Business Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segment Information

15.Business Segment Information

The Company’s operations are organized and reviewed by management along its product lines or end markets that the segment serves and are presented in two reportable segments. The results of the segments are reviewed through to the “Income from operations” line on the Consolidated Statements of Income. The accounting policies of the segments are the same as those in the consolidated financial statements.

The Company’s reportable segments are organized as groups of similar products and services, as described as follows:

Engineered Systems segment: The Company's Engineered Systems segment serves the power generation, hydrocarbon processing, water/wastewater treatment, oily water separation and treatment, marine and naval vessels, and midstream oil and gas sectors. The Company seeks to address the global demand for environmental and equipment protection solutions with its highly engineered platforms including emissions management, fluid bed cyclones, thermal acoustics, separation and filtration, and dampers and expansion joints.

Industrial Process Solutions segment: The Company's Industrial Process Solutions segment serves the broad industrial sector with solutions for air pollution and contamination control, fluid handling, and process filtration in applications such as aluminum beverage can production, automobile production, food and beverage processing, semiconductor fabrication, electronics production, steel and aluminum mill processing, wood manufacturing, desalination, and aquaculture markets. The Company assists customers in maintaining clean and safe operations for employees, reducing energy consumption, minimizing waste for customers, and meeting regulatory standards for toxic emissions, fumes, volatile organic compounds, and odor elimination through its platforms including duct fabrication and installation, industrial air, and fluid handling.

The financial segment information is as follows:

(table only in thousands)	2023		2022		2021
Net Sales (less intra-, inter-segment sales)
Engineered Systems segment	$	380,108	$	263,224	$	186,926
Industrial Process Solutions segment		164,737		159,403		137,214
Total net sales	$	544,845	$	422,627	$	324,140

(table only in thousands)	2023			2022			2021
Income from Operations
Engineered Systems segment	$	59,846		$	36,200		$	25,770
Industrial Process Solutions segment		21,630			22,705			15,054
Corporate and Other (1)		(46,907	)		(36,744	)		(30,967	)
Income from operations	$	34,569		$	22,161		$	9,857

(1)Includes corporate compensation, professional services, information technology, acquisition and integration expenses, and other general, administrative corporate expenses.

(table only in thousands)	2023		2022		2021
Property and Equipment Additions
Engineered Systems segment	$	2,070	$	203	$	100
Industrial Process Solutions segment		2,827		879		721
Corporate and Other		3,487		2,294		1,795
Property and equipment additions	$	8,384	$	3,376	$	2,616

(table only in thousands)	2023		2022		2021
Depreciation and Amortization
Engineered Systems segment	$	5,820	$	4,672	$	4,249
Industrial Process Solutions segment		4,352		4,388		4,299
Corporate and Other		2,335		1,554		1,305
Depreciation and amortization	$	12,507	$	10,614	$	9,853

	December 31,
(table only in thousands)	2023		2022
Identifiable Assets
Engineered Systems segment	$	432,098	$	332,820
Industrial Process Solutions segment		147,740		150,458
Corporate and Other (2)		20,453		21,443
Identifiable assets	$	600,291	$	504,721

(2)Corporate assets primarily consist of cash, property, plant and equipment, and income tax related assets.

	December 31,
(table only in thousands)	2023		2022
Goodwill
Engineered Systems segment	$	142,229	$	114,746
Industrial Process Solutions segment		69,097		68,451
Goodwill	$	211,326	$	183,197

Intra-segment and Inter-segment Revenues

The Company has divisions that sell to each other within segments (intra-segment sales) and between segments (inter-segment sales), as follows:

	Year Ended December 31, 2023
						Less Inter-Segment Sales
(table only in thousands)	Total Sales		Intra-Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net Sales
Engineered Systems segment	$	412,929	$	(31,402	)	$	(1,419	)	$	—		$	380,108
Industrial Process Solutions segment		183,011		(17,489	)		-			(785	)		164,737
Total net sales	$	595,940	$	(48,891	)	$	(1,419	)	$	(785	)	$	544,845

	Year Ended December 31, 2022
						Less Inter-Segment Sales
(table only in thousands)	Total Sales		Intra-Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net Sales
Engineered Systems segment	$	278,354	$	(14,088	)	$	(1,042	)	$	—		$	263,224
Industrial Process Solutions segment		165,220		(5,536	)		—			(281	)		159,403
Total net sales	$	443,574	$	(19,624	)	$	(1,042	)	$	(281	)	$	422,627

	Year Ended December 31, 2021
						Less Inter-Segment Sales
(table only in thousands)	Total Sales		Intra-Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net Sales
Engineered Systems segment	$	197,380	$	(9,483	)	$	(971	)	$	—		$	186,926
Industrial Process Solutions segment		152,886		(14,533	)		—			(1,139	)		137,214
Total net sales	$	350,266	$	(24,016	)	$	(971	)	$	(1,139	)	$	324,140

No single customer represented greater than 10% of consolidated net sales or accounts receivable for 2023, 2022, or 2021.

For 2023, 2022, and 2021, sales outside the United States accounted for approximately 33%, 35%, and 38%, respectively, of consolidated net sales. The largest portions of sales outside the United States in 2023 were in Europe (19%) and Asia (9%). The largest portions of sales outside the United States in 2022 were in Europe (20%) and Asia (11%). The largest portion of sales outside the United States in 2021 was destined for Asia (16.0%) and Europe (10.3%). Of consolidated long-lived assets, $48.2 million and $39.9 million were located outside of the United States as of December 31, 2023 and 2022, respectively. The largest portion of long-lived assets located outside the United States at December 31, 2023 and December 31, 2022 were in Europe ($38.3 million and $30.5 million, respectively).