XML 39 R26.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Business Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2024
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, specifically income from operations as adjusted for intercompany profits, are reviewed quarterly by the chief operating decision maker, which is the Company's Chief Executive Officer, for the purposes of allocating resources, including personnel, capital, and financial resources, and assessing performance, including the monitoring of budget versus actual results. Asset information by segment is not reported internally or otherwise regularly reviewed by the CODM. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1 to 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 for the year ended December 31, 2024:
(table only in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |
Sales |  | $ | 399,032 |  |  | $ | 184,807 |
Income from operations |  |  | 72,373 |  |  |  | 29,575 |
A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the year ended December 31, 2024:
(table only in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |  |  | Total |
Sales from external customers |  | $ | 384,025 |  |  | $ | 173,908 |  |  | $ | 557,933 |
Intra-segment sales |  |  | 14,767 |  |  |  | 10,621 |  |  |  | 25,388 |
Inter-segment sales |  |  | 240 |  |  |  | 278 |  |  |  | 518 |
Total segment sales |  |  | 399,032 |  |  |  | 184,807 |  |  |  | 583,839 |
Reconciliation to sales |  |  |  |  |  |  |  |  |
Elimination of intra- and inter-segment sales |  |  |  |  |  |  |  |  | 25,906 |
Total consolidated sales |  |  |  |  |  |  |  |  | 557,933 |
Reconciliation to income before income taxes |  |  |  |  |  |  |  |  |
Direct cost of sales |  |  | 254,381 |  |  |  | 110,835 |  |  |  | 365,216 |
Shop burden |  |  | 8,367 |  |  |  | 11,837 |  |  |  | 20,204 |
Selling expense |  |  | 21,999 |  |  |  | 11,993 |  |  |  | 33,992 |
Project engineering expense |  |  | 13,821 |  |  |  | 7,850 |  |  |  | 21,671 |
General and administrative expense |  |  | 19,085 |  |  |  | 9,939 |  |  |  | 29,024 |
Other segment items(1) |  |  | 6,764 |  |  |  | 2,767 |  |  |  | 9,531 |
Segment profit |  |  | 74,615 |  |  |  | 29,586 |  |  |  | 104,201 |
Stock-based compensation |  |  |  |  |  |  |  |  | 7,514 |
Other corporate expenses(2) |  |  |  |  |  |  |  |  | 59,033 |
Elimination of intersegment profit |  |  |  |  |  |  |  |  | 2,251 |
Total consolidated income from operations |  |  |  |  |  |  |  |  | 35,403 |
Interest expense |  |  |  |  |  |  |  |  | 13,020 |
Other profit or loss(3) |  |  |  |  |  |  |  |  | 4,692 |
Total consolidated income before income taxes |  |  |  |  |  |  |  |  | 17,691 |
(1) Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses. (2) Includes corporate compensation, professional services, information technology, and other general, administrative corporate expenses. (3) Includes foreign exchange (gain) loss and pension expense. Other segment information is as follows for the year ended December 31, 2024:
(table only in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |  |  | Corporate and Other(1) |  |  | Total |
Property and equipment additions |  | $ | 3,926 |  |  | $ | 2,863 |  |  | $ | 10,579 |  |  | $ | 17,368 |
Depreciation and amortization(4) |  |  | 7,331 |  |  |  | 4,678 |  |  |  | 2,514 |  |  |  | 14,523 |
(4) The amounts of depreciation and amortization disclosed by reportable segment are included within the other segment expense captions, such as shop burden or general and administrative expense. The financial segment information is as follows for the year ended December 31, 2023:
(table only in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |
Sales |  | $ | 412,929 |  |  | $ | 183,011 |
Income from operations |  |  | 59,846 |  |  |  | 21,630 |
A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the year ended December 31, 2023:
(table only in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |  |  | Total |
Sales from external customers |  | $ | 380,108 |  |  | $ | 164,737 |  |  | $ | 544,845 |
Intra-segment sales |  |  | 31,402 |  |  |  | 17,489 |  |  |  | 48,891 |
Inter-segment sales |  |  | 1,419 |  |  |  | 785 |  |  |  | 2,204 |
Total segment sales |  |  | 412,929 |  |  |  | 183,011 |  |  |  | 595,940 |
Reconciliation to sales |  |  |  |  |  |  |  |  |
Elimination of intra- and inter-segment sales |  |  |  |  |  |  |  |  | 51,095 |
Total consolidated sales |  |  |  |  |  |  |  |  | 544,845 |
Reconciliation to income before income taxes |  |  |  |  |  |  |  |  |
Direct cost of sales |  |  | 287,016 |  |  |  | 117,747 |  |  |  | 404,763 |
Shop burden |  |  | 7,563 |  |  |  | 11,614 |  |  |  | 19,177 |
Selling expense |  |  | 17,933 |  |  |  | 11,832 |  |  |  | 29,765 |
Project engineering expense |  |  | 11,359 |  |  |  | 5,588 |  |  |  | 16,947 |
General and administrative expense |  |  | 23,370 |  |  |  | 10,003 |  |  |  | 33,373 |
Other segment items(1) |  |  | 5,777 |  |  |  | 3,677 |  |  |  | 9,454 |
Segment profit |  |  | 59,911 |  |  |  | 22,550 |  |  |  | 82,461 |
Stock-based compensation |  |  |  |  |  |  |  |  | 4,533 |
Other corporate expenses(2) |  |  |  |  |  |  |  |  | 42,374 |
Elimination of intersegment profit |  |  |  |  |  |  |  |  | 985 |
Total consolidated income from operations |  |  |  |  |  |  |  |  | 34,569 |
Interest expense |  |  |  |  |  |  |  |  | 13,416 |
Other profit or loss(3) |  |  |  |  |  |  |  |  | (372 | )
Total consolidated income before income taxes |  |  |  |  |  |  |  |  | 21,525 |
(1) Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses. (2) Includes corporate compensation, professional services, information technology, and other general, administrative corporate expenses. (3) Includes foreign exchange (gain) loss and pension expense. Other segment information is as follows for the year ended December 31, 2023:
(table only in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |  |  | Corporate and Other(1) |  |  | Total |
Property and equipment additions |  | $ | 2,070 |  |  | $ | 2,827 |  |  | $ | 3,487 |  |  | $ | 8,384 |
Depreciation and amortization(4) |  |  | 5,820 |  |  |  | 4,352 |  |  |  | 2,335 |  |  |  | 12,507 |
(4) The amounts of depreciation and amortization disclosed by reportable segment are included within the other segment expense captions, such as shop burden or general and administrative expense. The financial segment information is as follows for the year ended December 31, 2022:
(table only in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |
Sales |  | $ | 278,354 |  |  | $ | 165,221 |
Income from operations |  |  | 36,200 |  |  |  | 22,705 |
A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the year ended December 31, 2022:
(table only in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |  |  | Total |
Sales from external customers |  | $ | 263,224 |  |  | $ | 159,404 |  |  | $ | 422,627 |
Intra-segment sales |  |  | 14,088 |  |  |  | 5,536 |  |  |  | 19,624 |
Inter-segment sales |  |  | 1,042 |  |  |  | 281 |  |  |  | 1,323 |
Total segment sales |  |  | 278,354 |  |  |  | 165,221 |  |  |  | 443,574 |
Reconciliation to sales |  |  |  |  |  |  |  |  |
Elimination of intra- and inter-segment sales |  |  |  |  |  |  |  |  | 20,947 |
Total consolidated sales |  |  |  |  |  |  |  |  | 422,627 |
Reconciliation to income before income taxes |  |  |  |  |  |  |  |  |
Direct cost of sales |  |  | 200,020 |  |  |  | 106,037 |  |  |  | 306,057 |
Shop burden |  |  | 2,321 |  |  |  | 9,487 |  |  |  | 11,808 |
Selling expense |  |  | 12,395 |  |  |  | 11,350 |  |  |  | 23,745 |
Project engineering expense |  |  | 7,743 |  |  |  | 4,767 |  |  |  | 12,510 |
General and administrative expense |  |  | 14,426 |  |  |  | 9,251 |  |  |  | 23,677 |
Other segment items(1) |  |  | 6,396 |  |  |  | 2,991 |  |  |  | 9,387 |
Segment profit |  |  | 35,053 |  |  |  | 21,338 |  |  |  | 56,390 |
Stock-based compensation |  |  |  |  |  |  |  |  | 3,895 |
Other corporate expenses(2) |  |  |  |  |  |  |  |  | 32,849 |
Elimination of intersegment profit |  |  |  |  |  |  |  |  | (2,515 | )
Total consolidated income from operations |  |  |  |  |  |  |  |  | 22,161 |
Interest expense |  |  |  |  |  |  |  |  | 5,419 |
Other profit or loss(3) |  |  |  |  |  |  |  |  | (6,947 | )
Total consolidated income before income taxes |  |  |  |  |  |  |  |  | 23,689 |
(1) Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses. (2) Includes corporate compensation, professional services, information technology, and other general, administrative corporate expenses. (3) Includes foreign exchange (gain) loss and pension expense. Other segment information is as follows for the year ended December 31, 2022:
(table only in thousands) |  | Engineered Systems |  |  | Industrial Process Solutions |  |  | Corporate and Other(1) |  |  | Total |
Property and equipment additions |  | $ | 203 |  |  | $ | 879 |  |  | $ | 2,294 |  |  | $ | 3,376 |
Depreciation and amortization(4) |  |  | 4,672 |  |  |  | 4,388 |  |  |  | 1,554 |  |  |  | 10,614 |
(4) The amounts of depreciation and amortization disclosed by reportable segment are included within the other segment expense captions, such as shop burden or general and administrative expense. No single customer represented greater than 10% of consolidated net sales or accounts receivable for 2024, 2023, or 2022. Geographic Information Net sales by geographic area are as follows:
|  | December 31, |
(table only in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
United States |  | $ | 376,281 |  |  | $ | 364,483 |  |  | $ | 272,702 |
United Kingdom |  |  | 62,961 |  |  |  | 51,066 |  |  |  | 39,635 |
Netherlands |  |  | 52,629 |  |  |  | 51,149 |  |  |  | 43,184 |
China |  |  | 30,622 |  |  |  | 24,660 |  |  |  | 22,816 |
Other |  |  | 35,440 |  |  |  | 53,487 |  |  |  | 44,290 |
Total net sales |  | $ | 557,933 |  |  | $ | 544,845 |  |  | $ | 422,627 |
The geographical area data for net sales is based upon the country location of the Company's business unit generating such sales. Long-lived assets by geographic area are as follows:
|  | December 31, |
(table only in thousands) |  | 2024 |  |  | 2023 |
United States |  | $ | 332,162 |  |  | $ | 270,613 |
United Kingdom |  |  | 27,003 |  |  |  | 26,785 |
China |  |  | 36,315 |  |  |  | 2,017 |
Other |  |  | 33,248 |  |  |  | 19,439 |
Total long-lived assets |  | $ | 428,728 |  |  | $ | 318,854 |
The geographical area data for long-lived assets is based upon physical location of such assets.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -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 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: 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 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: 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 18: 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 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: 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 22: 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 23: 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 24: 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 25: 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration