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Business Segments | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company provides products and services for the rail industry and solutions to support critical infrastructure projects. The Company’s innovative engineering and product development solutions inspire the safety, reliability, and performance of it’s customer’s challenging requirements. The Company maintains locations in North America, Europe, and Asia. Effective for the quarter and year ended December 31, 2020, the Company implemented operational changes in how its Chief Operating Decision Maker (“CODM”) manages its businesses, including resource allocation and operating decisions. As a result of these changes, the Company now has two operating segments, representing the individual businesses that are run separately under the new structure. The Company’s new reportable segments are: the Rail Technologies and Services segment and the Infrastructure Solutions segment. The segments represent components of the Company (a) that engage in activities from which revenue is generated and expenses are incurred; (b) whose operating results are regularly reviewed by the CODM, who makes decisions about resources to be allocated to the segments, and (c) for which discrete financial information is available. Operating segments are evaluated on their segment profit contribution to the Company’s consolidated results. Other income and expenses, interest, income taxes, and certain other items are managed on a consolidated basis. The Company has restated segment information for the historical periods presented herein to conform to the current presentation. This change in segment presentation does not affect the Company’s consolidated statements of income, balance sheets, or statements of cash flows. The Company markets its products directly in major industrial areas of the United States, Canada, and Europe, primarily through an internal sales force. The Company’s Rail Technologies and Services segment engineers, manufactures, and assembles friction management products and railway wayside data collection, application systems, railroad condition monitoring systems and equipment, wheel impact load detection systems, management systems, and provides services for these products. The Rail Technologies and Services segment also provides a full line of new and used rail, trackwork, and accessories to railroads, mines, and other customers in the rail industry. In addition, the Rail Technologies and Services segment designs and produces insulated rail joints, power rail, track fasteners, concrete railroad ties, coverboards, and special accessories for mass transit and other rail systems. The Company’s Infrastructure Solutions segment provides make-to-order solutions that support projects for the transportation, heavy civil, agricultural, energy, commercial, and residential infrastructure markets. In supporting these markets, the Infrastructure Solutions segment sells bridge decking, bridge railing, structural steel fabrications, expansion joints, bridge forms, and other products for highway construction and repair. This segment also sells and rents steel sheet piling, H-bearing pile, and other piling products for foundation and earth retention requirements. In addition, the Infrastructure Solutions segment produces precast concrete buildings and a variety of specialty precast concrete products. Lastly, the Infrastructure Solutions segment provides pipe coatings for oil and gas pipelines and utilities, precision measurement systems for the oil and gas market, and produces threaded pipe products for industrial water well and irrigation markets as well as the oil and gas markets. The table set forth below illustrates net sales, profit, assets, depreciation/amortization, and expenditures for long-lived assets of the Company by segment. Segment profit from operations includes allocated corporate operating expenses. Operating expenses related to corporate headquarter functions that directly support the segment activity were allocated based on segment headcount, revenue contribution, or activity of the business units within the segments, based on the corporate activity type provided to the segment. The expense allocation excludes certain corporate costs that are separately managed from the segments. Management believes the allocation of corporate operating expenses provides an accurate presentation of how the segments utilize corporate support activities. This provides the CODM a meaningful segment profitability information to support operating decisions and the allocation of resources. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies found in Note 1. The operating results and assets of the Company’s operating segments were as follows as of and for the year ended December 31, 2020:
|  | Net Sales |  | Segment Profit |  | Segment Assets |  | Depreciation/Amortization |  | Expenditures for Long-Lived Assets
Rail Technologies and Services |  | $ | 276,447 |  |  | $ | 16,321 |  |  | $ | 161,485 |  |  | $ | 6,138 |  |  | $ | 4,599 |
Infrastructure Solutions |  | 220,964 |  |  | 8,250 |  |  | 137,519 |  |  | 6,084 |  |  | 3,905 |
Total |  | $ | 497,411 |  |  | $ | 24,571 |  |  | $ | 299,004 |  |  | $ | 12,222 |  |  | $ | 8,504 |
The operating results and assets of the Company’s operating segments were as follows as of and for the year ended December 31, 2019:
|  | Net Sales |  | Segment Profit |  | Segment Assets |  | Depreciation/Amortization |  | Expenditures for Long-Lived Assets
Rail Technologies and Services |  | $ | 321,808 |  |  | $ | 19,641 |  |  | $ | 186,323 |  |  | $ | 6,469 |  |  | $ | 2,293 |
Infrastructure Solutions |  | 294,620 |  |  | 23,615 |  |  | 130,688 |  |  | 6,592 |  |  | 3,381 |
Total |  | $ | 616,428 |  |  | $ | 43,256 |  |  | $ | 317,011 |  |  | $ | 13,061 |  |  | $ | 5,674 |
The operating results and assets of the Company’s operating segments were as follows as of and for the year ended December 31, 2018:
|  | Net Sales |  | Segment Profit |  | Segment Assets |  | Depreciation/Amortization |  | Expenditures for Long-Lived Assets
Rail Technologies and Services |  | $ | 319,524 |  |  | $ | 19,468 |  |  | $ | 175,704 |  |  | $ | 6,810 |  |  | $ | 941 |
Infrastructure Solutions |  | 261,540 |  |  | 21,587 |  |  | 151,212 |  |  | 6,957 |  |  | 2,415 |
Total |  | $ | 581,064 |  |  | $ | 41,055 |  |  | $ | 326,916 |  |  | $ | 13,767 |  |  | $ | 3,356 |
During 2020, 2019, and 2018, no single customer accounted for more than 10% of the Company’s consolidated net sales. Sales between segments were immaterial. Reconciliations of reportable segment net sales, profits, assets, depreciation/amortization, and expenditures for long-lived assets to the Company’s consolidated totals are as follows as of and for the years ended December 31:
|  | 2020 |  | 2019 |  | 2018
Income from Operations: |  |  |  |  |  |
Total segment profit |  | $ | 24,571 |  |  | $ | 43,256 |  |  | $ | 41,055 |
Interest expense - net |  | (3,761) |  |  | (4,911) |  |  | (6,134) |
Other income (expense) |  | 2,298 |  |  | (2,919) |  |  | 1,208 |
Concrete Tie Settlement expense (Note 18) |  | — |  |  | — |  |  | (43,400) |
Corporate expense and other unallocated charges |  | (9,126) |  |  | (11,287) |  |  | (17,298) |
Income (loss) before income taxes |  | $ | 13,982 |  |  | $ | 24,139 |  |  | $ | (24,569) |
Assets: |  |  |  |  |  |
Total segment assets |  | $ | 299,004 |  |  | $ | 317,011 |  |  | $ | 326,916 |
Unallocated corporate assets and discontinued operations |  | 71,391 |  |  | 88,160 |  |  | 56,333 |
Assets |  | $ | 370,395 |  |  | $ | 405,171 |  |  | $ | 383,249 |
Depreciation/Amortization: |  |  |  |  |  |
Total segment depreciation/amortization |  | $ | 12,222 |  |  | $ | 13,061 |  |  | $ | 13,767 |
Other |  | 1,357 |  |  | 1,328 |  |  | 1,265 |
Depreciation/amortization |  | $ | 13,579 |  |  | $ | 14,389 |  |  | $ | 15,032 |
Expenditures for Long-Lived Assets: |  |  |  |  |  |
Total segment expenditures for long-lived assets |  | $ | 8,504 |  |  | $ | 5,674 |  |  | $ | 3,356 |
Other expenditures for long-lived assets |  | 675 |  |  | 352 |  |  | 302 |
Expenditures for long-lived assets |  | $ | 9,179 |  |  | $ | 6,026 |  |  | $ | 3,658 |
The following table summarizes the Company’s sales by major geographic region in which the Company had operations for the years ended December 31:
|  | 2020 |  | 2019 |  | 2018
United States |  | $ | 398,288 |  |  | $ | 490,735 |  |  | $ | 439,002 |
United Kingdom |  | 44,643 |  |  | 41,879 |  |  | 66,451 |
Canada |  | 34,498 |  |  | 57,574 |  |  | 42,810 |
Other |  | 19,982 |  |  | 26,241 |  |  | 32,800 |
Total net sales |  | $ | 497,411 |  |  | $ | 616,428 |  |  | $ | 581,064 |
The following table summarizes the Company’s long-lived assets by geographic region as of December 31:
|  | 2020 |  | 2019 |  |
United States |  | $ | 57,445 |  |  | $ | 55,222 |  |  |
Canada |  | 3,011 |  |  | 3,590 |  |  |
United Kingdom |  | 1,617 |  |  | 1,610 |  |  |
Other |  | 12 |  |  | 13 |  |  |
Total property, plant, and equipment - net |  | $ | 62,085 |  |  | $ | 60,435 |  |  |
The following table summarizes the Company’s sales by major product and service line for the years ended December 31:
|  |  |  | December 31,
|  |  |  |  |  | 2020 |  | 2019 |  | 2018
Rail Products |  |  |  |  |  | $ | 186,263 |  |  | $ | 208,145 |  |  | $ | 203,054 |
Rail Technologies |  |  |  |  |  | 90,184 |  |  | 113,663 |  |  | 116,470 |
Rail Technologies and Services |  |  |  |  |  | 276,447 |  |  | 321,808 |  |  | 319,524 |
Fabricated Steel Products |  |  |  |  |  | 85,399 |  |  | 114,076 |  |  | 102,246 |
Precast Concrete Products |  |  |  |  |  | 63,308 |  |  | 68,410 |  |  | 56,407 |
Coatings and Measurement |  |  |  |  |  | 72,257 |  |  | 112,134 |  |  | 102,887 |
Infrastructure Solutions |  |  |  |  |  | 220,964 |  |  | 294,620 |  |  | 261,540 |
Total net sales |  |  |  |  |  | $ | 497,411 |  |  | $ | 616,428 |  |  | $ | 581,064 |

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- 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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