  | 79.6 |
Total |  | $ | 2,423.0 |  |  | $ | 2,481.4 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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