XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Note 15 - Segment Reporting | 6 Months Ended
--- | ---
Jun. 30, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | NOTE 15— 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 1,500 MW of power. The Company has expanded its 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. The Company has designed and manufactures a mobile, modular pressure reducing system for the compressed natural gas virtual pipeline market. The Company manufactures components for buckets, shovels, car bodies, drill masts and other products that support mining and construction markets. In other industrial markets, the Company provides crane components, pressure vessels, frames and other structures. Gearing The Company provides gearing, gearboxes and precision machined components to a broad set of customers in diverse markets including surface and underground mining, wind energy, steel, material handling, infrastructure, onshore and offshore oil and gas fracking and drilling, marine, defense, and other industrial markets. The Company has manufactured loose gearing, gearboxes and systems, and provided heat treat services for aftermarket and OEM applications for a century. The Company uses an integrated manufacturing process, which includes machining and finishing processes in addition to gearbox repair in Cicero, Illinois, and heat treatment and gearbox repair in Neville Island, Pennsylvania. Industrial Solutions The Company provides supply chain solutions, light fabrication, inventory management and kitting and assembly services, primarily serving the combined cycle natural gas turbine market. The Company has recently expanded into the U.S. wind power generation market, by providing tower internals kitting solutions for on-site installations, as OEMs domesticate their supply chain due to lead time and reliability issues. The Company leverages a global supply chain to provide instrumentation and controls, valve assemblies, sensor devices, fuel system components, electrical junction boxes and wiring, and electromechanical devices. The Company also provides packaging solutions and fabricates panels and sub-assemblies to reduce customers’ costs and improve manufacturing velocity and reliability. 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 six months ended June 30, 2024 and 2023 is as follows:
|  | Heavy Fabrications |  |  | Gearing |  |  | Industrial Solutions |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
For the Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 19,611 |  |  | $ | 10,454 |  |  | $ | 6,387 |  |  | $ | — |  |  | $ | — |  |  | $ | 36,452 |
Intersegment revenues |  |  | — |  |  |  | — |  |  |  | 76 |  |  |  | — |  |  |  | (76 | ) |  |  | — |
Net revenues |  |  | 19,611 |  |  |  | 10,454 |  |  |  | 6,463 |  |  |  | — |  |  |  | (76 | ) |  |  | 36,452 |
Operating income (loss) |  |  | 1,557 |  |  |  | 482 |  |  |  | 623 |  |  |  | (1,405 | ) |  |  | — |  |  |  | 1,257 |
Depreciation and amortization |  |  | 1,022 |  |  |  | 553 |  |  |  | 105 |  |  |  | 38 |  |  |  | — |  |  |  | 1,718 |
Capital expenditures |  |  | 370 |  |  |  | 280 |  |  |  | 123 |  |  |  | 17 |  |  |  | — |  |  |  | 790 |
|  | Heavy Fabrications |  |  | Gearing |  |  | Industrial Solutions |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
For the Three Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 33,944 |  |  | $ | 10,977 |  |  | $ | 5,922 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,843 |
Intersegment revenues |  |  | — |  |  |  | — |  |  |  | 348 |  |  |  | — |  |  |  | (348 | ) |  |  | — |
Net revenues |  |  | 33,944 |  |  |  | 10,977 |  |  |  | 6,270 |  |  |  | — |  |  |  | (348 | ) |  |  | 50,843 |
Operating income (loss) |  |  | 3,867 |  |  |  | 348 |  |  |  | 843 |  |  |  | (2,845 | ) |  |  | 3 |  |  |  | 2,216 |
Depreciation and amortization |  |  | 856 |  |  |  | 556 |  |  |  | 92 |  |  |  | 58 |  |  |  | — |  |  |  | 1,562 |
Capital expenditures |  |  | 2,156 |  |  |  | 739 |  |  |  | — |  |  |  | 17 |  |  |  | — |  |  |  | 2,912 |
|  | Heavy Fabrications |  |  | Gearing |  |  | Industrial Solutions |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
For the Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 41,628 |  |  | $ | 18,791 |  |  | $ | 13,649 |  |  | $ | — |  |  | $ | — |  |  | $ | 74,068 |
Intersegment revenues |  |  | — |  |  |  | — |  |  |  | 807 |  |  |  | — |  |  |  | (807 | ) |  |  | — |
Net revenues |  |  | 41,628 |  |  |  | 18,791 |  |  |  | 14,456 |  |  |  | — |  |  |  | (807 | ) |  |  | 74,068 |
Operating income (loss) |  |  | 3,601 |  |  |  | 508 |  |  |  | 2,390 |  |  |  | (3,164 | ) |  |  | — |  |  |  | 3,335 |
Depreciation and amortization |  |  | 1,933 |  |  |  | 1,093 |  |  |  | 205 |  |  |  | 83 |  |  |  | — |  |  |  | 3,314 |
Capital expenditures |  |  | 831 |  |  |  | 1,348 |  |  |  | 338 |  |  |  | 17 |  |  |  | — |  |  |  | 2,534 |
|  | Heavy Fabrications |  |  | Gearing |  |  | Industrial Solutions |  |  | Corporate |  |  | Eliminations |  |  | Consolidated |
For the Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 65,537 |  |  | $ | 22,943 |  |  | $ | 11,236 |  |  | $ | — |  |  | $ | — |  |  | $ | 99,716 |
Intersegment revenues |  |  | — |  |  |  | — |  |  |  | 456 |  |  |  | — |  |  |  | (456 | ) |  |  | — |
Net revenues |  |  | 65,537 |  |  |  | 22,943 |  |  |  | 11,692 |  |  |  | — |  |  |  | (456 | ) |  |  | 99,716 |
Operating income (loss) |  |  | 6,657 |  |  |  | 929 |  |  |  | 1,465 |  |  |  | (5,556 | ) |  |  | 3 |  |  |  | 3,498 |
Depreciation and amortization |  |  | 1,714 |  |  |  | 1,152 |  |  |  | 186 |  |  |  | 115 |  |  |  | — |  |  |  | 3,167 |
Capital expenditures |  |  | 2,818 |  |  |  | 1,124 |  |  |  | 18 |  |  |  | 17 |  |  |  | — |  |  |  | 3,977 |
|  | Total Assets as of |
|  | June 30, |  |  | December 31, |
Segments: |  | 2024 |  |  | 2023 |
Heavy Fabrications |  | $ | 40,558 |  |  | $ | 46,931 |
Gearing |  |  | 45,730 |  |  |  | 48,599 |
Industrial Solutions |  |  | 14,602 |  |  |  | 16,295 |
Corporate |  |  | 60,100 |  |  |  | 58,487 |
Eliminations |  |  | (38,457 | ) |  |  | (35,156 | )
|  | $ | 122,533 |  |  | $ | 135,156 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
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