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Note 14 - Segment Reporting | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 14— SEGMENT REPORTING The Company is organized into reporting segments based on the nature of the products offered and business activities from which it earns revenues and incurs expenses for which discrete financial information is available and regularly reviewed by the Company's chief operating decision maker. The Company's segments and their product and service offerings are summarized below: Heavy Fabrications The Company provides large, complex and precision fabrications to customers in a broad range of industrial markets. The Company's most significant presence is within the U.S. wind energy industry, although it has diversified into other industrial markets in order to improve capacity utilization, reduce customer concentrations, and reduce exposure to uncertainty related to governmental policies currently impacting the U.S. wind energy industry. Within the U.S. wind energy industry, the Company provides steel towers and adapters primarily to wind turbine manufacturers. Production facilities, located in Manitowoc, Wisconsin and Abilene, Texas, are situated in close proximity to the primary U.S. domestic wind energy and equipment manufacturing hubs. The two facilities have a combined annual tower production capacity of up to approximately 550 towers ( 1,650 tower sections), sufficient to support turbines generating more than 1,100 megawatts of power. The Company has expanded production capabilities and leveraged manufacturing competencies, including welding, lifting capacity and stringent quality practices, into aftermarket and original equipment manufacturer (“OEM”) components utilized in surface and underground mining, construction, material handling, oil and gas (“O&G”) and other infrastructure markets. Gearing The Company provides gearing and gearboxes to a broad set of customers in diverse markets including; onshore and offshore O&G fracking and drilling, surface and underground mining, defense, wind energy, steel, material handling and other infrastructure markets. For nearly a century, the Company has manufactured loose gearing, gearboxes and systems, and provided heat treatment services for aftermarket and OEM applications. The Company uses an integrated manufacturing process, which includes machining and finishing processes in Cicero, Illinois, and heat treatment in Neville Island, Pennsylvania. Industrial Solutions The Company provides supply chain solutions, inventory management, kitting and assembly services, primarily serving the combined cycle natural gas turbine market. Corporate “Corporate” includes the assets and selling, general and administrative expenses of the Company's corporate office. “Eliminations” comprises adjustments to reconcile segment results to consolidated results. The accounting policies of the reportable segments are the same as those referenced in Note 1, “Basis of Presentation” of these condensed consolidated financial statements. Summary financial information by reportable segment for the three and nine months ended September 30, 2020 and 2019 is as follows:
|  | Heavy Fabrications |  |  | Gearing |  |  | Industrial Solutions |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
For the Three Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 43,434 |  |  |  | 7,100 |  |  |  | 4,080 |  |  |  | — |  |  |  | — |  |  | $ | 54,614 |
Intersegment revenues |  |  | 6 |  |  |  | 25 |  |  |  | 1 |  |  |  | — |  |  |  | (32 | ) |  |  | — |
Net revenues |  |  | 43,440 |  |  |  | 7,125 |  |  |  | 4,081 |  |  |  | — |  |  |  | (32 | ) |  |  | 54,614 |
Operating profit (loss) |  |  | 2,020 |  |  |  | (1,023 | ) |  |  | 87 |  |  |  | (1,559 | ) |  |  | — |  |  |  | (475 | )
Depreciation and amortization |  |  | 928 |  |  |  | 488 |  |  |  | 109 |  |  |  | 42 |  |  |  | — |  |  |  | 1,567 |
Capital expenditures |  |  | 601 |  |  |  | 42 |  |  |  | 7 |  |  |  | 18 |  |  |  | — |  |  |  | 668 |
|  | Heavy Fabrications |  |  | Gearing |  |  | Industrial Solutions |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
For the Three Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 33,834 |  |  |  | 7,989 |  |  |  | 4,315 |  |  |  | — |  |  |  | — |  |  | $ | 46,138 |
Intersegment revenues |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | (2 | ) |  |  | — |
Net revenues |  |  | 33,834 |  |  |  | 7,989 |  |  |  | 4,317 |  |  |  | — |  |  |  | (2 | ) |  |  | 46,138 |
Operating profit (loss) |  |  | 693 |  |  |  | 496 |  |  |  | 141 |  |  |  | (1,588 | ) |  |  | — |  |  |  | (258 | )
Depreciation and amortization |  |  | 951 |  |  |  | 508 |  |  |  | 123 |  |  |  | 34 |  |  |  | — |  |  |  | 1,616 |
Capital expenditures |  |  | 346 |  |  |  | 235 |  |  |  | 8 |  |  |  | 4 |  |  |  | — |  |  |  | 593 |
|  | Heavy Fabrications |  |  | Gearing |  |  | Industrial Solutions |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
For the Nine Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 125,418 |  |  |  | 20,241 |  |  |  | 12,515 |  |  |  | — |  |  |  | — |  |  | $ | 158,174 |
Intersegment revenues |  |  | 6 |  |  |  | 32 |  |  |  | 1 |  |  |  | — |  |  |  | (39 | ) |  |  | — |
Net revenues |  |  | 125,424 |  |  |  | 20,273 |  |  |  | 12,516 |  |  |  | — |  |  |  | (39 | ) |  |  | 158,174 |
Operating profit (loss) |  |  | 8,760 |  |  |  | (1,935 | ) |  |  | 496 |  |  |  | (5,081 | ) |  |  | — |  |  |  | 2,240 |
Depreciation and amortization |  |  | 2,831 |  |  |  | 1,503 |  |  |  | 319 |  |  |  | 108 |  |  |  | — |  |  |  | 4,761 |
Capital expenditures |  |  | 1,199 |  |  |  | 211 |  |  |  | 134 |  |  |  | 53 |  |  |  | — |  |  |  | 1,597 |
|  | Heavy Fabrications |  |  | Gearing |  |  | Industrial Solutions |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
For the Nine Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 91,098 |  |  | $ | 27,282 |  |  | $ | 10,587 |  |  | $ | — |  |  | $ | — |  |  | $ | 128,967 |
Intersegment revenues |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | (2 | ) |  |  | — |
Net revenues |  |  | 91,098 |  |  |  | 27,282 |  |  |  | 10,589 |  |  |  | — |  |  |  | (2 | ) |  |  | 128,967 |
Operating profit (loss) |  |  | 789 |  |  |  | 2,797 |  |  |  | (116 | ) |  |  | (4,428 | ) |  |  | — |  |  |  | (958 | )
Depreciation and amortization |  |  | 3,024 |  |  |  | 1,472 |  |  |  | 368 |  |  |  | 142 |  |  |  | — |  |  |  | 5,006 |
Capital expenditures |  |  | 855 |  |  |  | 875 |  |  |  | 22 |  |  |  | 24 |  |  |  | — |  |  |  | 1,776 |
|  | Total Assets as of |
|  | September 30, |  |  | December 31, |
Segments: |  | 2020 |  |  | 2019 |
Heavy Fabrications |  | $ | 43,256 |  |  | $ | 41,432 |
Gearing |  |  | 45,742 |  |  |  | 47,022 |
Industrial Solutions |  |  | 10,563 |  |  |  | 8,893 |
Corporate |  |  | 230,680 |  |  |  | 239,629 |
Eliminations |  |  | (204,185 | ) |  |  | (214,110 | )
|  | $ | 126,056 |  |  | $ | 122,866 |

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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 http://asc.fasb.org/extlink&oid=120311839&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 http://asc.fasb.org/extlink&oid=120311839&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 http://asc.fasb.org/extlink&oid=120311839&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 http://asc.fasb.org/extlink&oid=120311839&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 http://asc.fasb.org/extlink&oid=120311839&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 http://asc.fasb.org/extlink&oid=120311839&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 http://asc.fasb.org/extlink&oid=120311839&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 http://asc.fasb.org/extlink&oid=120311839&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 http://asc.fasb.org/extlink&oid=120311839&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 http://asc.fasb.org/extlink&oid=120311839&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 http://asc.fasb.org/extlink&oid=120311839&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 http://asc.fasb.org/extlink&oid=120311839&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 http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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