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Business Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Net Sales and Income from Operation by Business Segment | 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 |
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 |
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 |
Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets | 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. 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. 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.
Intra-Segment and Inter-Segment Revenues | 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. 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. 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.
Net Sales By Geographic Area | 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 |
Long-Lived Assets By Geographic Area | 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.

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