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Business Segment Information (Tables)

12 Months Ended

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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