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Industry Segments | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Industry Segments | Industry Segments The Company's business is divided into two reportable operating segments, the Metals Segment and the Specialty Chemicals Segment. The Metals Segment operates as three reporting units that include Bristol Metals, LLC ("BRISMET") and American Stainless Tubing, LLC ("ASTI") (collectively "Welded Pipe & Tube"), Palmer of Texas Tanks, Inc. ("Palmer"), and Specialty Pipe & Tube, Inc. ("Specialty"). As discussed in Note 4, the Company permanently ceased operations at Palmer as of December 31, 2021 and have classified the remaining assets as held for sale. The results of operations for this business are included within the Metals Segment for all periods presented in this quarterly report. The Metals Segment serves markets through pipe and tube and customers in the appliance, architectural, automotive and commercial transportation, brewery, chemical, petrochemical, pulp and paper, mining, power generation (including nuclear), water and waste-water treatment, liquid natural gas ("LNG"), food processing, pharmaceutical, oil and gas and other industries. The Specialty Chemicals Segment operates as one reporting unit which includes Manufacturers Chemicals, LLC ("MC"), a wholly-owned subsidiary of Manufacturers Soap and Chemical Company ("MS&C"), CRI Tolling, LLC ("CRI") and DanChem Technologies, Inc ("DanChem"). The Specialty Chemicals Segment produces specialty products for the pulp and paper, coatings, adhesives, sealants and elastomers (CASE), textile, automotive, household, industrial and institutional ("HII"), agricultural, water and waste-water treatment, construction, oil and gas and other industries. The following table summarizes certain information regarding segments of the Company's operations:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |
Net sales |  |  |  |  |  |  |  |  |  |  |
Metals Segment | $ | 87,182 |  |  | $ | 68,097 |  |  | $ | 175,679 |  |  | $ | 123,311 |  |  |  |  |
Specialty Chemicals Segment | 29,020 |  |  | 14,990 |  |  | 56,741 |  |  | 29,554 |  |  |  |  |
| $ | 116,202 |  |  | $ | 83,087 |  |  | $ | 232,420 |  |  | $ | 152,865 |  |  |  |  |
Operating income (loss) |  |  |  |  |  |  |  |  |  |  |
Metals Segment | $ | 12,934 |  |  | $ | 7,504 |  |  | $ | 27,426 |  |  | $ | 10,081 |  |  |  |  |
Specialty Chemicals Segment | 2,627 |  |  | (414) |  |  | 5,014 |  |  | 642 |  |  |  |  |
Unallocated corporate expenses | 3,322 |  |  | 1,360 |  |  | 6,351 |  |  | 3,127 |  |  |  |  |
Acquisition costs and other | 157 |  |  | — |  |  | 688 |  |  | — |  |  |  |  |
Proxy contest costs and recoveries | — |  |  | 632 |  |  | — |  |  | 168 |  |  |  |  |
Earn-out adjustments | (109) |  |  | 1,044 |  |  | (7) |  |  | 1,270 |  |  |  |  |
Operating income | 12,191 |  |  | 4,054 |  |  | 25,408 |  |  | 6,158 |  |  |  |  |
Interest expense | 407 |  |  | 353 |  |  | 810 |  |  | 739 |  |  |  |  |
Loss on extinguishment of debt | — |  |  | — |  |  | — |  |  | 223 |  |  |  |  |
Change in fair value of interest rate swap | — |  |  | — |  |  | — |  |  | (2) |  |  |  |  |
Other, net | (23) |  |  | — |  |  | (58) |  |  | 162 |  |  |  |  |
Income before income taxes | $ | 11,807 |  |  | $ | 3,701 |  |  | $ | 24,656 |  |  | $ | 5,036 |  |  |  |  |
| As of |  |  |  |  |  |
(in thousands) | June 30, 2022 |  | December 31, 2021 |  |  |  |  |  |  |  |
Identifiable assets |  |  |  |  |  |  |  |  |  |  |
Metals Segment | $ | 196,429 |  |  | $ | 160,625 |  |  |  |  |  |  |  |  |
Specialty Chemicals Segment | 78,013 |  |  | 72,908 |  |  |  |  |  |  |  |  |
Corporate | 31,999 |  |  | 32,469 |  |  |  |  |  |  |  |  |
| $ | 306,441 |  |  | $ | 266,002 |  |  |  |  |  |  |  |  |

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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 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
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