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Business Segment Information (Tables)
 12 Months Ended
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