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Business Segment Information | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Business Segment Information |
1 5. | 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 from operations” line on the Condensed Consolidated Statements of Operations. 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 through our highly engineered and tailored emissions management, silencers and separation solutions and services. Our offerings improve air quality and solves fluid handling needs with market leading technologies, efficiently designed, and customized solutions for the power generation, oil & gas, and petrochemical industries. Industrial Solutions segment: Our Industrial Solutions segment serves the Air 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 clean air pollution control, collection and ventilation technologies improve air quality with a compelling solution 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) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net Sales (less intra-, inter-segment sales) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 49,709 |  |  | $ | 48,847 |  |  | $ | 149,429 |  |  | $ | 154,606 |
Industrial Solutions Segment |  |  | 18,716 |  |  |  | 26,983 |  |  |  | 55,736 |  |  |  | 65,920 |
Fluid Handling Solutions Segment |  |  | 9,000 |  |  |  | 9,436 |  |  |  | 27,916 |  |  |  | 31,930 |
Net sales |  | $ | 77,425 |  |  | $ | 85,266 |  |  | $ | 233,081 |  |  | $ | 252,456 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(dollars in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Income from Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 7,276 |  |  | $ | 7,633 |  |  | $ | 24,479 |  |  | $ | 23,275 |
Industrial Solutions Segment |  |  | 101 |  |  |  | 2,794 |  |  |  | 1,593 |  |  |  | 3,911 |
Fluid Handling Solutions Segment |  |  | 1,438 |  |  |  | 818 |  |  |  | 4,878 |  |  |  | 4,657 |
Corporate and Other(1) |  |  | (7,797 | ) |  |  | (7,186 | ) |  |  | (21,299 | ) |  |  | (20,878 | )
Income from operations |  | $ | 1,018 |  |  | $ | 4,059 |  |  | $ | 9,651 |  |  | $ | 10,965 |
(1) | Includes corporate compensation, professional services, information technology, and other general and administrative corporate expenses.
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(dollars in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Property and Equipment Additions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 148 |  |  | $ | 57 |  |  | $ | 446 |  |  | $ | 218 |
Industrial Solutions Segment |  |  | — |  |  |  | 59 |  |  |  | 215 |  |  |  | 222 |
Fluid Handling Solutions Segment |  |  | 132 |  |  |  | 2,135 |  |  |  | 686 |  |  |  | 2,624 |
Corporate and Other |  |  | 603 |  |  |  | 293 |  |  |  | 1,528 |  |  |  | 682 |
Property and equipment additions |  | $ | 883 |  |  | $ | 2,544 |  |  | $ | 2,875 |  |  | $ | 3,746 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(dollars in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Depreciation and Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 1,245 |  |  | $ | 1,544 |  |  | $ | 3,690 |  |  | $ | 4,684 |
Industrial Solutions Segment |  |  | 475 |  |  |  | 327 |  |  |  | 1,123 |  |  |  | 998 |
Fluid Handling Solutions Segment |  |  | 679 |  |  |  | 668 |  |  |  | 1,942 |  |  |  | 2,140 |
Corporate and Other |  |  | 177 |  |  |  | 94 |  |  |  | 469 |  |  |  | 331 |
Depreciation and amortization |  | $ | 2,576 |  |  | $ | 2,633 |  |  | $ | 7,224 |  |  | $ | 8,153 |
(dollars in thousands) |  | September 30, 2020 |  |  | December 31, 2019 |
Identifiable Assets |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 265,858 |  |  | $ | 254,752 |
Industrial Solutions Segment |  |  | 72,931 |  |  |  | 64,725 |
Fluid Handling Solutions Segment |  |  | 67,118 |  |  |  | 71,572 |
Corporate and Other(2) |  |  | 16,183 |  |  |  | 17,588 |
Identifiable assets |  | $ | 422,090 |  |  | $ | 408,637 |
(2) | Corporate and Other assets consist primarily of cash and income tax related assets.
(dollars in thousands) |  | September 30, 2020 |  |  | December 31, 2019 |
Goodwill |  |  |  |  |  |  |  |
Energy Solutions Segment |  | $ | 99,317 |  |  | $ | 97,007 |
Industrial Solutions Segment |  |  | 30,458 |  |  |  | 23,436 |
Fluid Handling Solutions Segment |  |  | 31,577 |  |  |  | 31,577 |
Goodwill |  | $ | 161,352 |  |  | $ | 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 September 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 |  | $ | 51,203 |  |  |  |  | $ | (1,071 | ) |  |  |  | $ | (217 | ) |  |  |  | $ | — |  |  |  |  | $ | (206 | ) |  | $ | 49,709 |
Industrial Solutions Segment |  |  | 21,741 |  |  |  |  |  | (2,914 | ) |  |  |  |  | — |  |  |  |  |  | (111 | ) |  |  |  |  | — |  |  |  | 18,716 |
Fluid Handling Solutions Segment |  |  | 9,203 |  |  |  |  |  | (185 | ) |  |  |  |  | (18 | ) |  |  |  |  | — |  |  |  |  |  | — |  |  |  | 9,000 |
Net Sales |  | $ | 82,147 |  |  |  |  | $ | (4,170 | ) |  |  |  | $ | (235 | ) |  |  |  | $ | (111 | ) |  |  |  | $ | (206 | ) |  | $ | 77,425 |
|  | 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 |
|  | Nine months ended September 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 |  | $ | 159,181 |  |  |  |  | $ | (8,861 | ) |  |  |  | $ | (446 | ) |  |  |  | $ | — |  |  |  |  | $ | (445 | ) |  | $ | 149,429 |
Industrial Solutions Segment |  |  | 66,691 |  |  |  |  |  | (10,038 | ) |  |  |  |  | — |  |  |  |  |  | (902 | ) |  |  |  |  | (15 | ) |  |  | 55,736 |
Fluid Handling Solutions Segment |  |  | 28,581 |  |  |  |  |  | (633 | ) |  |  |  |  | (32 | ) |  |  |  |  | — |  |  |  |  |  | — |  |  |  | 27,916 |
Net Sales |  | $ | 254,453 |  |  |  |  | $ | (19,532 | ) |  |  |  | $ | (478 | ) |  |  |  | $ | (902 | ) |  |  |  | $ | (460 | ) |  | $ | 233,081 |
|  | 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 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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