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Business Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Business Segment Information

16. 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 are presented in three reportable segments. The results of the segments are reviewed through the “Income (loss) from operations” line on the Consolidated Statements of Operations.

During the first quarter of 2019, as a result of further evaluating the Company’s operating structure, management determined that a minor realignment of the Company’s segments would help maximize growth and improve customer experience. As a result of this minor realignment, the operating results of the reportable segments Fluid Handling Solutions and Industrial Solutions have been reclassified to have their results align for the three-month and nine-month periods ended September 30, 2019 and 2018.

The Company’s reportable segments are organized as groups of similar products and services, as described as follows:

Energy Solutions segment:  Our Energy Solutions segment serves the Energy market, where we are a key part of helping meet the global demand for Clean Energy with products and services that support our customers with efficient solutions and technologies to keep the world clean and safe. Our offerings improve air quality and solves fluid handling needs with market leading, highly engineered, and customized solutions for the power generation, oil & gas, and petrochemical industries.

Industrial Solutions segment:  Our Industrial Solutions segment serves the Industrial Pollution Control market where our aim is to address the growing need to protect the air we breathe and help our customers’ desires for sustainability upgrades beyond carbon footprint issues.  Our offerings improve 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, and industrial odors.

Fluid Handling Solutions segment:  Our Fluid Handling Solutions segment offers unique pump and filtration solutions that maintain safe and clean operations in some of the most harsh and toxic environments. In this market, we provide solutions for mission-critical applications to a wide variety of industries including, but not limited to, plating and metal finishing, automotive, food and beverage, chemical, petrochemical, pharmaceutical, wastewater treatment, desalination and the aquarium & aquaculture markets.

The financial segment information is presented in the following tables:

		Three months ended September 30,								Nine months ended September 30,
(dollars in thousands)		2019				2018				2019				2018
Net Sales (less intra-, inter-segment sales)
Energy Solutions Segment		$	48,847			$	56,552			$	154,606			$	147,661
Industrial Solutions Segment			26,983				21,868				65,920				59,833
Fluid Handling Solutions Segment			9,436				9,836				31,930				35,991
Net sales		$	85,266			$	88,256			$	252,456			$	243,485

		Three months ended September 30,								Nine months ended September 30,
(dollars in thousands)		2019				2018				2019				2018
Income (loss) from Operations
Energy Solutions Segment		$	7,633			$	8,157			$	23,275			$	17,682
Industrial Solutions Segment			2,794				2,091				3,911				4,769
Fluid Handling Solutions Segment			818				1,388				4,657				6,744
Corporate and Other(1)			(7,186	)			(22,666	)			(20,878	)			(24,691	)
Eliminations			—				589				—				(232	)
Income (loss) from operations		$	4,059			$	(10,441	)		$	10,965			$	4,272

⁽¹⁾ Includes gain (loss) on divestitures, net of selling costs (see Note 17 – Divestitures), corporate compensation, professional services, information technology, and other general and administrative corporate expenses.  This figure excludes earnout expenses, which are recorded in the segment in which the expense occurs.  

		Three months ended September 30,								Nine months ended September 30,
(dollars in thousands)		2019				2018				2019				2018
Property and Equipment Additions
Energy Solutions Segment		$	57			$	6			$	218			$	38
Industrial Solutions Segment			59				533				222				697
Fluid Handling Solutions Segment			2,135				767				2,624				1,051
Corporate and Other			293				—				682				111
Property and equipment additions		$	2,544			$	1,306			$	3,746			$	1,897

		Three months ended September 30,								Nine months ended September 30,
(dollars in thousands)		2019				2018				2019				2018
Depreciation and Amortization
Energy Solutions Segment		$	1,544			$	2,379			$	4,684			$	6,286
Industrial Solutions Segment			327				361				998				803
Fluid Handling Solutions Segment			668				1,168				2,140				2,675
Corporate and Other			94				29				331				333
Depreciation and amortization		$	2,633			$	3,937			$	8,153			$	10,097

(dollars in thousands)		September 30, 2019				December 31, 2018
Identifiable Assets
Energy Solutions Segment		$	246,630			$	245,842
Industrial Solutions Segment			58,250				55,582
Fluid Handling Solutions Segment			71,778				72,507
Corporate and Other(2)			12,982				18,651
Identifiable assets		$	389,640			$	392,582

⁽²⁾ Corporate and Other assets consist primarily of cash and income tax related assets.

(dollars in thousands)		September 30, 2019				December 31, 2018
Goodwill
Energy Solutions Segment		$	96,956			$	97,143
Industrial Solutions Segment			23,436				23,436
Fluid Handling Solutions Segment			31,577				31,577
Goodwill		$	151,969			$	152,156

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, 2019
														Less Inter-Segment Sales
(dollars in thousands)		Total Sales						Intra- Segment Sales						Industrial						Energy						Fluid				Net Sales to Outside Customers
Net Sales
Energy Solutions Segment		$	51,083					$	(2,134	)				$	(102	)				$	—					$	—			$	48,847
Industrial Solutions Segment			29,269						(2,227	)					—						(59	)					—				26,983
Fluid Handling Solutions Segment			9,823						(362	)					(25	)					—						—				9,436
Net Sales		$	90,175					$	(4,723	)				$	(127	)				$	(59	)				$	—			$	85,266

		Three months ended September 30, 2018
														Less Inter-Segment Sales
(dollars in thousands)		Total Sales						Intra- Segment Sales						Industrial						Energy						Fluid				Net Sales to Outside Customers
Net Sales
Energy Solutions Segment		$	58,561					$	(1,453	)				$	(556	)				$	—					$	—			$	56,552
Industrial Solutions Segment			22,409						(573	)					—						73						(41	)			21,868
Fluid Handling Solutions Segment			10,226						(399	)					16						(7	)					—				9,836
Net Sales		$	91,196					$	(2,425	)				$	(540	)				$	66					$	(41	)		$	88,256

		Nine months ended September 30, 2019
														Less Inter-Segment Sales
(dollars in thousands)		Total Sales						Intra- Segment Sales						Industrial						Energy						Fluid				Net Sales to Outside Customers
Net Sales
Energy Solutions Segment		$	158,888					$	(3,998	)				$	(272	)				$	—					$	(12	)		$	154,606
Industrial Solutions Segment			73,794						(6,204	)					—						(1,617	)					(53	)			65,920
Fluid Handling Solutions Segment			33,189						(1,096	)					(163	)					—						—				31,930
Net Sales		$	265,871					$	(11,298	)				$	(435	)				$	(1,617	)				$	(65	)		$	252,456

		Nine months ended September 30, 2018
														Less Inter-Segment Sales
(dollars in thousands)		Total Sales						Intra- Segment Sales						Industrial						Energy						Fluid				Net Sales to Outside Customers
Net Sales
Energy Solutions Segment		$	155,011					$	(5,851	)				$	(1,494	)				$	—					$	(5	)		$	147,661
Industrial Solutions Segment			62,652						(2,178	)					—						(600	)					(41	)		$	59,833
Fluid Handling Solutions Segment			37,557						(1,208	)					(351	)					(7	)					—			$	35,991
Net Sales		$	255,220					$	(9,237	)				$	(1,845	)				$	(607	)				$	(46	)		$	243,485

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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

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