XML 34 R21.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Business Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2018
Segment Reporting [Abstract] |
Business Segment Information |
15. | Business Segment Information
The Company’s operations are organized and reviewed by management along its product lines or end market that the segment serves and presented in three reportable segments. During the first quarter of 2018, the Company finalized an overall assessment and recalibration of its strategy. As a part of the changes to its strategy, management determined that a realignment of the Company’s segments was necessary to better reflect the technologies and solutions we provide, and the end markets we serve. As a result of this realignment, the reportable segments of the Company have been renamed and we reclassified the operating results of certain business units within the Energy Solutions and Industrial Solutions segments to have their reportable segment more closely align with our strategy. Energy Solutions Segment Our Energy Solutions segment, formerly known as the Energy segment, improves air quality and solves fluid handling needs with market leading, highly engineered and customized solutions for the power generation, oil & gas, and petrochemical industries. Our offerings in this space include solutions such as natural gas turbine exhaust systems, selective catalytic reduction (“SCR”) and selective non-catalytic reduction (“SNCR”) systems, acoustical components and silencers, silencer and precipitator applications, the design and manufacture of technologies for flue gas dampers, diverters, expansion joints, gas and liquid separation and filtration equipment, secondary separators (nuclear plant reactor vessels), and fluid catalytic cracking (“FCC”) unit cyclones for processing in power generation, refining, oil production and petrochemical plants, as well as a variety of other industries. Industrial Solutions Segment Our Industrial Solutions segment, formerly known as the Environmental segment, improves air quality with a compelling solution set of air pollution control technologies that enable our customers to reduce their carbon footprint, lower energy consumption, minimize waste and meet compliance targets for toxic emissions, fumes, volatile organic compounds, process and industrial odors. With a powerful suite of products and solutions to address air quality needs in the industrial markets, our offerings 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. Fluid Handling Solutions Segment Our Fluid Handling Solutions segment, formerly known as the Fluid Handling and Filtration segment, provides solutions for mission-critical applications to a wide variety of industries including, but not limited to, chemical, petrochemical, pharmaceutical, wastewater treatment, desalination, aquarium and aquaculture, plating and metal finishing, and food and beverage. To meet the needs of these markets, we design and manufacture high quality pumps and specialty filtration solutions including 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. 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 (loss) 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) |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Net Sales (less intra-, inter-segment sales) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 56,552 |  |  | $ | 44,279 |  |  | $ | 147,661 |  |  | $ | 150,487 |
Industrial Solutions Segment |  |  | 20,258 |  |  |  | 21,638 |  |  |  | 56,379 |  |  |  | 67,737 |
Fluid Handling Solutions Segment |  |  | 11,446 |  |  |  | 20,105 |  |  |  | 39,445 |  |  |  | 54,269 |
Corporate and Other(1) |  |  | — |  |  |  | (1,035 | ) |  |  | — |  |  |  | (985 | )
Net sales |  | $ | 88,256 |  |  | $ | 84,987 |  |  | $ | 243,485 |  |  | $ | 271,508 |
(1) | Includes adjustment for revenue on intercompany jobs.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(dollars in thousands) |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
(Loss) income from Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 8,156 |  |  | $ | 5,921 |  |  | $ | 17,682 |  |  | $ | 20,280 |
Industrial Solutions Segment |  |  | 1,638 |  |  |  | 1,523 |  |  |  | 4,279 |  |  |  | 6,356 |
Fluid Handling Solutions Segment |  |  | 1,836 |  |  |  | 4,299 |  |  |  | 7,234 |  |  |  | 11,756 |
Corporate and Other(2) |  |  | (21,911 | ) |  |  | (5,403 | ) |  |  | (24,691 | ) |  |  | (20,349 | )
Eliminations |  |  | (160 | ) |  |  | (710 | ) |  |  | (232 | ) |  |  | (1,808 | )
(Loss) income from operations |  | $ | (10,441 | ) |  | $ | 5,630 |  |  | $ | 4,272 |  |  | $ | 16,235 |
(2) | Includes loss on divestitures, net of selling costs (see Note 16 – Divestitures), corporate compensation, professional services, information technology, executive transition expenses, acquisition and integration expenses, and other general and administrative corporate expenses. This figure excludes earnout expenses, which are recorded in the segment in which the expense occurs. See Note 7 for the earnout expenses by segment.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(dollars in thousands) |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Property and Equipment Additions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 6 |  |  | $ | 74 |  |  | $ | 38 |  |  | $ | 426 |
Industrial Solutions Segment |  |  | 533 |  |  |  | 63 |  |  |  | 697 |  |  |  | 103 |
Fluid Handling Solutions Segment |  |  | 767 |  |  |  | 17 |  |  |  | 1,051 |  |  |  | 236 |
Corporate and Other |  |  | — |  |  |  | 11 |  |  |  | 111 |  |  |  | 41 |
Property and equipment additions |  | $ | 1,306 |  |  | $ | 165 |  |  | $ | 1,897 |  |  | $ | 806 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(dollars in thousands) |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 2,031 |  |  | $ | 2,379 |  |  | $ | 6,286 |  |  | $ | 7,314 |
Industrial Solutions Segment |  |  | 225 |  |  |  | 361 |  |  |  | 795 |  |  |  | 1,143 |
Fluid Handling Solutions Segment |  |  | 835 |  |  |  | 1,168 |  |  |  | 2,683 |  |  |  | 3,563 |
Corporate and Other |  |  | 104 |  |  |  | 29 |  |  |  | 333 |  |  |  | 85 |
Depreciation and amortization |  | $ | 3,195 |  |  | $ | 3,937 |  |  | $ | 10,097 |  |  | $ | 12,105 |
(dollars in thousands) |  | September 30, 2018 |  |  | December 31, 2017 |
Identifiable Assets |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 265,511 |  |  | $ | 258,218 |
Industrial Solutions Segment |  |  | 55,511 |  |  |  | 66,723 |
Fluid Handling Solutions Segment |  |  | 75,409 |  |  |  | 100,917 |
Corporate and Other(3) |  |  | 8,788 |  |  |  | 12,691 |
Identifiable assets |  | $ | 405,219 |  |  | $ | 438,549 |
(3)Corporate and Other assets consist primarily of cash and income tax related assets.
(dollars in thousands) |  | September 30, 2018 |  |  | December 31, 2017 |
Goodwill |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 98,137 |  |  | $ | 98,408 |
Industrial Solutions Segment |  |  | 22,419 |  |  |  | 22,419 |
Fluid Handling Solutions Segment |  |  | 31,806 |  |  |  | 46,124 |
Goodwill |  | $ | 152,362 |  |  | $ | 166,951 |
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, 2018 |
|  |  |  |  |  |  |  |  |  | Less Inter-Segment Sales |  |  |  |  |
(dollars in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial |  |  | Energy |  |  | Fluid |  |  | Corp and Other |  |  | Net Sales to Outside Customers |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 58,561 |  |  | $ | (1,453 | ) |  | $ | (556 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 56,552 |
Industrial Solutions Segment |  |  | 20,800 |  |  |  | (574 | ) |  |  | — |  |  |  | 73 |  |  |  | (41 | ) |  |  | — |  |  |  | 20,258 |
Fluid Handling Solutions Segment |  |  | 11,836 |  |  |  | (399 | ) |  |  | 16 |  |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | 11,446 |
Corporate and Other(4) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net Sales |  | $ | 91,197 |  |  | $ | (2,426 | ) |  | $ | (540 | ) |  | $ | 66 |  |  | $ | (41 | ) |  | $ | — |  |  | $ | 88,256 |
|  | Three Months Ended September 30, 2017 |
|  |  |  |  |  |  |  |  |  | Less Inter-Segment Sales |  |  |  |  |
(dollars in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial |  |  | Energy |  |  | Fluid |  |  | Corp and Other |  |  | Net Sales to Outside Customers |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 45,387 |  |  | $ | (1,102 | ) |  | $ | (6 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 44,279 |
Industrial Solutions Segment |  |  | 22,041 |  |  |  | (396 | ) |  |  | — |  |  |  | (1 | ) |  |  | (6 | ) |  |  | — |  |  |  | 21,638 |
Fluid Handling Solutions Segment |  |  | 20,768 |  |  |  | (570 | ) |  |  | (55 | ) |  |  | (38 | ) |  |  | — |  |  |  | — |  |  |  | 20,105 |
Corporate and Other(4) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,035 | ) |  |  | (1,035 | )
Net Sales |  | $ | 88,196 |  |  | $ | (2,068 | ) |  | $ | (61 | ) |  | $ | (39 | ) |  | $ | (6 | ) |  | $ | (1,035 | ) |  | $ | 84,987 |
|  | Nine Months Ended September 30, 2018 |
|  |  |  |  |  |  |  |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Equipment Segment |  | $ | 155,011 |  |  | $ | (5,851 | ) |  | $ | (1,494 | ) |  | $ | — |  |  | $ | (5 | ) |  | $ | — |  |  | $ | 147,661 |
Air Quality Segment |  |  | 59,198 |  |  |  | (2,178 | ) |  |  | — |  |  |  | (600 | ) |  |  | (41 | ) |  |  | — |  |  |  | 56,379 |
Fluid Handling Solutions Segment |  |  | 41,011 |  |  |  | (1,208 | ) |  |  | (351 | ) |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | 39,445 |
Corporate and Other(4) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net Sales |  | $ | 255,220 |  |  | $ | (9,237 | ) |  | $ | (1,845 | ) |  | $ | (607 | ) |  | $ | (46 | ) |  | $ | — |  |  | $ | 243,485 |
|  | Nine Months Ended September 30, 2017 |
|  |  |  |  |  |  |  |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Equipment Segment |  | $ | 156,764 |  |  | $ | (6,249 | ) |  | $ | (28 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 150,487 |
Air Quality Segment |  |  | 70,598 |  |  |  | (2,086 | ) |  |  | — |  |  |  | (730 | ) |  |  | (45 | ) |  |  | — |  |  |  | 67,737 |
Fluid Handling Solutions Segment |  |  | 56,620 |  |  |  | (1,727 | ) |  |  | (477 | ) |  |  | (147 | ) |  |  | — |  |  |  | — |  |  |  | 54,269 |
Corporate and Other(4) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (985 | ) |  |  | (985 | )
Net Sales |  | $ | 283,982 |  |  | $ | (10,062 | ) |  | $ | (505 | ) |  | $ | (877 | ) |  | $ | (45 | ) |  | $ | (985 | ) |  | $ | 271,508 |
(4) | 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration