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v3.20.2

Business Segment Information (Tables) | 9 Months Ended
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Sep. 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 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.
Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets |
|  | 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.
Goodwill |
(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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