Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Net Sales and Income from Operation by Business Segment

The financial segment information is as follows:

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Net sales (less intra-, inter-segment sales)
Engineered Systems segment	$	91,277	$	105,540	$	278,018	$	267,516
Industrial Process Solutions segment		44,236		43,850		121,349		123,618
Total net sales	$	135,513	$	149,390	$	399,367	$	391,134

	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2024			2023			2024			2023
Income from operations
Engineered Systems segment	$	15,837		$	15,759		$	51,444		$	39,601
Industrial Process Solutions segment		8,065			5,586			20,834			15,769
Corporate and Other(1)		(16,715	)		(13,492	)		(48,149	)		(33,453	)
Total income from operations	$	7,187		$	7,853		$	24,129		$	21,917

Includes corporate compensation, professional services, information technology, and other general and administrative corporate expenses.

Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Property and equipment additions
Engineered Systems segment	$	645	$	392	$	2,672	$	1,081
Industrial Process Solutions segment		690		570		1,725		2,281
Corporate and Other		2,669		629		6,840		2,149
Total property and equipment additions	$	4,004	$	1,591	$	11,237	$	5,511

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Depreciation and amortization
Engineered Systems segment	$	1,817	$	1,462	$	5,416	$	3,948
Industrial Process Solutions segment		1,148		1,109		3,398		3,217
Corporate and Other		598		548		1,722		1,604
Total depreciation and amortization	$	3,563	$	3,119	$	10,536	$	8,769

(in thousands)	September 30, 2024		December 31, 2023
Identifiable assets
Engineered Systems segment		413,069	$	432,098
Industrial Process Solutions segment		166,933		147,740
Corporate and Other(2)		41,509		20,453
Total identifiable assets	$	621,512	$	600,291

(2)Corporate and Other assets consist primarily of cash and income tax related assets.

Goodwill

(in thousands)	September 30, 2024		December 31, 2023
Goodwill
Engineered Systems segment	$	142,616	$	142,229
Industrial Process Solutions segment		77,410		69,097
Total goodwill	$	220,026	$	211,326

Intra-Segment and Inter-Segment Revenues

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

	Three months ended September 30, 2024
						Less Inter-Segment Sales
(in thousands)	Total Sales		Intra- Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net sales
Engineered Systems segment	$	98,527	$	(6,952	)	$	(298	)	$	—		$	91,277
Industrial Process Solutions segment		51,379		(6,918	)		—			(225	)		44,236
Total net sales	$	149,906	$	(13,870	)	$	(298	)	$	(225	)	$	135,513

	Three months ended September 30, 2023
						Less Inter-Segment Sales
(in thousands)	Total Sales		Intra- Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net sales
Engineered Systems segment	$	114,605	$	(8,639	)	$	(426	)	$	—		$	105,540
Industrial Process Solutions segment		49,264		(5,231	)		—			(183	)		43,850
Total net sales	$	163,869	$	(13,870	)	$	(426	)	$	(183	)	$	149,390

	Nine months ended September 30, 2024
						Less Inter-Segment Sales
(in thousands)	Total Sales		Intra- Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net sales
Engineered Systems segment	$	293,186	$	(14,587	)	$	(581	)	$	—		$	278,018
Industrial Process Solutions segment		135,631		(13,893	)		—			(389	)		121,349
Total net sales	$	428,817	$	(28,480	)	$	(581	)	$	(389	)	$	399,367

	Nine months ended September 30, 2023
						Less Inter-Segment Sales
(in thousands)	Total Sales		Intra- Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net sales
Engineered Systems segment	$	286,575	$	(18,173	)	$	(886	)	$	—		$	267,516
Industrial Process Solutions segment		132,946		(8,871	)		—			(457	)		123,618
Total net sales	$	419,521	$	(27,044	)	$	(886	)	$	(457	)	$	391,134