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Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Net Sales and Income from Operation by Business Segment

The financial segment information is as follows for the three months ended March 31, 2025:

(table only in thousands)		Engineered Systems				Industrial Process Solutions
Sales		$	124,827			$	59,170
Income from operations			18,740				69,650

The financial segment information is as follows for the three months ended March 31, 2024:

(in thousands)		Engineered Systems				Industrial Process Solutions
Sales		$	92,518			$	39,579
Income from operations			16,277				7,100

Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets

Other segment information is as follows for the three months ended March 31, 2025:

(table only in thousands)		Engineered Systems				Industrial Process Solutions
Property and equipment additions		$	694			$	633
Depreciation and amortization(1)			1,985				2,324

(1) 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 three months ended March 31, 2024:

(in thousands)		Engineered Systems				Industrial Process Solutions
Property and equipment additions		$	1,137			$	606
Depreciation and amortization(1)			1,785				1,119

(1) 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 three months ended March 31, 2025:

(table only in thousands)		Engineered Systems				Industrial Process Solutions				Total
Sales from external customers		$	120,434			$	56,263			$	176,697
Intra-segment sales			4,296				2,907				7,203
Inter-segment sales			97				-				97
Total segment sales			124,827				59,170				183,997
Reconciliation to sales
Elimination of intra- and inter-segment sales											7,300
Total consolidated sales											176,697
Reconciliation to income before income taxes
Direct cost of sales			73,066				35,639				108,705
Shop burden			2,932				2,895				5,827
Selling expense			7,832				3,730				11,562
Project engineering expense			4,730				2,873				7,603
General and administrative expense			9,040				4,268				13,308
Gain on sale of Global Pump Solutions business			-				(64,502	)			(64,502	)
Other segment items(1)			4,093				1,710				5,803
Income from operations			23,134				72,557				95,691
Stock-based compensation											3,356
Other corporate expenses(2)											23,165
Elimination of intra- and inter-segment activity											7,300
Interest expense											6,217
Other loss(3)											594
Total consolidated income before income taxes											55,059

(1) Includes amortization expenses, acquisition and integration expenses, and divestiture expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes gain on sale of business, 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 three months ended March 31, 2024:

(in thousands)		Engineered Systems				Industrial Process Solutions				Total
Sales from external customers		$	89,349			$	36,983			$	126,332
Intra-segment sales			3,082				2,535				5,617
Inter-segment sales			87				61				148
Total segment sales			92,518				39,579				132,097
Reconciliation to sales
Elimination of intra- and inter-segment sales											5,765
Total consolidated sales											126,332
Reconciliation to income before income taxes
Direct cost of sales			57,095				20,224				77,319
Shop burden			1,576				2,304				3,880
Selling expense			5,540				2,899				8,439
Project engineering expense			2,322				1,557				3,879
General and administrative expense			4,821				2,237				7,058
Other segment items(1)			1,643				661				2,304
Income from operations			19,521				9,697				29,218
Stock-based compensation											1,670
Other corporate expenses(2)											14,097
Elimination of intra- and inter-segment activity											5,765
Interest expense											3,413
Other profit or loss(3)											1,513
Total consolidated income before income taxes											2,760

(1) Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and 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:

		Three months ended March 31,
(in thousands)		2025				2024
United States		$	112,003			$	83,878
United Kingdom			19,558				12,198
Netherlands			11,225				16,811
China			14,794				4,331
Other			19,117				9,114
Total net sales		$	176,697			$	126,332

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

Long-lived assets by geographic area are as follows:

(in thousands)		March 31, 2025				December 31, 2024
United States		$	374,173			$	332,162
United Kingdom			27,632				27,003
China			33,841				36,315
Other			45,348				33,248
Total long-lived assets		$	480,994			$	428,728

The geographical area data for long-lived assets is based upon physical location of such assets.

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