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Industry Segments | 12 Months Ended
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Dec. 31, 2018
Segment Reporting [Abstract] |
Industry Segments | Industry Segments The Company's business is divided into two operating segments: Metals and Specialty Chemicals. The Company identifies such segments based on products and services, long-term financial performance and end markets targeted. The Metals Segment operates as three reporting units including Synalloy Metals, Inc., a wholly-owned subsidiary which owns 100 percent of BRISMET, Palmer and Specialty, both wholly-owned subsidiaries of the Company. BRISMET manufactures pipe and tube from stainless steel and other alloys, Palmer produces fiberglass and steel storage tanks and Specialty is a master distributor of seamless carbon pipe and tube. The Metal Segment's products, some of which are custom-produced to individual orders and required for corrosive and high-purity processes, are used principally by the chemical, petrochemical, pulp and paper, mining, power generation (including nuclear), water and wastewater treatment, liquid natural gas, brewery, food processing, petroleum, pharmaceutical and other industries. Products include pipe, storage tanks, pressure vessels and a variety of other components. The Specialty Chemicals Segment operates as one reporting unit which includes MS&C, a wholly owned subsidiary of the Company which owns 100 percent of MC, and CRI Tolling, a wholly owned subsidiary of the Company. The Specialty Chemicals Segment manufactures a wide variety of specialty chemicals for the carpet, chemical, paper, metals, mining, agricultural, fiber, paint, textile, automotive, petroleum, cosmetics, mattress, furniture, janitorial and other industries. MC manufactures lubricants, surfactants, defoamers, reaction intermediaries and sulfated fats and oils. CRI Tolling provides chemical tolling manufacturing resources to global and regional companies and contracts with other chemical companies to manufacture certain pre-defined products. The chief operating decision maker evaluates performance and determines resource allocations based on a number of factors, the primary measure being operating income (loss). The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Segment operating income is the segment's total revenue less operating expenses. Identifiable assets, all of which are located in the United States, are those assets used in operations by each segment. The Metals Segment's identifiable assets did not include any goodwill in 2016. In relation to 2017 MUSA-Stainless and 2018 MUSA-Galvanized acquisitions (see Note 18), the Metals Segment recognized goodwill of $4,648,795 in 2017 and $3,796,467 in 2018, respectively. The Specialty Chemicals Segment's identifiable assets include goodwill of $1,354,730 in 2018 and 2017. Centralized data processing and accounting expenses are allocated to the two segments based upon estimates of their percentage of usage. Unallocated corporate expenses include environmental charges of $50,617, $37,748 and $48,000 for 2018, 2017 and 2016, respectively. Corporate assets consist principally of cash, certain investments and equipment. Segment Information: All values are for continuing operations only.
| 2018 |  | 2017 |  | 2016
Net sales |  |  |  |  |
Metals Segment | $ | 222,242,145 |  |  | $ | 152,957,195 |  |  | $ | 90,214,537 |
Specialty Chemicals Segment | 58,599,274 |  |  | 48,190,487 |  |  | 48,351,245 |
| $ | 280,841,419 |  |  | $ | 201,147,682 |  |  | $ | 138,565,782 |
Operating income (loss) |  |  |  |  |  |  |  |
Metals Segment | $ | 27,543,907 |  |  | $ | 5,424,624 |  |  | $ | (4,820,374 | )
Gain (loss) on sale-leaseback | 239,604 |  |  | 239,604 |  |  | (2,166,136 | )
Total Metals Segment | 27,783,511 |  |  | 5,664,228 |  |  | (6,986,510 | )
Specialty Chemicals Segment | 3,879,405 |  |  | 4,295,576 |  |  | 4,887,143 |
Gain (loss) on sale-leaseback | 94,669 |  |  | 94,669 |  |  | (205,642 | )
Total Specialty Chemicals Segment | 3,974,074 |  |  | 4,390,245 |  |  | 4,681,501 |
| 31,757,585 |  |  | 10,054,473 |  |  | (2,305,009 | )
Unallocated corporate expenses | 7,877,847 |  |  | 6,513,839 |  |  | 5,835,162 |
Earn-out adjustments | 1,430,682 |  |  | 688,523 |  |  | — |
Acquisition related costs | 1,211,797 |  |  | 794,983 |  |  | 106,227 |
Operating income (loss) | 21,237,259 |  |  | 2,057,128 |  |  | (8,246,398 | )
Interest expense | 2,210,506 |  |  | 985,366 |  |  | 932,572 |
Change in fair value of interest rate swap | (19,484 | ) |  | (96,696 | ) |  | 12,997 |
Other income, net | 2,572,598 |  |  | (310,043 | ) |  | — |
Income (loss) before income taxes | $ | 16,473,639 |  |  | $ | 1,478,501 |  |  | $ | (9,191,967 | )
Identifiable assets |  |  |  |  |  |  |  |
Metals Segment | $ | 192,195,733 |  |  | $ | 130,456,857 |  |  |
Specialty Chemicals Segment | 28,174,675 |  |  | 25,394,078 |  |  |
Corporate | 8,028,438 |  |  | 4,023,215 |  |  |
| $ | 228,398,846 |  |  | $ | 159,874,150 |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |
Metals Segment | $ | 7,197,814 |  |  | $ | 6,280,681 |  |  | $ | 5,132,506 |
Specialty Chemicals Segment | 1,427,629 |  |  | 1,302,579 |  |  | 1,449,437 |
Corporate | 149,734 |  |  | 154,552 |  |  | 113,047 |
| $ | 8,775,177 |  |  | $ | 7,737,812 |  |  | $ | 6,694,990 |
Capital expenditures |  |  |  |  |  |  |  |
Metals Segment | $ | 5,969,216 |  |  | $ | 3,405,552 |  |  | $ | 2,198,535 |
Specialty Chemicals Segment | 1,297,762 |  |  | 1,649,967 |  |  | 475,703 |
Corporate | 87,759 |  |  | 223,089 |  |  | 370,173 |
| $ | 7,354,737 |  |  | $ | 5,278,608 |  |  | $ | 3,044,411 |
Sales by product group |  |  |  |  |
Specialty chemicals | $ | 58,599,274 |  |  | $ | 48,190,487 |  |  | $ | 48,351,245 |
Stainless steel pipe | 146,237,630 |  |  | 100,253,823 |  |  | 56,065,642 |
Seamless carbon steel pipe and tube | 32,473,950 |  |  | 25,103,641 |  |  | 14,913,133 |
Liquid storage tanks and separation equipment | 31,653,832 |  |  | 27,599,731 |  |  | 19,235,762 |
Galvanized pipe and tube | 11,876,733 |  |  | — |  |  | — |
| $ | 280,841,419 |  |  | $ | 201,147,682 |  |  | $ | 138,565,782 |
Geographic sales |  |  |  |  |  |  |  |
United States | $ | 273,244,175 |  |  | $ | 196,172,279 |  |  | $ | 132,313,157 |
Elsewhere | 7,597,244 |  |  | 4,975,403 |  |  | 6,252,625 |
| $ | 280,841,419 |  |  | $ | 201,147,682 |  |  | $ | 138,565,782 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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