XML 26 R12.htm IDEA: XBRL DOCUMENT
v3.22.4

Business Segments | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company is a global solutions provider of engineered, manufactured products and services that builds and supports infrastructure. The Company’s innovative engineering and product development solutions address the safety, reliability, and performance needs of its customers’ challenging requirements. The Company maintains locations in North America, South America, Europe, and Asia where it markets its products and services primarily through an internal sales force. The Company has three reporting segments: the Rail, Technologies, and Services segment, the Precast Concrete Products segment, and the Steel Products and Measurement segment. The Company’s 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 Chief Operating Decision Maker (“CODM”), who uses such information to make 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. The Company considers the aggregation of operating segments into reporting segments based on nature of offerings, nature of production services, the type or class of customer for products and services, methods used to distribute products and services, and economic and regulatory environment conditions. The Company’s Rail, Technologies, and Services reporting segment is the aggregation of the Rail Products and Global Friction Management and the Technology Services and Solutions operating segments, which was evaluated based on the factors outlined above. The Rail, Technologies, and Services reporting 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 as well as designs and produces insulated rail joints, power rail, track fasteners, concrete railroad ties, coverboards, and special accessories for mass transit and other rail systems. In addition, the Rail, Technologies, and Services segment provides controls, display, and telecommunication contract management solutions for the transit, control room, and customer information and display sectors to enhance safety, operational efficiency, and customer experience. On June 21, 2022, the Company acquired the stock of Skratch, located in Telford, United Kingdom, which offers a single-point supply solution model for clients, and enabling large scale deployments of its intelligent digital signage solutions. Skratch’s service offerings include design, prototyping and proof of concept, hardware and software, logistics and warehousing, installation, maintenance, content management, and managed monitoring. Skratch has been included in the Company’s Technology Services and Solutions business unit within the Rail, Technologies, and Services segment. Additionally, on August 1, 2022, the Company divested its Track Components business located in St-Jean-sur-Richelieu, Quebec, Canada, which resulted in a pre-tax loss of $467. Results of the Track Components business are included in the Company’s Rail Products business unit within the Rail, Technologies, and Services segment. The Company’s Precast Concrete Products segment produces precast concrete buildings and a variety of specialty precast concrete products for use in several infrastructure end markets, including transportation and general infrastructure. Precast concrete buildings are primarily used as restrooms, concession stands, and protective storage buildings in national, state, and municipal parks, while other precast products include sound walls, bridge beams, box culverts, septic tanks, and other custom pre-stressed products. On August 12, 2022, the Company acquired the operating assets of VanHooseCo, a privately-held business headquartered in Loudon, Tennessee, specializing in precast concrete walls, water management products, and traditional precast products for the industrial, commercial, and residential infrastructure markets and has been included in the Precast Concrete Products segment. The Company’s Steel Products and Measurement segment sells bridge decking, bridge railing, structural steel fabrications, expansion joints, bridge forms and other products for highway construction and repair. This segment also produces threaded pipe products for industrial water well and irrigation markets as well as the oil and gas markets. Lastly, this segment provides pipe coatings for oil and gas pipelines and utilities, precision measurement systems for the oil and gas market. On September 24, 2021, the Company completed the sale of its Piling Products business. The Company retained all pre-closing receivables and liabilities associated with the business. The sale included substantially all inventory and fixed assets held by the Company associated with the division. Results of the Piling Products business were included in the Company’s Steel Products and Measurement segment. Segment profit from operations includes allocated corporate operating expenses. Operating expenses related to corporate headquarter functions were allocated to each segment 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. Other income and expenses, interest, income taxes, and certain other items are managed on a consolidated basis. Management believes the allocation of corporate operating expenses provides an accurate presentation of how the segments utilize corporate support activities. This provides the CODM 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 reportable segments were as follows as of and for the year ended December 31, 2022:
|  | 2022
|  | Net Sales |  | Segment Operating Profit (Loss) |  | Segment Assets |  | Depreciation/Amortization |  | Expenditures for Long-Lived Assets
Rail, Technologies, and Services |  | $ | 300,592 |  |  | $ | 11,454 |  |  | $ | 172,111 |  |  | $ | 5,620 |  |  | $ | 1,218 |
Precast Concrete Products |  | 104,212 |  |  | 1,692 |  |  | 108,598 |  |  | 3,162 |  |  | 2,833 |
Steel Products and Measurement |  | 92,693 |  |  | (10,824) |  |  | 54,516 |  |  | 4,502 |  |  | 267 |
Total |  | $ | 497,497 |  |  | $ | 2,322 |  |  | $ | 335,225 |  |  | $ | 13,284 |  |  | $ | 4,318 |
The operating results and assets of the Company’s reportable segments were as follows as of and for the year ended December 31, 2021:
|  | 2021
|  | Net Sales |  | Segment Operating Profit (Loss) |  | Segment Assets |  | Depreciation/Amortization |  | Expenditures for Long-Lived Assets
Rail, Technologies, and Services |  | $ | 299,749 |  |  | $ | 14,165 |  |  | $ | 171,608 |  |  | $ | 6,089 |  |  | $ | 1,081 |
Precast Concrete Products |  | 70,990 |  |  | 1,545 |  |  | 48,740 |  |  | 1,716 |  |  | 2,441 |
Steel Products and Measurement |  | 142,881 |  |  | (2,402) |  |  | 58,377 |  |  | 4,738 |  |  | 78 |
Total |  | $ | 513,620 |  |  | $ | 13,308 |  |  | $ | 278,725 |  |  | $ | 12,543 |  |  | $ | 3,600 |
During 2022 and 2021, no single customer accounted for more than 10% of the Company’s consolidated net sales. Sales between segments were immaterial and eliminated in consolidation. 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:
|  | 2022 |  | 2021 |  |
Income from operations: |  |  |  |  |  |
Total segment operating profit |  | $ | 2,322 |  |  | $ | 13,308 |  |  |
Interest expense - net |  | (3,340) |  |  | (2,956) |  |  |
Other income - net |  | 1,550 |  |  | 3,075 |  |  |
Corporate expense and other unallocated charges |  | (9,528) |  |  | (8,837) |  |  |
(Loss) income from continuing operations before income taxes |  | $ | (8,996) |  |  | $ | 4,590 |  |  |
Assets: |  |  |  |  |  |
Total segment assets |  | $ | 335,225 |  |  | $ | 278,725 |  |  |
Unallocated corporate assets |  | 30,085 |  |  | 63,870 |  |  |
Assets |  | $ | 365,310 |  |  | $ | 342,595 |  |  |
Depreciation/Amortization: |  |  |  |  |  |
Total segment depreciation/amortization |  | $ | 13,284 |  |  | $ | 12,543 |  |  |
Corporate depreciation/amortization |  | 1,495 |  |  | 1,344 |  |  |
Depreciation/amortization |  | $ | 14,779 |  |  | $ | 13,887 |  |  |
Expenditures for Long-Lived Assets: |  |  |  |  |  |
Total segment expenditures for long-lived assets |  | $ | 4,318 |  |  | $ | 3,600 |  |  |
Corporate expenditures for long-lived assets |  | 3,315 |  |  | 1,020 |  |  |
Expenditures for long-lived assets |  | $ | 7,633 |  |  | $ | 4,620 |  |  |
The following table summarizes the Company’s sales by major geographic region in which the Company had operations for the years ended December 31:
|  | 2022 |  | 2021 |  |
United States |  | $ | 378,339 |  |  | $ | 391,218 |  |  |
Canada |  | 38,489 |  |  | 36,477 |  |  |
United Kingdom |  | 46,590 |  |  | 57,600 |  |  |
Other |  | 34,079 |  |  | 28,325 |  |  |
Total net sales |  | $ | 497,497 |  |  | $ | 513,620 |  |  |
The following table summarizes the Company’s long-lived assets by geographic region as of December 31:
|  | 2022 |  | 2021 |  |
United States |  | $ | 82,846 |  |  | $ | 53,527 |  |  |
Canada |  | 110 |  |  | 2,597 |  |  |
United Kingdom |  | 1,533 |  |  | 1,668 |  |  |
Other |  | 855 |  |  | 430 |  |  |
Total property, plant, and equipment - net |  | $ | 85,344 |  |  | $ | 58,222 |  |  |
The following table summarizes the Company’s sales by major product and service line for the years ended December 31:
|  |  |  | December 31,
|  |  |  |  |  | 2022 |  | 2021 |  |
Rail Products and Global Friction Management |  |  |  |  |  | $ | 255,713 |  |  | $ | 248,237 |  |  |
Technology Services and Solutions |  |  |  |  |  | 44,879 |  |  | 51,512 |  |  |
Rail, Technologies, and Services |  |  |  |  |  | 300,592 |  |  | 299,749 |  |  |
Precast Concrete Buildings |  |  |  |  |  | 61,143 |  |  | 55,993 |  |  |
Other Precast Concrete Products |  |  |  |  |  | 43,069 |  |  | 14,997 |  |  |
Precast Concrete Products |  |  |  |  |  | 104,212 |  |  | 70,990 |  |  |
Coatings and Measurement |  |  |  |  |  | 38,329 |  |  | 27,833 |  |  |
Fabricated Steel Products |  |  |  |  |  | 54,364 |  |  | 115,048 |  |  |
Steel Products and Measurement |  |  |  |  |  | 92,693 |  |  | 142,881 |  |  |
Total net sales |  |  |  |  |  | $ | 497,497 |  |  | $ | 513,620 |  |  |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration