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v3.20.2

Business Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Net Sales and Income from Operation by Business Segment | The financial segment information is presented in the following tables:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(dollars in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net Sales (less intra-, inter-segment sales) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 49,074 |  |  | $ | 50,572 |  |  | $ | 99,720 |  |  | $ | 105,760 |
Industrial Solutions Segment |  |  | 16,664 |  |  |  | 20,083 |  |  |  | 37,020 |  |  |  | 38,936 |
Fluid Handling Solutions Segment |  |  | 9,432 |  |  |  | 10,524 |  |  |  | 18,916 |  |  |  | 22,494 |
Net sales |  | $ | 75,170 |  |  | $ | 81,179 |  |  | $ | 155,656 |  |  | $ | 167,190 |
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(dollars in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Income from Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 8,646 |  |  | $ | 6,351 |  |  | $ | 17,203 |  |  | $ | 15,642 |
Industrial Solutions Segment |  |  | 19 |  |  |  | 515 |  |  |  | 1,492 |  |  |  | 1,117 |
Fluid Handling Solutions Segment |  |  | 1,817 |  |  |  | 1,481 |  |  |  | 3,440 |  |  |  | 3,839 |
Corporate and Other(1) |  |  | (6,087 | ) |  |  | (6,329 | ) |  |  | (13,502 | ) |  |  | (13,691 | )
Income from operations |  | $ | 4,395 |  |  | $ | 2,018 |  |  | $ | 8,633 |  |  | $ | 6,907 |
(1) | Includes corporate compensation, professional services, information technology, and other general and administrative corporate expenses.
Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets |
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(dollars in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Property and Equipment Additions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 101 |  |  | $ | 111 |  |  | $ | 298 |  |  | $ | 161 |
Industrial Solutions Segment |  |  | 55 |  |  |  | 102 |  |  |  | 215 |  |  |  | 163 |
Fluid Handling Solutions Segment |  |  | 135 |  |  |  | 337 |  |  |  | 554 |  |  |  | 489 |
Corporate and Other |  |  | 725 |  |  |  | 229 |  |  |  | 925 |  |  |  | 388 |
Property and equipment additions |  | $ | 1,016 |  |  | $ | 779 |  |  | $ | 1,992 |  |  | $ | 1,201 |
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(dollars in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 1,224 |  |  | $ | 1,561 |  |  | $ | 2,445 |  |  | $ | 3,141 |
Industrial Solutions Segment |  |  | 334 |  |  |  | 337 |  |  |  | 648 |  |  |  | 671 |
Fluid Handling Solutions Segment |  |  | 649 |  |  |  | 734 |  |  |  | 1,263 |  |  |  | 1,472 |
Corporate and Other |  |  | 245 |  |  |  | 117 |  |  |  | 292 |  |  |  | 236 |
Depreciation and amortization |  | $ | 2,452 |  |  | $ | 2,749 |  |  | $ | 4,648 |  |  | $ | 5,520 |
(dollars in thousands) |  | June 30, 2020 |  |  | December 31, 2019 |
Identifiable Assets |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 260,184 |  |  | $ | 254,752 |
Industrial Solutions Segment |  |  | 74,303 |  |  |  | 64,725 |
Fluid Handling Solutions Segment |  |  | 68,653 |  |  |  | 71,572 |
Corporate and Other(2) |  |  | 15,252 |  |  |  | 17,588 |
Identifiable assets |  | $ | 418,392 |  |  | $ | 408,637 |
(2) | Corporate and Other assets consist primarily of cash and income tax related assets.
Goodwill |
(dollars in thousands) |  | June 30, 2020 |  |  | December 31, 2019 |
Goodwill |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 97,072 |  |  | $ | 97,007 |
Industrial Solutions Segment |  |  | 30,458 |  |  |  | 23,436 |
Fluid Handling Solutions Segment |  |  | 31,577 |  |  |  | 31,577 |
Goodwill |  | $ | 159,107 |  |  | $ | 152,020 |
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 June 30, 2020 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |  | $ | 52,369 |  |  |  |  | $ | (2,984 | ) |  |  |  | $ | (106 | ) |  |  |  | $ | — |  |  |  |  | $ | (205 | ) |  | $ | 49,074 |
Industrial Solutions Segment |  |  | 20,809 |  |  |  |  |  | (3,738 | ) |  |  |  |  | — |  |  |  |  |  | (407 | ) |  |  |  |  | — |  |  |  | 16,664 |
Fluid Handling Solutions Segment |  |  | 9,629 |  |  |  |  |  | (190 | ) |  |  |  |  | (7 | ) |  |  |  |  | — |  |  |  |  |  | — |  |  |  | 9,432 |
Net Sales |  | $ | 82,807 |  |  |  |  | $ | (6,912 | ) |  |  |  | $ | (113 | ) |  |  |  | $ | (407 | ) |  |  |  | $ | (205 | ) |  | $ | 75,170 |
|  | Three months ended June 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 |  | $ | 51,656 |  |  |  |  | $ | (973 | ) |  |  |  | $ | (111 | ) |  |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 50,572 |
Industrial Solutions Segment |  |  | 22,702 |  |  |  |  |  | (1,800 | ) |  |  |  |  | — |  |  |  |  |  | (812 | ) |  |  |  |  | (7 | ) |  |  | 20,083 |
Fluid Handling Solutions Segment |  |  | 10,950 |  |  |  |  |  | (340 | ) |  |  |  |  | (86 | ) |  |  |  |  | — |  |  |  |  |  | — |  |  |  | 10,524 |
Net Sales |  | $ | 85,308 |  |  |  |  | $ | (3,113 | ) |  |  |  | $ | (197 | ) |  |  |  | $ | (812 | ) |  |  |  | $ | (7 | ) |  | $ | 81,179 |
|  | Six months ended June 30, 2020 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |  | $ | 107,978 |  |  |  |  | $ | (7,790 | ) |  |  |  | $ | (229 | ) |  |  |  | $ | — |  |  |  |  | $ | (239 | ) |  | $ | 99,720 |
Industrial Solutions Segment |  |  | 44,950 |  |  |  |  |  | (7,124 | ) |  |  |  |  | — |  |  |  |  |  | (791 | ) |  |  |  |  | (15 | ) |  |  | 37,020 |
Fluid Handling Solutions Segment |  |  | 19,378 |  |  |  |  |  | (448 | ) |  |  |  |  | (14 | ) |  |  |  |  | — |  |  |  |  |  | — |  |  |  | 18,916 |
Net Sales |  | $ | 172,306 |  |  |  |  | $ | (15,362 | ) |  |  |  | $ | (243 | ) |  |  |  | $ | (791 | ) |  |  |  | $ | (254 | ) |  | $ | 155,656 |
|  | Six months ended June 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 |  | $ | 107,806 |  |  |  |  | $ | (1,864 | ) |  |  |  | $ | (170 | ) |  |  |  | $ | — |  |  |  |  | $ | (12 | ) |  | $ | 105,760 |
Industrial Solutions Segment |  |  | 44,524 |  |  |  |  |  | (3,977 | ) |  |  |  |  | — |  |  |  |  |  | (1,558 | ) |  |  |  |  | (53 | ) |  |  | 38,936 |
Fluid Handling Solutions Segment |  |  | 23,366 |  |  |  |  |  | (734 | ) |  |  |  |  | (138 | ) |  |  |  |  | — |  |  |  |  |  | — |  |  |  | 22,494 |
Net Sales |  | $ | 175,696 |  |  |  |  | $ | (6,575 | ) |  |  |  | $ | (308 | ) |  |  |  | $ | (1,558 | ) |  |  |  | $ | (65 | ) |  | $ | 167,190 |

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