XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.22.2

Business Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2022
Segment Reporting [Abstract] |
Business Segment Information | 15. Business Segment Information The Company’s operations are organized and reviewed by management along with its solutions or end markets that the segment serves and presented in two reportable segments. The results of the segments are reviewed through the “Income from operations” line on the Condensed Consolidated Statements of Income. The Company’s reportable segments are organized as groups of similar products and services, as described as follows: Engineered Systems segment: Our Engineered Systems segment serves the general industrial, power generation, refinery, water/wastewater, midstream oil & gas, and other energy transition markets. We are a key part of helping meet the global demand for environmental and equipment protection through our highly engineered platforms including emissions management, fluid bed cyclones, thermal acoustics, separation & filtration (gas & water), and dampers & expansion joints. Industrial Process Solutions segment: Our Industrial Process Solutions segment serves the broad industrial air pollution control, beverage can, fluid handling, electric vehicle production, food and beverage, semi-conductor, process filtration, pharmaceutical, petrochemical, wastewater treatment, wood manufacturing, desalination, and aquaculture markets. We protect the air we collectively breathe, maintain clean and safe operations for employees, lower energy consumption, minimize waste for customers, and ensure they meet regulatory compliance standards for toxic emissions, fumes, volatile organic compounds and odors through our platforms including duct & installation, industrial air, and fluid handling. The financial segment information is presented in the following tables:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Net sales (less intra-, inter-segment sales) |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 67,333 |  |  | $ | 43,360 |  |  | $ | 124,308 |  |  | $ | 85,417 |
Industrial Process Solutions segment |  |  | 38,042 |  |  |  | 35,320 |  |  |  | 73,503 |  |  |  | 65,155 |
Net sales |  | $ | 105,375 |  |  | $ | 78,680 |  |  | $ | 197,811 |  |  | $ | 150,572 |
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Income from operations |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 9,006 |  |  | $ | 5,634 |  |  | $ | 15,476 |  |  | $ | 11,804 |
Industrial Process Solutions segment |  |  | 5,482 |  |  |  | 4,441 |  |  |  | 9,621 |  |  |  | 8,263 |
Corporate and Other(1) |  |  | (8,742 | ) |  |  | (7,930 | ) |  |  | (14,147 | ) |  |  | (14,868 | )
Income from operations |  | $ | 5,746 |  |  | $ | 2,145 |  |  | $ | 10,950 |  |  | $ | 5,199 |
(1) Includes corporate compensation, professional services, information technology, and other general and administrative corporate expenses.
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Property and equipment additions |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 27 |  |  | $ | 55 |  |  | $ | 32 |  |  | $ | 64 |
Industrial Process Solutions segment |  |  | 340 |  |  |  | 172 |  |  |  | 412 |  |  |  | 362 |
Corporate and Other |  |  | 400 |  |  |  | 278 |  |  |  | 988 |  |  |  | 571 |
Property and equipment additions |  | $ | 767 |  |  | $ | 505 |  |  | $ | 1,432 |  |  | $ | 997 |
|  | Three months ended June 30, |  |  | Six months ended June 30, |
(dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 960 |  |  | $ | 1,070 |  |  | $ | 1,855 |  |  | $ | 2,137 |
Industrial Process Solutions segment |  |  | 1,009 |  |  |  | 1,073 |  |  |  | 2,059 |  |  |  | 2,141 |
Corporate and Other |  |  | 410 |  |  |  | 328 |  |  |  | 754 |  |  |  | 628 |
Depreciation and amortization |  | $ | 2,379 |  |  | $ | 2,471 |  |  | $ | 4,668 |  |  | $ | 4,906 |
(dollars in thousands) |  | June 30, 2022 |  |  | December 31, 2021 |
Identifiable assets |  |  |  |  |  |
Engineered Systems segment |  | $ | 315,743 |  |  | $ | 262,558 |
Industrial Process Solutions segment |  |  | 152,689 |  |  |  | 141,975 |
Corporate and Other(2) |  |  | 13,297 |  |  |  | 11,664 |
Identifiable assets |  | $ | 481,729 |  |  | $ | 416,197 |
(2) Corporate and Other assets consist primarily of cash and income tax related assets.
(dollars in thousands) |  | June 30, 2022 |  |  | December 31, 2021 |
Goodwill |  |  |  |  |  |
Engineered Systems segment |  | $ | 114,797 |  |  | $ | 99,303 |
Industrial Process Solutions segment |  |  | 70,998 |  |  |  | 61,880 |
Goodwill |  | $ | 185,795 |  |  | $ | 161,183 |
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, 2022 |
|  |  |  |  |  |  |  | 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 |  | $ | 70,754 |  |  | $ | (3,231 | ) |  | $ | (190 | ) |  | $ | — |  |  | $ | 67,333 |
Industrial Process Solutions segment |  |  | 39,901 |  |  |  | (1,717 | ) |  |  | — |  |  |  | (142 | ) |  |  | 38,042 |
Net sales |  | $ | 110,655 |  |  | $ | (4,948 | ) |  | $ | (190 | ) |  | $ | (142 | ) |  | $ | 105,375 |
|  | Three months ended June 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 |  | $ | 47,069 |  |  | $ | (3,513 | ) |  | $ | (196 | ) |  | $ | — |  |  | $ | 43,360 |
Industrial Process Solutions segment |  |  | 41,245 |  |  |  | (5,281 | ) |  |  | — |  |  |  | (644 | ) |  |  | 35,320 |
Net sales |  | $ | 88,314 |  |  | $ | (8,794 | ) |  | $ | (196 | ) |  | $ | (644 | ) |  | $ | 78,680 |
|  | Six months ended June 30, 2022 |
|  |  |  |  |  |  |  | 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 |  | $ | 132,354 |  |  | $ | (7,789 | ) |  | $ | (257 | ) |  | $ | — |  |  | $ | 124,308 |
Industrial Process Solutions segment |  |  | 77,043 |  |  |  | (3,342 | ) |  |  | — |  |  |  | (198 | ) |  |  | 73,503 |
Net sales |  | $ | 209,397 |  |  | $ | (11,131 | ) |  | $ | (257 | ) |  | $ | (198 | ) |  | $ | 197,811 |
|  | Six months ended June 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 |  | $ | 91,545 |  |  | $ | (5,887 | ) |  | $ | (241 | ) |  | $ | — |  |  | $ | 85,417 |
Industrial Process Solutions segment |  |  | 74,178 |  |  |  | (8,055 | ) |  |  | — |  |  |  | (968 | ) |  |  | 65,155 |
Net sales |  | $ | 165,723 |  |  | $ | (13,942 | ) |  | $ | (241 | ) |  | $ | (968 | ) |  | $ | 150,572 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration