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Note 14 - Segment Reporting
 3 Months Ended
Mar. 31, 2021
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, wind energy, steel, material handling and other infrastructure markets. The Company has manufactured loose gearing, gearboxes and systems, and provided heat treat services for aftermarket and OEM applications for nearly a century. 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
months ended
March 31, 2021
and
2020
is as follows:
 
   
Heavy Fabrications
    
Gearing
    
Industrial Solutions
    
Corporate
    
Eliminations
    
Consolidated
  
For the Three Months Ended March 31, 2021
      
 
      
 
      
 
      
 
      
 
      
 
Revenues from external customers
   $
22,777
      
5,349
      
4,602
      
—
      
—
     $
32,728
  
Intersegment revenues
    
—
      
—
      
2
      
—
      
(2
 )    
—
  
Net revenues
    
22,777
      
5,349
      
4,604
      
—
      
(2
 )    
32,728
  
Operating loss
    
(1,700
 )    
(989
 )    
(14
 )    
(1,608
 )    
—
      
(4,311
 )
Depreciation and amortization
    
945
      
458
      
106
      
44
      
—
      
1,553
  
Capital expenditures
    
563
      
—
      
20
      
29
      
—
      
612
  
 
 
 
   
Heavy Fabrications
    
Gearing
    
Industrial Solutions
    
Corporate
    
Eliminations
    
Consolidated
  
For the Three Months Ended March 31, 2020
      
 
      
 
      
 
      
 
      
 
      
 
Revenues from external customers
   $
38,368
      
6,227
      
4,039
      
—
      
—
     $
48,634
  
Operating profit (loss)
    
3,541
      
(261
 )    
192
      
(1,792
 )    
—
      
1,680
  
Depreciation and amortization
    
963
      
512
      
104
      
33
      
—
      
1,612
  
Capital expenditures
    
381
      
168
      
120
      
1
      
—
      
670
  
 
 
   
Total Assets as of
  
   
March 31,
    
December 31,
  
Segments:
  
2021
    
2020
  
Heavy Fabrications
   $
55,689
     $
40,438
  
Gearing
    
43,181
      
43,319
  
Industrial Solutions
    
8,222
      
10,244
  
Corporate
    
227,891
      
220,428
  
Eliminations
    
(200,762
 )    
(194,747
 )
    $
134,221
     $
119,682