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Business Segment Information (Tables)
12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Net Sales and Income from Operation by Business Segment

(table only in thousands)

 

2022

 

 

2021

 

 

2020

 

Net Sales (less intra-, inter-segment sales)

 

 

 

 

 

 

 

 

 

Engineered Systems segment

 

$

263,224

 

 

$

186,926

 

 

$

205,494

 

Industrial Process Solutions segment

 

 

159,403

 

 

 

137,214

 

 

 

110,517

 

Total net sales

 

$

422,627

 

 

$

324,140

 

 

$

316,011

 

(table only in thousands)

 

2022

 

 

2021

 

 

2020

 

Income from Operations

 

 

 

 

 

 

 

 

 

Engineered Systems segment

 

$

36,200

 

 

$

25,770

 

 

$

34,170

 

Industrial Process Solutions segment

 

 

22,705

 

 

 

15,054

 

 

 

7,220

 

Corporate and Other (1)

 

 

(36,744

)

 

 

(30,967

)

 

 

(28,044

)

Income from operations

 

$

22,161

 

 

$

9,857

 

 

$

13,346

 

(1)
Includes corporate compensation, professional services, information technology, acquisition and integration expenses, and other general, administrative corporate expenses.
Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets

(table only in thousands)

 

2022

 

 

2021

 

 

2020

 

Property and Equipment Additions

 

 

 

 

 

 

 

 

 

Engineered Systems segment

 

$

203

 

 

$

100

 

 

$

550

 

Industrial Process Solutions segment

 

 

879

 

 

 

721

 

 

 

1,349

 

Corporate and Other

 

 

2,294

 

 

 

1,795

 

 

 

2,046

 

Property and equipment additions

 

$

3,376

 

 

$

2,616

 

 

$

3,945

 

 

(table only in thousands)

 

2022

 

 

2021

 

 

2020

 

Depreciation and Amortization

 

 

 

 

 

 

 

 

 

Engineered Systems segment

 

$

4,672

 

 

$

4,249

 

 

$

4,957

 

Industrial Process Solutions segment

 

 

4,388

 

 

 

4,299

 

 

 

4,199

 

Corporate and Other

 

 

1,554

 

 

 

1,305

 

 

 

765

 

Depreciation and amortization

 

$

10,614

 

 

$

9,853

 

 

$

9,921

 

 

 

 

December 31,

 

(table only in thousands)

 

2022

 

 

2021

 

Identifiable Assets

 

 

 

 

 

 

Engineered Systems segment

 

$

332,820

 

 

$

262,558

 

Industrial Process Solutions segment

 

 

150,458

 

 

 

141,975

 

Corporate and Other (2)

 

 

21,443

 

 

 

11,664

 

Identifiable assets

 

$

504,721

 

 

$

416,197

 

 

 

 

 

 

 

 

 

(2)
Corporate assets primarily consist of cash, property, plant and equipment, and income tax related assets.
Goodwill

 

 

December 31,

 

(table only in thousands)

 

2022

 

 

2021

 

Goodwill

 

 

 

 

 

 

Engineered Systems segment

 

$

114,746

 

 

$

99,303

 

Industrial Process Solutions segment

 

 

68,451

 

 

 

61,880

 

Goodwill

 

$

183,197

 

 

$

161,183

 

Intra-Segment and Inter-Segment Revenues

The Company has divisions that sell to each other within segments (intra-segment sales) and between segments (inter-segment sales) as indicated in the following tables:

 

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

Less Inter-Segment Sales

 

 

(table only in thousands)

 

Total Sales

 

 

Intra-Segment
Sales

 

 

Industrial Process Solutions

 

 

Engineered Systems

 

 

Net Sales to
Outside
Customers

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Engineered Systems segment

 

$

278,354

 

 

$

(14,088

)

 

$

(1,042

)

 

$

 

 

$

263,224

 

Industrial Process Solutions segment

 

 

165,220

 

 

 

(5,536

)

 

 

 

 

 

(281

)

 

 

159,403

 

Total net sales

 

$

443,574

 

 

$

(19,624

)

 

$

(1,042

)

 

$

(281

)

 

$

422,627

 

 

 

 

Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

Less Inter-Segment Sales

 

 

(table only in thousands)

 

Total Sales

 

 

Intra-Segment
Sales

 

 

Industrial Process Solutions

 

 

Engineered Systems

 

 

Net Sales to
Outside
Customers

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Engineered Systems segment

 

$

197,380

 

 

$

(9,483

)

 

$

(971

)

 

$

 

 

$

186,926

 

Industrial Process Solutions segment

 

 

152,886

 

 

 

(14,533

)

 

 

 

 

 

(1,139

)

 

 

137,214

 

Total net sales

 

$

350,266

 

 

$

(24,016

)

 

$

(971

)

 

$

(1,139

)

 

$

324,140

 

 

 

 

Year Ended December 31, 2020

 

 

 

 

 

 

 

 

 

Less Inter-Segment Sales

 

 

(table only in thousands)

 

Total Sales

 

 

Intra-Segment
Sales

 

 

Industrial Process Solutions

 

 

Engineered Systems

 

 

Net Sales to
Outside
Customers

 

Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Engineered Systems segment

 

$

218,290

 

 

$

(11,333

)

 

$

(1,463

)

 

$

 

 

$

205,494

 

Industrial Process Solutions segment

 

 

124,547

 

 

 

(12,798

)

 

 

 

 

 

(1,232

)

 

 

110,517

 

Total net sales

 

$

342,837

 

 

$

(24,131

)

 

$

(1,463

)

 

$

(1,232

)

 

$

316,011