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Business Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Net Sales and Income from Operation by Business Segment |
(table only in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Net Sales (less intra-, inter-segment sales) |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 380,108 |  |  | $ | 263,224 |  |  | $ | 186,926 |
Industrial Process Solutions segment |  |  | 164,737 |  |  |  | 159,403 |  |  |  | 137,214 |
Total net sales |  | $ | 544,845 |  |  | $ | 422,627 |  |  | $ | 324,140 |
(table only in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Income from Operations |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 59,846 |  |  | $ | 36,200 |  |  | $ | 25,770 |
Industrial Process Solutions segment |  |  | 21,630 |  |  |  | 22,705 |  |  |  | 15,054 |
Corporate and Other (1) |  |  | (46,907 | ) |  |  | (36,744 | ) |  |  | (30,967 | )
Income from operations |  | $ | 34,569 |  |  | $ | 22,161 |  |  | $ | 9,857 |
(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) |  | 2023 |  |  | 2022 |  |  | 2021 |
Property and Equipment Additions |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 2,070 |  |  | $ | 203 |  |  | $ | 100 |
Industrial Process Solutions segment |  |  | 2,827 |  |  |  | 879 |  |  |  | 721 |
Corporate and Other |  |  | 3,487 |  |  |  | 2,294 |  |  |  | 1,795 |
Property and equipment additions |  | $ | 8,384 |  |  | $ | 3,376 |  |  | $ | 2,616 |
(table only in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Depreciation and Amortization |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 5,820 |  |  | $ | 4,672 |  |  | $ | 4,249 |
Industrial Process Solutions segment |  |  | 4,352 |  |  |  | 4,388 |  |  |  | 4,299 |
Corporate and Other |  |  | 2,335 |  |  |  | 1,554 |  |  |  | 1,305 |
Depreciation and amortization |  | $ | 12,507 |  |  | $ | 10,614 |  |  | $ | 9,853 |
|  | December 31, |
(table only in thousands) |  | 2023 |  |  | 2022 |
Identifiable Assets |  |  |  |  |  |
Engineered Systems segment |  | $ | 432,098 |  |  | $ | 332,820 |
Industrial Process Solutions segment |  |  | 147,740 |  |  |  | 150,458 |
Corporate and Other (2) |  |  | 20,453 |  |  |  | 21,443 |
Identifiable assets |  | $ | 600,291 |  |  | $ | 504,721 |
(2) Corporate assets primarily consist of cash, property, plant and equipment, and income tax related assets.
Goodwill |
|  | December 31, |
(table only in thousands) |  | 2023 |  |  | 2022 |
Goodwill |  |  |  |  |  |
Engineered Systems segment |  | $ | 142,229 |  |  | $ | 114,746 |
Industrial Process Solutions segment |  |  | 69,097 |  |  |  | 68,451 |
Goodwill |  | $ | 211,326 |  |  | $ | 183,197 |
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 follows:
|  | Year Ended December 31, 2023 |
|  |  |  |  |  |  |  | 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 |  | $ | 412,929 |  |  | $ | (31,402 | ) |  | $ | (1,419 | ) |  | $ | — |  |  | $ | 380,108 |
Industrial Process Solutions segment |  |  | 183,011 |  |  |  | (17,489 | ) |  |  | - |  |  |  | (785 | ) |  |  | 164,737 |
Total net sales |  | $ | 595,940 |  |  | $ | (48,891 | ) |  | $ | (1,419 | ) |  | $ | (785 | ) |  | $ | 544,845 |
|  | 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 |

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