Business Segment Information

12 Months Ended

Dec. 31, 2022

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 & gas sectors. The Company is a key part of helping meet the global demand for environmental and equipment protection solutions with its highly engineered platforms including emissions control, fluid bed cyclones, thermal acoustics, separation & filtration, and dampers & 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. For Industrial Air applications, the Company assists companies maintain clean and safe operations for employees, reduce energy consumption, minimize waste for customers, and ensure they meet regulatory standards for toxic emissions, fumes, volatile organic compounds, and odor elimination through the Company's platforms including duct fabrication & installation, industrial air, and fluid handling.

(table only in thousands)	2022		2021		2020
Net Sales (less intra-, inter-segment sales)
Engineered Systems segment	$	263,224	$	186,926	$	205,494
Industrial Process Solutions segment		159,403		137,214		110,517
Total net sales	$	422,627	$	324,140	$	316,011

(table only in thousands)	2022			2021			2020
Income from Operations
Engineered Systems segment	$	36,200		$	25,770		$	34,170
Industrial Process Solutions segment		22,705			15,054			7,220
Corporate and Other (1)		(36,744	)		(30,967	)		(28,044	)
Income from operations	$	22,161		$	9,857		$	13,346

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

(table only in thousands)	2022		2021		2020
Property and Equipment Additions
Engineered Systems segment	$	203	$	100	$	550
Industrial Process Solutions segment		879		721		1,349
Corporate and Other		2,294		1,795		2,046
Property and equipment additions	$	3,376	$	2,616	$	3,945

(table only in thousands)	2022		2021		2020
Depreciation and Amortization
Engineered Systems segment	$	4,672	$	4,249	$	4,957
Industrial Process Solutions segment		4,388		4,299		4,199
Corporate and Other		1,554		1,305		765
Depreciation and amortization	$	10,614	$	9,853	$	9,921

	December 31,
(table only in thousands)	2022		2021
Identifiable Assets
Engineered Systems segment	$	332,820	$	262,558
Industrial Process Solutions segment		150,458		141,975
Corporate and Other (2)		21,443		11,664
Identifiable assets	$	504,721	$	416,197

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

	December 31,
(table only in thousands)	2022		2021
Goodwill
Engineered Systems segment	$	114,746	$	99,303
Industrial Process Solutions segment		68,451		61,880
Goodwill	$	183,197	$	161,183

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 indicated in the following tables:

	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

	Year Ended December 31, 2020
						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	$	218,290	$	(11,333	)	$	(1,463	)	$	—		$	205,494
Industrial Process Solutions segment		124,547		(12,798	)		—			(1,232	)		110,517
Total net sales	$	342,837	$	(24,131	)	$	(1,463	)	$	(1,232	)	$	316,011

No single customer represented greater than 10% of consolidated net sales or accounts receivable for 2022, 2021, or 2020.

For 2022, 2021, and 2020, sales outside the United States accounted for approximately 35%, 38%, and 35%, respectively, of consolidated net sales. The largest portions of sales outside the United States in 2022 were in Europe (20%), and Asia (11%). Of consolidated long-lived assets, $39.9 million and $26.7 million were located outside of the United States as of December 31, 2022 and 2021, respectively. The largest portion of long-lived assets located outside the United States at December 31, 2022 were in Europe ($30.5 million).