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Note 10 - Segment Information | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 10 – SEGMENT INFORMATION Our business is comprised of two operating and reportable segments as of March 31, 2025: U.S. and International. Our International segment consists of our operations outside of the U.S. These segments represent our business of selling PVF to the energy sector across each of the following sectors:
| ● | Gas Utilities (storage and distribution of natural gas),
| ● | DIET: downstream, industrial and energy transition (crude oil refining, petrochemical processing, general industrials and energy transition projects), and
| ● | PTI: production and transmission infrastructure (exploration, production, extraction, gathering, processing and transmission of oil and gas).
The Company has identified its Chief Operating Decisions Maker ("CODM") as our President and Chief Executive Officer. The CODM regularly reviews gross profit and operating income (loss) by reportable segment to make operating decisions, allocate resources and assess performance of the business. Gross profit is sales less total cost of sales, which includes depreciation and amortization expense and amortization of intangibles expense. Operating income (loss) is gross profit less selling, general and administrative expenses and impairment and other charges. The CODM is provided with consolidated information on cost of sales, selling, general and administrative expenses, interest expense and income tax expense. There are no other significant expense categories regularly provided to the CODM beyond those disclosed in the condensed consolidated statements of operations. The CODM manages the business using consolidated expense information, as well as regularly provided budgeted or forecasted revenue, cost of sales and operating expenses information on a consolidated basis. On December 13, 2024, we entered into a definitive agreement to sell assets associated with our Canada operations, which was previously considered an operating and reportable segment of the business. The operating results and cash flows for the assets sold and liabilities assumed as part of the agreement have been classified as discontinued operations within the condensed consolidated financial statements for all periods presented. Additional disclosures regarding the sale of the assets associated with our Canada operations are provided in Note 2. The following table presents financial information for each segment (in millions):
|  | Three Months Ended |
|  | March 31, |  |  | March 31, |
|  | 2025 |  |  | 2024 |
Sales |  |  |  |  |  |  |  |
U.S. |  | $ | 591 |  |  | $ | 667 |
International |  |  | 121 |  |  |  | 110 |
Consolidated sales |  | $ | 712 |  |  | $ | 777 |
Cost of Sales |  |  |  |  |  |  |  |
U.S. |  | $ | 471 |  |  | $ | 528 |
International |  |  | 89 |  |  |  | 80 |
Total cost of sales |  | $ | 560 |  |  | $ | 608 |
Depreciation and amortization (1) |  |  |  |  |  |  |  |
U.S. |  | $ | 5 |  |  | $ | 4 |
International |  |  | — |  |  |  | 1 |
Total depreciation and amortization expense |  | $ | 5 |  |  | $ | 5 |
Amortization of intangibles (1) |  |  |  |  |  |  |  |
U.S. |  | $ | 5 |  |  | $ | 4 |
International |  |  | — |  |  |  | 1 |
Total amortization of intangibles expense |  | $ | 5 |  |  | $ | 5 |
Gross Profit |  |  |  |  |  |  |  |
U.S. |  | $ | 110 |  |  | $ | 131 |
International |  |  | 32 |  |  |  | 28 |
Total gross profit |  | $ | 142 |  |  | $ | 159 |
Selling, general and administrative expenses |  |  |  |  |  |  |  |
U.S. |  | $ | 103 |  |  | $ | 97 |
International |  |  | 21 |  |  |  | 22 |
Corporate and other (2) |  |  | — |  |  |  | 1 |
Total selling, general and administrative expenses |  | $ | 124 |  |  | $ | 120 |
Operating income (loss) |  |  |  |  |  |  |  |
U.S. |  | $ | 7 |  |  | $ | 34 |
International |  |  | 11 |  |  |  | 6 |
Corporate and other (2) |  |  | — |  |  |  | (1 | )
Operating income |  | $ | 18 |  |  | $ | 39 |
Interest expense |  | $ | (9 | ) |  | $ | (8 | )
Other, net |  |  | — |  |  |  | (3 | )
Income from continuing operations before income taxes |  | $ | 9 |  |  | $ | 28 |
____________
(1) | The balances for depreciation and amortization and amortization of intangibles are included within total cost of sales on the condensed consolidated statements of operations.
(2) | The balances included in corporate and other represent the operating activity previously identified in our Canada segment that do not meet the criteria for discontinued operations. Additional disclosures regarding the sale of assets associated with our Canada operations are provided in Note 2.
Total assets by segment are as follows (in millions):
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Total assets |  |  |  |  |  |  |  |
U.S. |  | $ | 1,381 |  |  | $ | 1,278 |
International |  |  | 313 |  |  |  | 301 |
Corporate and other (1) |  |  | 6 |  |  |  | 9 |
Discontinued operations |  |  | 4 |  |  |  | 36 |
Total assets |  | $ | 1,704 |  |  | $ | 1,624 |
____________
(1) | The balances included in corporate and other represent the operating activity previously identified in our Canada segment that do not meet the criteria for discontinued operations. Additional disclosures regarding the sale of assets associated with our Canada operations are provided in Note 2.
The percentages of our property, plant and equipment relating to the following geographic areas are as follows:
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Property, plant and equipment |  |  |  |  |  |  |  |
U.S. |  |  | 95 | % |  |  | 94 | %
International |  |  | 5 | % |  |  | 6 | %
Total property, plant and equipment |  |  | 100 | % |  |  | 100 | %
Our sales by product line are as follows (in millions):
|  | Three Months Ended |
|  | March 31, |  |  | March 31, |
Type |  | 2025 |  |  | 2024 |
Line Pipe |  | $ | 72 |  |  | $ | 113 |
Carbon Fittings and Flanges |  |  | 90 |  |  |  | 96 |
Total Carbon Pipe, Fittings and Flanges |  |  | 162 |  |  |  | 209 |
Valves, Automation, Measurement and Instrumentation |  |  | 277 |  |  |  | 279 |
Gas Products |  |  | 187 |  |  |  | 187 |
Stainless Steel and Alloy Pipe and Fittings |  |  | 40 |  |  |  | 38 |
General Products |  |  | 46 |  |  |  | 64 |
|  | $ | 712 |  |  | $ | 777 |

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- Definition The entire disclosure for reporting segments including data and tables. 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