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Business Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business Segment Information | 15. Business Segment Information The Company’s operations are organized and reviewed by management along its product lines or end markets that the segment serves and are presented in two reportable segments. The results of the segments are reviewed through to the “Income from operations” line on the Consolidated Statements of Income. The accounting policies of the segments are the same as those in the consolidated financial statements. The Company’s reportable segments are organized as groups of similar products and services, as described as follows: Engineered Systems segment: The Company's Engineered Systems segment serves the power generation, hydrocarbon processing, water/wastewater treatment, oily water separation and treatment, marine and naval vessels, and midstream oil and gas sectors. The Company seeks to address the global demand for environmental and equipment protection solutions with its highly engineered platforms including emissions management, fluid bed cyclones, thermal acoustics, separation and filtration, and dampers and expansion joints. Industrial Process Solutions segment: The Company's Industrial Process Solutions segment serves the broad industrial sector with solutions for air pollution and contamination control, fluid handling, and process filtration in applications such as aluminum beverage can production, automobile production, food and beverage processing, semiconductor fabrication, electronics production, steel and aluminum mill processing, wood manufacturing, desalination, and aquaculture markets. The Company assists customers in maintaining clean and safe operations for employees, reducing energy consumption, minimizing waste for customers, and meeting regulatory standards for toxic emissions, fumes, volatile organic compounds, and odor elimination through its platforms including duct fabrication and installation, industrial air, and fluid handling. The financial segment information is as follows:
(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.
(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.
|  | 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 |
No single customer represented greater than 10% of consolidated net sales or accounts receivable for 2023, 2022, or 2021. For 2023, 2022, and 2021, sales outside the United States accounted for approximately 33%, 35%, and 38%, respectively, of consolidated net sales. The largest portions of sales outside the Unite d States in 2023 were in Europe (19%) and A sia (9%). The largest portions of sales outside the United States in 2022 were in Europe (20%) and Asia (11%). The largest portion of sales outside the United States in 2021 was destined for Asia (16.0%) and Europe (10.3%). O f consolidated long-lived assets, $48.2 million and $39.9 million were located outside of the United States as of December 31, 2023 and 2022, respectively. The largest portion of long-lived assets located outside the United States at December 31, 2023 and December 31, 2022 were in Europe ($38.3 million and $30.5 million, respectively).

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- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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