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Business Segment Information | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Business Segment Information | 16. 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: The 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 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:
|  | Three months ended March 31, |  |
(in thousands) |  | 2024 |  |  | 2023 |  |
Net sales (less intra-, inter-segment sales) |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 89,349 |  |  | $ | 74,454 |  |
Industrial Process Solutions segment |  |  | 36,983 |  |  |  | 38,109 |  |
Total net sales |  | $ | 126,332 |  |  | $ | 112,563 |  |
|  | Three months ended March 31, |  |
(in thousands) |  | 2024 |  |  | 2023 |  |
Income from operations |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 16,277 |  |  | $ | 9,805 |  |
Industrial Process Solutions segment |  |  | 7,100 |  |  |  | 5,546 |  |
Corporate and Other(1) |  |  | (15,691 | ) |  |  | (9,890 | ) |
Total income from operations |  | $ | 7,686 |  |  | $ | 5,461 |  |
(1) Includes corporate compensation, professional services, information technology, and other general and administrative corporate expenses.
|  | Three months ended March 31, |  |
(in thousands) |  | 2024 |  |  | 2023 |  |
Property and equipment additions |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 1,137 |  |  | $ | 244 |  |
Industrial Process Solutions segment |  |  | 606 |  |  |  | 1,399 |  |
Corporate and Other |  |  | 1,373 |  |  |  | 870 |  |
Total property and equipment additions |  | $ | 3,116 |  |  | $ | 2,513 |  |
|  | Three months ended March 31, |  |
(in thousands) |  | 2024 |  |  | 2023 |  |
Depreciation and amortization |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 1,785 |  |  | $ | 1,212 |  |
Industrial Process Solutions segment |  |  | 1,119 |  |  |  | 1,158 |  |
Corporate and Other |  |  | 608 |  |  |  | 515 |  |
Total depreciation and amortization |  | $ | 3,512 |  |  | $ | 2,885 |  |
(in thousands) |  | March 31, 2024 |  |  | December 31, 2023 |
Identifiable assets |  |  |  |  |  |
Engineered Systems segment |  | $ | 430,890 |  |  | $ | 432,098 |
Industrial Process Solutions segment |  |  | 143,819 |  |  |  | 147,740 |
Corporate and Other(2) |  |  | 14,311 |  |  |  | 20,453 |
Total identifiable assets |  | $ | 589,020 |  |  | $ | 600,291 |
(2) Corporate and Other assets consist primarily of cash and income tax related assets.
(in thousands) |  | March 31, 2024 |  |  | December 31, 2023 |
Goodwill |  |  |  |  |  |
Engineered Systems segment |  | $ | 142,304 |  |  | $ | 142,229 |
Industrial Process Solutions segment |  |  | 69,175 |  |  |  | 69,097 |
Total goodwill |  | $ | 211,479 |  |  | $ | 211,326 |
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 follows:
|  | Three months ended March 31, 2024 |
|  |  |  |  |  |  |  | Less Inter-Segment Sales |  |
(in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial Process Solutions |  |  | Engineered Systems |  |  | Net Sales to Outside Customers |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 92,518 |  |  | $ | (3,082 | ) |  | $ | (87 | ) |  | $ | — |  |  | $ | 89,349 |
Industrial Process Solutions segment |  |  | 39,579 |  |  |  | (2,535 | ) |  |  | — |  |  |  | (61 | ) |  |  | 36,983 |
Total net sales |  | $ | 132,097 |  |  | $ | (5,617 | ) |  | $ | (87 | ) |  | $ | (61 | ) |  | $ | 126,332 |
|  | Three months ended March 31, 2023 |
|  |  |  |  |  |  |  | Less Inter-Segment Sales |  |
(in thousands) |  | Total Sales |  |  | Intra- Segment Sales |  |  | Industrial Process Solutions |  |  | Engineered Systems |  |  | Net Sales to Outside Customers |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Engineered Systems segment |  | $ | 76,089 |  |  | $ | (1,538 | ) |  | $ | (97 | ) |  | $ | — |  |  | $ | 74,454 |
Industrial Process Solutions segment |  |  | 39,042 |  |  |  | (835 | ) |  |  | — |  |  |  | (98 | ) |  |  | 38,109 |
Total net sales |  | $ | 115,131 |  |  | $ | (2,373 | ) |  | $ | (97 | ) |  | $ | (98 | ) |  | $ | 112,563 |

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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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