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Business Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2021
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) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net sales (less intra-, inter-segment sales) |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 44,779 |  |  | $ | 49,709 |  |  | $ | 130,196 |  |  | $ | 149,429 |
Industrial Process Solutions segment |  |  | 35,200 |  |  |  | 27,716 |  |  |  | 100,355 |  |  |  | 83,652 |
Net sales |  | $ | 79,979 |  |  | $ | 77,425 |  |  | $ | 230,551 |  |  | $ | 233,081 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(dollars in thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
(Loss) income from operations |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 4,301 |  |  | $ | 7,276 |  |  | $ | 16,105 |  |  | $ | 24,479 |
Industrial Process Solutions segment |  |  | 2,669 |  |  |  | 1,539 |  |  |  | 10,932 |  |  |  | 6,471 |
Corporate and Other(1) |  |  | (7,566 | ) |  |  | (7,797 | ) |  |  | (22,434 | ) |  |  | (21,299 | )
(Loss) income from operations |  | $ | (596 | ) |  | $ | 1,018 |  |  | $ | 4,603 |  |  | $ | 9,651 |
(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) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Property and equipment additions |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 15 |  |  | $ | 148 |  |  | $ | 79 |  |  | $ | 446 |
Industrial Process Solutions segment |  |  | 241 |  |  |  | 132 |  |  |  | 603 |  |  |  | 901 |
Corporate and Other |  |  | 487 |  |  |  | 603 |  |  |  | 1,058 |  |  |  | 1,528 |
Property and equipment additions |  | $ | 743 |  |  | $ | 883 |  |  | $ | 1,740 |  |  | $ | 2,875 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(dollars in thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 1,061 |  |  | $ | 1,245 |  |  | $ | 3,198 |  |  | $ | 3,690 |
Industrial Process Solutions segment |  |  | 1,070 |  |  |  | 1,154 |  |  |  | 3,212 |  |  |  | 3,065 |
Corporate and Other |  |  | 336 |  |  |  | 177 |  |  |  | 963 |  |  |  | 469 |
Depreciation and amortization |  | $ | 2,467 |  |  | $ | 2,576 |  |  | $ | 7,373 |  |  | $ | 7,224 |
(dollars in thousands) |  | September 30, 2021 |  |  | December 31, 2020 |
Identifiable assets |  |  |  |  |  |
Engineered Systems segment |  | $ | 260,603 |  |  | $ | 270,573 |
Industrial Process Solutions segment |  |  | 147,869 |  |  |  | 135,204 |
Corporate and Other(2) |  |  | 10,204 |  |  |  | 13,537 |
Identifiable assets |  | $ | 418,676 |  |  | $ | 419,314 |
(2) Corporate and Other assets consist primarily of cash and income tax related assets.
Goodwill |
(dollars in thousands) |  | September 30, 2021 |  |  | December 31, 2020 |
Goodwill |  |  |  |  |  |
Engineered Systems segment |  | $ | 99,558 |  |  | $ | 99,785 |
Industrial Process Solutions segment |  |  | 62,035 |  |  |  | 62,035 |
Goodwill |  | $ | 161,593 |  |  | $ | 161,820 |
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, 2021 |
|  |  |  |  |  |  |  | Less Inter-Segment Sales |  |
(dollars in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial Process Solutions |  |  | Engineered Systems |  |  | Net Sales to Outside Customers |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 45,559 |  |  | $ | (472 | ) |  | $ | (308 | ) |  | $ | — |  |  | $ | 44,779 |
Industrial Process Solutions segment |  |  | 35,525 |  |  |  | (308 | ) |  |  | — |  |  |  | (17 | ) |  |  | 35,200 |
Net sales |  | $ | 81,084 |  |  | $ | (780 | ) |  | $ | (308 | ) |  | $ | (17 | ) |  | $ | 79,979 |
|  | Three months ended September 30, 2020 |
|  |  |  |  |  |  |  | Less Inter-Segment Sales |  |
(dollars in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial Process Solutions |  |  | Engineered Systems |  |  | Net Sales to Outside Customers |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 51,203 |  |  | $ | (1,071 | ) |  | $ | (423 | ) |  | $ | — |  |  | $ | 49,709 |
Industrial Process Solutions segment |  |  | 30,944 |  |  |  | (3,117 | ) |  |  | — |  |  |  | (111 | ) |  |  | 27,716 |
Net sales |  | $ | 82,147 |  |  | $ | (4,188 | ) |  | $ | (423 | ) |  | $ | (111 | ) |  | $ | 77,425 |
|  | Nine months ended September 30, 2021 |
|  |  |  |  |  |  |  | Less Inter-Segment Sales |  |
(dollars in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial Process Solutions |  |  | Engineered Systems |  |  | Net Sales to Outside Customers |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 137,104 |  |  | $ | (6,359 | ) |  | $ | (549 | ) |  | $ | — |  |  | $ | 130,196 |
Industrial Process Solutions segment |  |  | 109,703 |  |  |  | (8,363 | ) |  |  | — |  |  |  | (985 | ) |  |  | 100,355 |
Net sales |  | $ | 246,807 |  |  | $ | (14,722 | ) |  | $ | (549 | ) |  | $ | (985 | ) |  | $ | 230,551 |
|  | Nine months ended September 30, 2020 |
|  |  |  |  |  |  |  | Less Inter-Segment Sales |  |
(dollars in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial Process Solutions |  |  | Engineered Systems |  |  | Net Sales to Outside Customers |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 159,181 |  |  | $ | (8,861 | ) |  | $ | (891 | ) |  | $ | — |  |  | $ | 149,429 |
Industrial Process Solutions segment |  |  | 95,272 |  |  |  | (10,718 | ) |  |  | — |  |  |  | (902 | ) |  |  | 83,652 |
Net sales |  | $ | 254,453 |  |  | $ | (19,579 | ) |  | $ | (891 | ) |  | $ | (902 | ) |  | $ | 233,081 |

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