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Business Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Net Sales and Income from Operation by Business Segment | 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 |  |
Includes corporate compensation, professional services, information technology, and other general and administrative corporate expenses.
Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets |
|  | 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.
Goodwill |
(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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