XML 29 R12.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Business Segments | 12 Months Ended
--- | ---
Dec. 31, 2024
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company determines its operating segments based on how the Company’s CODM, the Company’s President and Chief Executive Officer, manages the businesses, including resource allocation and operating decisions. The Company is organized into two operating segments, which represent the individual businesses that are run separately within this operational structure. Operating segments are evaluated on their segment operating income 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 has two reportable segments: Rail and Infrastructure. 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 CODM uses segment operating income to determine resources to allocate to each segment (including personnel and financial resources) during the annual budgeting process. The CODM evaluates segment performance regularly by comparing the segment operating income to the budgeted measure. 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, displays, 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, located in Spokane, WA. Cash proceeds from the transaction were $2,362, generating a pre-tax loss of $1,009. The Ties business was reported in the Rail Products business unit within the Rail segment. The Company’s Infrastructure segment consists of the Precast Concrete Products and Steel Products business units. The Precast Concrete Products business unit 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 Company leased a facility in Lake County, Florida in 2024, which will produce precast concrete wall systems when operations commence in 2025. The Steel Products business unit 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 produces bridge forms, which will be a retained business, and products associated with the Bridge Exit which includes bridge decking, bridge railing, structural steel fabrications, and expansion joints. On November 17, 2023, the Company acquired the operating assets of Cougar Mountain Precast, LLC (“Cougar”) which is a licensed manufacturer of Redi-Rock and natural concrete products for $1,644. Cougar has been included in the Precast Concrete Products business unit within the Infrastructure segment. On March 30, 2023, the Company sold substantially all the operating assets of its Chemtec business, which was inclusive of its entire Precision Measurement Products and Services division, located in Willis, TX. Cash proceeds from the transaction were $5,344, resulting in a pre-tax loss of $2,065. The Chemtec business was reported in the Steel Products business unit within the Infrastructure segment. On August 30, 2023, the Company announced the Bridge Exit which was reported in the Steel Products business unit within the Infrastructure segment. The decision to exit the bridge grid deck product line was a result of a weak bridge grid deck market condition and outlook due to customer adoption of newer technologies replacing the grid deck solution. The Company continues to operate its bridge forms product line which is a newer technology and not subject to the same challenging market conditions. The Bedford, PA based operations supporting the discontinued bridge grid deck product line expect to complete any remaining customer obligations during 2025. For the years ended December 31, 2024 and 2023, the product line had $3,700 and $6,146 in sales, respectively. During 2024, the Company incurred an immaterial amount of exit costs, all of which were personnel expenses. During 2023, the Company incurred $1,403 of Bridge Exit costs, of which $1,141 was recorded in “Cost of goods sold” and $262 was recorded in “Selling and administrative expenses.” These expenses included $474 in inventory write-downs, $667 in personnel related expenses, and $262 in other exit costs; the majority of cash payments were made in early 2024. During 2023 the Company also recorded a $1,977 reduction in net sales and a $3,051 reduction in gross profit stemming from changes in expected value of certain commercial projects associated with the Bridge Exit. Segment operating income includes reportable segment gross profit and direct expenses such as salaries, benefits, restructuring, research and development, professional and purchased services expenditures, amortization expense, bad debt expense, and other segment expenses. Additionally, segment operating income includes allocated corporate operating expenses associated with central services such as quality, logistics, environmental health and safety, information technology, insurance, and human resources. Other corporate functional costs that are associated with the operating segments are also allocated to the segments such as finance, marketing, credit and collections, and treasury functions. Operating expenses related to corporate headquarter functions are 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. 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. Certain corporate costs are separately managed on a consolidated basis and are not allocated to the operating segments. These corporate costs include public company costs such as listing fees, audit fees, compliance costs, insurance costs, and Board of Directors fees. Additionally, certain corporate executive management costs, including costs of the corporate executive leadership team, and corporate management stock-based compensation expenses are not allocated to the operating segments. Finally, interest expense, income taxes, and certain other items included in other expense - net, which are managed on a consolidated basis, are not allocated to the operating segments. The operating results of the Company’s reportable segments were as follows as of and for the years ended December 31:
|  | 2024
|  | Rail, Technologies, and Services |  | Infrastructure Solutions |  | Total
Net sales |  | $ | 326,869 |  |  | $ | 203,896 |  |  | $ | 530,765 |
Less: |  |  |  |  |  |
Cost of sales |  | (254,400) |  |  | (158,303) |  |  | (412,703) |
Selling and administrative employment costs |  | (32,002) |  |  | (23,868) |  |  | (55,870) |
Purchased services(1) |  | (7,410) |  |  | (6,336) |  |  | (13,746) |
General administrative costs(2) |  | (7,796) |  |  | (4,735) |  |  | (12,531) |
Amortization expense |  | (3,349) |  |  | (1,279) |  |  | (4,628) |
Segment operating income |  | $ | 21,912 |  |  | $ | 9,375 |  |  | $ | 31,287 |
Reconciliation of segment operating income |  |  |  |  |  |
Total segment operating income |  |  |  |  |  | $ | 31,287 |
Gain on sales of former joint venture facility |  |  |  |  |  | 3,477 |
Interest expense - net |  |  |  |  |  | (4,992) |
Other expense - net |  |  |  |  |  | (1,076) |
Public company costs |  |  |  |  |  | (5,755) |
Corporate executive management costs |  |  |  |  |  | (5,726) |
Corporate management stock-based compensation |  |  |  |  |  | (2,065) |
Other corporate expenses |  |  |  |  |  | (705) |
Income before income taxes |  |  |  |  |  | $ | 14,445 |
(1) Purchased services costs include contractor services, insurance expenditures, rental expense, and legal services. (2) General administrative costs generally include office supplies, utilities, advertising, bad debt expense, depreciation and restructuring expenditures. Included in the Rail segment operating income for the year ended December 31, 2024, was a $1,134 expense related to restructuring. Included in the Infrastructure segment operating income for the year ended December 31, 2024 was gain on the sale of ancillary property within the Steel Products business unit for total consideration of $1,300 generating an $815 gain on sale recorded in “Cost of goods sold” and a $113 expense related to restructuring. During the year ended December 31, 2024, the Company sold a former joint venture facility located in Magnolia, Texas generating a $3,477 gain on sale recorded in “Gain on sale of former joint venture facility” which is included as a component of corporate operating income.
|  | 2023
|  | Rail, Technologies, and Services |  | Infrastructure Solutions |  | Total
Net sales |  | $ | 312,160 |  |  | $ | 231,584 |  |  | $ | 543,744 |
Less: |  |  |  |  |  |
Cost of sales |  | (247,126) |  |  | (184,574) |  |  | (431,700) |
Selling and administrative employment costs |  | (33,181) |  |  | (25,007) |  |  | (58,188) |
Purchased services(1) |  | (7,264) |  |  | (6,397) |  |  | (13,661) |
General administrative costs(2) |  | (9,011) |  |  | (4,942) |  |  | (13,953) |
Amortization expense |  | (3,272) |  |  | (2,042) |  |  | (5,314) |
Segment operating income |  | $ | 12,306 |  |  | $ | 8,622 |  |  | $ | 20,928 |
Reconciliation of segment operating income |  |  |  |  |  |
Total segment operating income |  |  |  |  |  | $ | 20,928 |
Interest expense - net |  |  |  |  |  | (5,528) |
Other expense - net |  |  |  |  |  | (2,635) |
Public company costs |  |  |  |  |  | (4,814) |
Corporate executive management costs |  |  |  |  |  | (3,807) |
Corporate management stock-based compensation |  |  |  |  |  | (2,816) |
Other corporate expenses |  |  |  |  |  | (384) |
Income before income taxes |  |  |  |  |  | $ | 944 |
(1) Purchased services costs include contractor services, insurance expenditures, rental expense, and legal services. (2) General administrative costs generally include office supplies, utilities, advertising, bad debt expense, depreciation and restructuring expenditures. Included in the Rail operating income 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. Included in the Infrastructure segment operating income for the year ended December 31, 2023 were the Bridge Exit costs, as well as the sales and related gross profit impacts of the Bridge Exit. Reconciliations of reportable segment assets, depreciation and 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:
|  |  |  |  | 2024
|  |  |  |  |  | Segment Assets |  | Depreciation/Amortization |  | Expenditures for Long-Lived Assets
Rail, Technologies, and Services |  |  |  |  |  | $ | 158,859 |  |  | $ | 4,793 |  |  | $ | 2,032 |
Infrastructure Solutions |  |  |  |  |  | 123,755 |  |  | 7,417 |  |  | 6,366 |
Reportable segment total |  |  |  |  |  | 282,614 |  |  | 12,210 |  |  | 8,398 |
Corporate |  |  |  |  |  | 51,936 |  |  | 1,870 |  |  | 1,393 |
Total |  |  |  |  |  | $ | 334,550 |  |  | $ | 14,080 |  |  | $ | 9,791 |
|  |  |  |  | 2023
|  |  |  |  |  | Segment Assets |  | Depreciation/Amortization |  | Expenditures for Long-Lived Assets
Rail, Technologies, and Services |  |  |  |  |  | $ | 156,638 |  |  | $ | 5,172 |  |  | $ | 1,165 |
Infrastructure Solutions |  |  |  |  |  | 130,247 |  |  | 8,262 |  |  | 2,349 |
Reportable segments total |  |  |  |  |  | 286,885 |  |  | 13,434 |  |  | 3,514 |
Corporate |  |  |  |  |  | 25,516 |  |  | 1,829 |  |  | 999 |
Total |  |  |  |  |  | $ | 312,401 |  |  | $ | 15,263 |  |  | $ | 4,513 |
For the year ended December 31, 2024, net sales from one customer of the Rail segment represented approximately $71,800 of the Company's consolidated net sales. During 2023, no single customer accounted for more than 10% of the Company’s consolidated net sales. Sales between segments were immaterial and eliminated in consolidation. The following table summarizes the Company’s sales by major geographic region in which the Company had operations for the years ended December 31:
|  | 2024 |  | 2023 |  |
United States |  | $ | 454,694 |  |  | $ | 463,936 |  |  |
Canada |  | 22,088 |  |  | 24,925 |  |  |
United Kingdom |  | 44,086 |  |  | 41,418 |  |  |
Other |  | 9,897 |  |  | 13,465 |  |  |
Total net sales |  | $ | 530,765 |  |  | $ | 543,744 |  |  |
The following table summarizes the Company’s long-lived assets by geographic region as of December 31:
|  | 2024 |  | 2023 |  |
United States |  | $ | 72,899 |  |  | $ | 72,840 |  |  |
Canada |  | 151 |  |  | 56 |  |  |
United Kingdom |  | 1,765 |  |  | 1,833 |  |  |
Other |  | 559 |  |  | 850 |  |  |
Total property, plant, and equipment - net |  | $ | 75,374 |  |  | $ | 75,579 |  |  |
The following table summarizes the Company’s sales by major product and service line for the years ended December 31:
|  |  |  | December 31, |  |
|  |  |  |  |  | 2024 |  | 2023 |  |
Rail Products |  |  |  |  |  | $ | 207,696 |  |  | $ | 205,797 |  |  |
Global Friction Management |  |  |  |  |  | 65,984 |  |  | 63,946 |  |  |
Technology Services and Solutions |  |  |  |  |  | 53,189 |  |  | 42,417 |  |  |
Rail, Technologies, and Services |  |  |  |  |  | 326,869 |  |  | 312,160 |  |  |
Precast Concrete Products |  |  |  |  |  | 136,043 |  |  | 136,458 |  |  |
Steel Products |  |  |  |  |  | 67,853 |  |  | 95,126 |  |  |
Infrastructure Solutions |  |  |  |  |  | 203,896 |  |  | 231,584 |  |  |
Total net sales |  |  |  |  |  | $ | 530,765 |  |  | $ | 543,744 |  |  |

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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -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 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: 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 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: 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 18: 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 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: 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 22: 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 23: 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 24: 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 25: 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