XML 35 R24.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Business Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2016
Segment Reporting [Abstract] |
Business Segment Information |
18. | Business Segment Information
The Company’s operations are organized and reviewed by management along its product lines and presented in three reportable segments. Environmental Segment Our Environmental 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 provides customized solutions for the power and petrochemical industry. This includes gas turbine exhaust systems, dampers and diverters, gas and liquid separation and filtration equipment, selective catalytic reduction (“SCR”) and selective non-catalytic reduction (“SNCR”) systems, acoustical components and silencers, secondary separators (nuclear plant reactor vessels) and expansion joints, 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 (“FHF”) segment provides the design and manufacture of high quality pump, filtration and fume exhaust solutions. This includes centrifugal pumps for corrosive, abrasive and high temperature liquids, filter products for air and liquid filtration, precious metal recovery systems, carbonate precipitators, 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. The accounting policies of the reporting segments are the same as those described in the summary of significant accounting policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC. Interest income and expense are not included in the measure of segment profit reviewed by management. Income taxes are also not included in the measure of segment operating profit reviewed by management. The operating results of the segments are reviewed through to the “Income from operations” line on the Condensed Consolidated Statements of Operations. The financial segment information is presented in the following tables:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(dollars in thousands) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Net Sales (less intra-, inter-segment sales) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Environmental Segment |  | $ | 36,606 |  |  | $ | 40,644 |  |  | $ | 119,939 |  |  | $ | 124,158 |
Energy Segment |  |  | 50,259 |  |  |  | 40,014 |  |  |  | 151,058 |  |  |  | 91,666 |
Fluid Handling and Filtration Segment |  |  | 14,866 |  |  |  | 17,136 |  |  |  | 46,874 |  |  |  | 50,075 |
Corporate and Other(1) |  |  | (135 | ) |  |  | 436 |  |  |  | (842 | ) |  |  | 277 |
Net sales |  | $ | 101,596 |  |  | $ | 98,230 |  |  | $ | 317,029 |  |  | $ | 266,176 |
(1) | Includes adjustment for revenue on intercompany jobs.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(dollars in thousands) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Income (loss) from Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Environmental Segment |  | $ | 5,459 |  |  | $ | 5,225 |  |  | $ | 16,324 |  |  | $ | 14,383 |
Energy Segment |  |  | 8,502 |  |  |  | (1,082 | ) |  |  | 20,065 |  |  |  | (447 | )
Fluid Handling and Filtration Segment |  |  | 3,109 |  |  |  | 4,011 |  |  |  | 9,507 |  |  |  | 11,398 |
Corporate and Other(2) |  |  | (6,520 | ) |  |  | (11,170 | ) |  |  | (20,058 | ) |  |  | (20,061 | )
Eliminations |  |  | (51 | ) |  |  | 822 |  |  |  | (971 | ) |  |  | - |
Income (loss) from operations |  | $ | 10,499 |  |  | $ | (2,194 | ) |  | $ | 24,867 |  |  | $ | 5,273 |
(2) | Includes corporate compensation, professional services, information technology, acquisition and integration expenses, and other general and administrative corporate expenses.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(dollars in thousands) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Property and Equipment Additions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Environmental Segment |  | $ | 4 |  |  | $ | 49 |  |  | $ | 232 |  |  | $ | 130 |
Energy Segment |  |  | 225 |  |  |  | 66 |  |  |  | 529 |  |  |  | 245 |
Fluid Handling and Filtration Segment(3) |  |  | 1,118 |  |  |  | 65 |  |  |  | 4,428 |  |  |  | 133 |
Corporate and Other |  |  | 1 |  |  |  | 5 |  |  |  | 7 |  |  |  | 18 |
Property and equipment additions |  | $ | 1,348 |  |  | $ | 185 |  |  | $ | 5,196 |  |  | $ | 526 |
(3) | Includes non-cash additions of $1,089 and $4,385 for property, plant, and equipment acquired under capital leases during the three months ended September 30, 2016 and nine months ended September 30, 2016, respectively. See Note 15 for further detail.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(dollars in thousands) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Environmental Segment |  | $ | 994 |  |  | $ | 1,092 |  |  | $ | 2,868 |  |  | $ | 3,349 |
Energy Segment |  |  | 2,341 |  |  |  | 1,526 |  |  |  | 8,082 |  |  |  | 2,957 |
Fluid Handling and Filtration Segment |  |  | 1,321 |  |  |  | 1,586 |  |  |  | 3,969 |  |  |  | 4,772 |
Corporate and Other |  |  | 33 |  |  |  | 70 |  |  |  | 98 |  |  |  | 139 |
Depreciation and Amortization |  | $ | 4,689 |  |  | $ | 4,274 |  |  | $ | 15,017 |  |  | $ | 11,217 |
(dollars in thousands) |  | September 30, 2016 |  |  | December 31, 2015 |
Identifiable Assets |  |  |  |  |  |  |  |
Environmental Segment |  | $ | 122,350 |  |  | $ | 135,171 |
Energy Segment |  |  | 263,059 |  |  |  | 283,002 |
Fluid Handling and Filtration Segment |  |  | 155,143 |  |  |  | 161,394 |
Corporate and Other(4) |  |  | 21,406 |  |  |  | 19,252 |
Identifiable Assets |  | $ | 561,958 |  |  | $ | 598,819 |
(4) | Corporate assets primarily consist of cash and income tax related assets.
(dollars in thousands) |  | September 30, 2016 |  |  | December 31, 2015 |
Goodwill |  |  |  |  |  |  |  |
Environmental Segment |  | $ | 55,031 |  |  | $ | 55,031 |
Energy Segment |  |  | 76,443 |  |  |  | 72,075 |
Fluid Handling and Filtration Segment |  |  | 93,057 |  |  |  | 93,057 |
Goodwill |  | $ | 224,531 |  |  | $ | 220,163 |
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:
|  | Three Months Ended September 30, 2016 |
|  |  |  |  |  |  |  |  |  | Less Inter-Segment Sales |  |  |  |  |
(dollars in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Environmental |  |  | Energy |  |  | FHF |  |  | Corp and Other |  |  | Net Sales to Outside Customers |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Environmental Segment |  | $ | 38,454 |  |  | $ | (941 | ) |  | $ | — |  |  | $ | (878 | ) |  | $ | (29 | ) |  | $ | — |  |  | $ | 36,606 |
Energy Segment |  |  | 51,155 |  |  |  | (874 | ) |  |  | (22 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 50,259 |
Fluid Handling and Filtration Segment |  |  | 15,451 |  |  |  | (313 | ) |  |  | (88 | ) |  |  | (184 | ) |  |  | — |  |  |  | — |  |  |  | 14,866 |
Corporate and Other(5) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (135 | ) |  |  | (135 | )
Net Sales |  | $ | 105,060 |  |  | $ | (2,128 | ) |  | $ | (110 | ) |  | $ | (1,062 | ) |  | $ | (29 | ) |  | $ | (135 | ) |  | $ | 101,596 |
|  | Three Months Ended September 30, 2015 |
|  |  |  |  |  |  |  |  |  | Less Inter-Segment Sales |  |  |  |  |
(dollars in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Environmental |  |  | Energy |  |  | FHF |  |  | Corp and Other |  |  | Net Sales to Outside Customers |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Environmental Segment |  | $ | 42,925 |  |  | $ | (1,928 | ) |  | $ | — |  |  | $ | (345 | ) |  | $ | (8 | ) |  | $ | — |  |  | $ | 40,644 |
Energy Segment |  |  | 41,511 |  |  |  | (1,490 | ) |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40,014 |
Fluid Handling and Filtration Segment |  |  | 17,654 |  |  |  | (424 | ) |  |  | (94 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17,136 |
Corporate and Other(5) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 436 |  |  |  | 436 |
Net Sales |  | $ | 102,090 |  |  | $ | (3,842 | ) |  | $ | (101 | ) |  | $ | (345 | ) |  | $ | (8 | ) |  | $ | 436 |  |  | $ | 98,230 |
|  | Nine Months Ended September 30, 2016 |
|  |  |  |  |  |  |  |  |  | Less Inter-Segment Sales |  |  |  |  |
(dollars in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Environmental |  |  | Energy |  |  | FHF |  |  | Corp and Other |  |  | Net Sales to Outside Customers |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Environmental Segment |  | $ | 126,029 |  |  | $ | (3,539 | ) |  | $ | — |  |  | $ | (2,345 | ) |  | $ | (206 | ) |  | $ | — |  |  | $ | 119,939 |
Energy Segment |  |  | 153,476 |  |  |  | (2,019 | ) |  |  | (399 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 151,058 |
Fluid Handling and Filtration Segment |  |  | 48,508 |  |  |  | (1,168 | ) |  |  | (282 | ) |  |  | (184 | ) |  |  | — |  |  |  | — |  |  |  | 46,874 |
Corporate and Other(5) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (842 | ) |  |  | (842 | )
Net Sales |  | $ | 328,013 |  |  | $ | (6,726 | ) |  | $ | (681 | ) |  | $ | (2,529 | ) |  | $ | (206 | ) |  | $ | (842 | ) |  | $ | 317,029 |
|  | Nine Months Ended September 30, 2015 |
|  |  |  |  |  |  |  |  |  | Less Inter-Segment Sales |  |  |  |  |
(dollars in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Environmental |  |  | Energy |  |  | FHF |  |  | Corp and Other |  |  | Net Sales to Outside Customers |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Environmental Segment |  | $ | 130,315 |  |  | $ | (5,211 | ) |  | $ | — |  |  | $ | (938 | ) |  | $ | (8 | ) |  | $ | — |  |  | $ | 124,158 |
Energy Segment |  |  | 96,037 |  |  |  | (3,745 | ) |  |  | (626 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 91,666 |
Fluid Handling and Filtration Segment |  |  | 51,847 |  |  |  | (1,575 | ) |  |  | (197 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 50,075 |
Corporate and Other(5) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 277 |  |  |  | 277 |
Net Sales |  | $ | 278,199 |  |  | $ | (10,531 | ) |  | $ | (823 | ) |  | $ | (938 | ) |  | $ | (8 | ) |  | $ | 277 |  |  | $ | 266,176 |
(5) | Includes adjustment for revenue on intercompany jobs.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: 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=68060357&loc=d3e9038-108599 Reference 3: 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=68060357&loc=d3e8971-108599 Reference 4: 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=68060357&loc=d3e8595-108599 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=68060357&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 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: 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=68060357&loc=d3e8844-108599 Reference 8: 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=68060357&loc=d3e8984-108599 Reference 9: 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=68060357&loc=d3e9031-108599 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=68060357&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 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: 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=68060357&loc=d3e8864-108599 Reference 13: 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=68060357&loc=d3e8924-108599 Reference 14: 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=68060357&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration