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Business Segment Information | 12 Months Ended
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Dec. 31, 2014
Segment Reporting [Abstract] |
Business Segment Information |
17. | Business Segment Information
The Company’s operations are organized and reviewed by management along its product lines and presented in three reportable segments. The results of the segments are reviewed through to the “Income from operations” line on the Consolidated Statements of Income. The accounting policies of the segments are the same as those in the consolidated financial statements. Except for the information reported on a segment basis, the Company does not accumulate net sales information by product or service and therefore, the Company does not disclose net sales by product or service because to do so would be impractical. The Company’s reportable segments are however organized as groups of similar products and services. Effective January 1, 2014, the Company implemented an internal reorganization related to the integration of recent acquisitions, which resulted in three reportable segments, defined as follows: Air Pollution Control Segment Our Air Pollution Control Segment is comprised of Adwest, HEE-Duall Air and Odor Technologies, Busch, Buell Energy Cyclones, Emtrol, Flex-Kleen Dust Collection Technologies, FKI, Kirk & Blum, KB Duct, and SAT. This segment provides the design and manufacture of product recovery and air pollution control technologies that enable our customers to meet compliance targets for toxic emissions, fumes, volatile organic compounds, process and industrial odors. These products and solutions include chemical and biological scrubbers, fabric filters and cartridge collectors, thermal and catalytic oxidation systems, cyclones, separators, gas absorbers and industrial ventilation systems. This segment also provides component parts for industrial air systems and provides cost effective alternatives to traditional duct components, as well as custom metal engineered fabrication services. These products and services are applicable to a wide variety of industries. Energy Segment Our Energy Segment is comprised of Aarding, Effox, Flextor, AVC, Zhongli. This segment provides the design and manufacture of technologies for flue gas and diverter dampers, non-metallic expansion joints, natural gas turbine exhaust systems, and silencer and precipitator applications, primarily for coal-fired and natural gas power plants, refining, oil production and petrochemical processing, as well as a variety of other industries. Fluid Handling and Filtration Segment Our Fluid Handling and Filtration Segment is comprised of Met-Pro Global Pump Solutions, Mefiag Filtration Solutions, Keystone Filtration Solutions, CECO Filters and Strobic Air Corporation. This segment provides the design and manufacture of technologies including high quality centrifugal pumps for corrosive, abrasive and high temperature liquids, filter products for air and liquid filtration, as well as product recovery equipment, and technologically advanced air movement and exhaust systems. These products are applicable to a wide variety of industries, particularly the aquarium/aquaculture, plating and metal finishing, food and beverage, chemical/petrochemical, wastewater treatment, desalination and pharmaceutical markets.
|  | 2014 |  |  | 2013 |  |  | 2012 |
Net Sales (less intra-, inter-segment sales) |  |  |  |  |  |  |  |  |  |  |  |
(Table only in thousands) |  |  |  |  |  |  |  |  |
Air Pollution Control Segment |  | $ | 127,707 |  |  | $ | 101,150 |  |  | $ | 88,582 |
Energy Segment |  |  | 70,285 |  |  |  | 69,355 |  |  |  | 40,194 |
Fluid Handling and Filtration Segment |  |  | 65,638 |  |  |  | 25,199 |  |  |  | 6,191 |
Corporate and Other (1) |  |  | (413 | ) |  |  | 1,613 |  |  |  | 85 |
Net sales |  | $ | 263,217 |  |  | $ | 197,317 |  |  | $ | 135,052 |
(1) | Includes adjustment for revenue on intercompany jobs.
|  | 2014 |  |  | 2013 |  |  | 2012 |
Income (Loss) from Operations |  |  |  |  |
(Table only in thousands) |  |  |  |  |  |  |  |  |
Air Pollution Control Segment |  | $ | 16,803 |  |  | $ | 15,422 |  |  | $ | 14,635 |
Energy Segment |  |  | 7,799 |  |  |  | 9,336 |  |  |  | 7,574 |
Fluid Handling and Filtration Segment |  |  | 13,188 |  |  |  | 1,443 |  |  |  | 998 |
Corporate and Other (2) |  |  | (14,297 | ) |  |  | (17,756 | ) |  |  | (6,460 | )
Eliminations |  |  | (1,830 | ) |  |  | (1,473 | ) |  |  | (64 | )
Income from operations |  | $ | 21,663 |  |  | $ | 6,972 |  |  | $ | 16,683 |
(2) | Includes corporate compensation, professional services, information technology, acquisition and integration expenses, and other general and administrative corporate expenses.
|  | December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Property and Equipment Additions |  |  |  |  |  |  |  |  |  |  |  |
(Table only in thousands) |  |  |  |  |  |  |  |  |
Air Pollution Control Segment |  | $ | 486 |  |  | $ | 266 |  |  | $ | 225 |
Energy Segment |  |  | 136 |  |  |  | 476 |  |  |  | 26 |
Fluid Handling and Filtration Segment |  |  | 486 |  |  |  | 628 |  |  |  | — |
Corporate and Other |  |  | 43 |  |  |  | 7 |  |  |  | 22 |
Property and equipment additions |  | $ | 1,151 |  |  | $ | 1,377 |  |  | $ | 273 |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  |  |
(Table only in thousands) |  |  |  |  |  |  |  |  |
Air Pollution Control Segment |  | $ | 2,263 |  |  | $ | 1,264 |  |  | $ | 747 |
Energy Segment |  |  | 2,329 |  |  |  | 2,174 |  |  |  | 255 |
Fluid Handling and Filtration Segment |  |  | 6,545 |  |  |  | 3,048 |  |  |  | 36 |
Corporate and Other |  |  | 131 |  |  |  | 161 |  |  |  | 212 |
Depreciation and amortization |  | $ | 11,268 |  |  | $ | 6,647 |  |  | $ | 1,250 |
|  | December 31, |
|  | 2014 |  |  | 2013 |
Identifiable Assets |  |  |  |  |  |  |  |
(Table only in thousands) |  |  |  |  |  |
Air Pollution Control Segment |  | $ | 133,899 |  |  | $ | 74,556 |
Energy Segment |  |  | 91,850 |  |  |  | 76,960 |
Fluid Handling and Filtration Segment |  |  | 172,779 |  |  |  | 186,320 |
Corporate and Other (3) |  |  | 15,837 |  |  |  | 11,374 |
Identifiable assets |  | $ | 414,365 |  |  | $ | 349,210 |
(3) | Corporate assets primarily consist of cash and income tax related assets.
|  | December 31, |
|  | 2014 |  |  | 2013 |
(Table only in thousands) |  |  |  |  |  |
Air Pollution Control Segment |  | $ | 53,538 |  |  | $ | 22,657 |
Energy Segment |  |  | 16,778 |  |  |  | 14,174 |
Fluid Handling and Filtration Segment |  |  | 97,231 |  |  |  | 97,231 |
Goodwill |  | $ | 167,547 |  |  | $ | 134,062 |
Intra-segment and Inter-segment Revenues The Company has multiple divisions that sell to each other within segments (intra-segment sales) and between segments (inter-segment sales) as indicated in the following tables:
|  | Year Ended December 31, 2014 |
|  |  |  |  |  |  |  | Less Inter-Segment Sales |  |  |  |
|  | Total Sales |  |  | Intra-Segment Sales |  |  | APC |  |  | Energy |  |  | FHF |  |  | Corp and Other |  |  | Net Sales to Outside Customers |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Table only in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Air Pollution Control Segment |  | $ | 136,544 |  |  | $ | (7,089 | ) |  | $ | — |  |  | $ | (1,403 | ) |  | $ | (345 | ) |  | $ | — |  |  | $ | 127,707 |
Energy Segment |  |  | 76,302 |  |  |  | (5,964 | ) |  |  | (53 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 70,285 |
Fluid Handling and Filtration Segment |  |  | 67,558 |  |  |  | (1,845 | ) |  |  | (75 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 65,638 |
Corporate and Other (4) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (413 | ) |  |  | (413 | )
Net Sales |  | $ | 280,404 |  |  | $ | (14,898 | ) |  | $ | (128 | ) |  | $ | (1,403 | ) |  | $ | (345 | ) |  | $ | (413 | ) |  | $ | 263,217 |
|  | Year Ended December 31, 2013 |
|  |  |  |  |  |  |  | Less Inter-Segment Sales |  |  |  |
|  | Total Sales |  |  | Intra-Segment Sales |  |  | APC |  |  | Energy |  |  | FHF |  |  | Corp and Other |  |  | Net Sales to Outside Customers |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Table only in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Air Pollution Control Segment |  | $ | 108,939 |  |  | $ | (6,552 | ) |  | $ | — |  |  | $ | (831 | ) |  | $ | (406 | ) |  | $ | — |  |  | $ | 101,150 |
Energy Segment |  |  | 71,455 |  |  |  | (1,921 | ) |  |  | (179 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 69,355 |
Fluid Handling and Filtration Segment |  |  | 26,181 |  |  |  | (721 | ) |  |  | (261 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25,199 |
Corporate and Other (4) |  |  | 1,478 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 135 |  |  |  | 1,613 |
Net Sales |  | $ | 208,053 |  |  | $ | (9,194 | ) |  | $ | (440 | ) |  | $ | (831 | ) |  | $ | (406 | ) |  | $ | 135 |  |  | $ | 197,317 |
|  | Year Ended December 31, 2012 |
|  |  |  |  |  |  |  | Less Inter-Segment Sales |  |  |  |
|  | Total Sales |  |  | Intra-Segment Sales |  |  | APC |  |  | Energy |  |  | FHF |  |  | Corp and Other |  |  | Net Sales to Outside Customers |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Table only in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Air Pollution Control Segment |  | $ | 95,358 |  |  | $ | (5,451 | ) |  | $ | — |  |  | $ | (346 | ) |  | $ | (979 | ) |  | $ | — |  |  | $ | 88,582 |
Energy Segment |  |  | 40,650 |  |  |  | (7 | ) |  |  | (449 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40,194 |
Fluid Handling and Filtration Segment |  |  | 6,229 |  |  |  | — |  |  |  | (38 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,191 |
Corporate and Other (4) |  |  | 19 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 66 |  |  |  | 85 |
Net Sales |  | $ | 142,256 |  |  | $ | (5,458 | ) |  | $ | (487 | ) |  | $ | (346 | ) |  | $ | (979 | ) |  | $ | 66 |  |  | $ | 135,052 |
(4) | Includes adjustment for revenue on intercompany jobs.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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