XML 26 R12.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Business Segments | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
Business Segments | Business Segments Effective for the quarter and year ended December 31, 2023, the Company implemented operational changes in how its 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 Infrastructure Solutions 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 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. The Infrastructure segment is comprised of the previous Precast Concrete Products and Steel Products and Measurement (now Steel Products business unit) segments, and 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. 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 the 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 reporting segment consists of the Rail Products, Global Friction Management, and Technology Services and Solutions business units, which was evaluated based on the factors outlined above. The Rail 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 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, coverboards, and special accessories for mass transit and other rail systems. In addition, the Rail 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 30, 2023, the Company sold substantially all the operating assets of the prestressed concrete railroad tie business operated by its wholly-owned subsidiary, CXT Incorporated (“Ties”), located in Spokane, WA. The Ties business was reported in the Rail Products business unit within the Rail segment. On June 21, 2022, the Company acquired the stock of Skratch. Skratch is located in Telford, United Kingdom, and offers a single-point supply solution model for clients, and enabling large scale deployments of its intelligent digital signage solutions. Skratch has been included in the Company’s Technology Services and Solutions business unit within the Rail segment. Additionally, on August 1, 2022, the Company divested its Track Components business located in St-Jean-sur-Richelieu, Quebec, Canada. Results of the Track Components business are included in the Company’s Rail Products business unit within the Rail segment. Refer to Note 3 for further details on acquisitions and divestitures. The Company’s Infrastructure segment produces precast concrete buildings and a variety of specialty precast concrete products for use in several infrastructure end markets, including transportation, energy, and general infrastructure. The 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. The segment also produces threaded pipe products for industrial water well and irrigation markets as well pipe coatings for oil and gas markets. In addition, the segment sells bridge decking, bridge railing, structural steel fabrications, expansion joints, bridge forms and other products for highway construction and repair. Lastly, this segment provides pipe coatings for oil and gas pipelines and utilities. On March 30, 2023, the Company sold substantially all the operating assets of its Precision Measurement Products and Systems business, Chemtec Energy Services LLC (“Chemtec”). The Chemtec business was reported in the Coatings and Measurement business unit within the Infrastructure segment. On August 12, 2022, the Company acquired the operating assets of VanHooseCo, a privately-held business headquartered in Loudon, Tennessee. VanHooseCo specializes 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 Infrastructure segment. Refer to Note 3 for further details on acquisitions and divestitures. 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 including interest, income taxes, and certain other items that are included in other income and expense and 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, 2023:
|  | 2023
|  | Net Sales |  | Segment Operating Profit |  | Segment Assets |  | Depreciation/Amortization |  | Expenditures for Long-Lived Assets
Rail, Technologies, and Services |  | $ | 312,160 |  |  | $ | 11,940 |  |  | $ | 157,023 |  |  | $ | 5,172 |  |  | $ | 1,915 |
Infrastructure Solutions |  | 231,584 |  |  | 9,988 |  |  | 130,667 |  |  | 8,262 |  |  | 2,707 |
Total |  | $ | 543,744 |  |  | $ | 21,928 |  |  | $ | 287,690 |  |  | $ | 13,434 |  |  | $ | 4,622 |
Included in the Rail operating profit for the year ended December 31, 2023 was a $1,862 expense related to bad debt due to a customer filing for administrative protection and a $676 expense related to restructuring, both of which were within the Company’s UK based Technology Services and Solutions business. 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 |
Infrastructure Solutions |  | 196,905 |  |  | (9,132) |  |  | 163,114 |  |  | 7,664 |  |  | 3,100 |
Total |  | $ | 497,497 |  |  | $ | 2,322 |  |  | $ | 335,225 |  |  | $ | 13,284 |  |  | $ | 4,318 |
Included in the Infrastructure operating loss for the year ended December 31, 2022 were pre-tax impairment charges of $8,016 associated with goodwill and intangible assets within the Steel Products business unit. During 2023 and 2022, 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:
|  | 2023 |  | 2022 |  |
Income from operations: |  |  |  |  |  |
Total segment operating profit |  | $ | 21,928 |  |  | $ | 2,322 |  |  |
Interest expense - net |  | (5,528) |  |  | (3,340) |  |  |
Other (expense) income - net |  | (3,666) |  |  | 1,550 |  |  |
Corporate expense and other unallocated charges |  | (11,790) |  |  | (9,528) |  |  |
Income (loss) before income taxes |  | $ | 944 |  |  | $ | (8,996) |  |  |
Assets: |  |  |  |  |  |
Total segment assets |  | $ | 287,690 |  |  | $ | 335,225 |  |  |
Unallocated corporate assets |  | 25,516 |  |  | 30,085 |  |  |
Assets |  | $ | 313,206 |  |  | $ | 365,310 |  |  |
Depreciation/Amortization: |  |  |  |  |  |
Total segment depreciation/amortization |  | $ | 13,434 |  |  | $ | 13,284 |  |  |
Corporate depreciation/amortization |  | 1,829 |  |  | 1,495 |  |  |
Depreciation/amortization |  | $ | 15,263 |  |  | $ | 14,779 |  |  |
Expenditures for Long-Lived Assets: |  |  |  |  |  |
Total segment expenditures for long-lived assets |  | $ | 4,622 |  |  | $ | 4,318 |  |  |
Corporate expenditures for long-lived assets |  | 311 |  |  | 3,315 |  |  |
Expenditures for long-lived assets |  | $ | 4,933 |  |  | $ | 7,633 |  |  |
The following table summarizes the Company’s sales by major geographic region in which the Company had operations for the years ended December 31:
|  | 2023 |  | 2022 |  |
United States |  | $ | 463,936 |  |  | $ | 378,339 |  |  |
Canada |  | 24,925 |  |  | 38,489 |  |  |
United Kingdom |  | 41,418 |  |  | 46,590 |  |  |
Other |  | 13,465 |  |  | 34,079 |  |  |
Total net sales |  | $ | 543,744 |  |  | $ | 497,497 |  |  |
The following table summarizes the Company’s long-lived assets by geographic region as of December 31:
|  | 2023 |  | 2022 |  |
United States |  | $ | 73,260 |  |  | $ | 82,846 |  |  |
Canada |  | 56 |  |  | 110 |  |  |
United Kingdom |  | 1,833 |  |  | 1,533 |  |  |
Other |  | 850 |  |  | 855 |  |  |
Total property, plant, and equipment - net |  | $ | 75,999 |  |  | $ | 85,344 |  |  |
The following table summarizes the Company’s sales by major product and service line for the years ended December 31:
|  |  |  | December 31, |  |
|  |  |  |  |  | 2023 |  | 2022 |  |
Rail Products |  |  |  |  |  | $ | 205,797 |  |  | $ | 202,559 |  |  |
Global Friction Management |  |  |  |  |  | 63,946 |  |  | 54,811 |  |  |
Technology Services and Solutions |  |  |  |  |  | 42,417 |  |  | 43,222 |  |  |
Rail, Technologies, and Services |  |  |  |  |  | 312,160 |  |  | 300,592 |  |  |
Precast Concrete Products |  |  |  |  |  | 136,458 |  |  | 104,212 |  |  |
Steel Products |  |  |  |  |  | 95,126 |  |  | 92,693 |  |  |
Infrastructure Solutions |  |  |  |  |  | 231,584 |  |  | 196,905 |  |  |
Total net sales |  |  |  |  |  | $ | 543,744 |  |  | $ | 497,497 |  |  |

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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration