Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Net Sales and Income from Operation by Business Segment

The financial segment information is presented in the following tables:

	Three months ended March 31,
(dollars in thousands)	2021		2020
Net Sales (less intra-, inter-segment sales)
Engineered Systems	$	42,057	$	50,646
Industrial Process Solutions		29,835		29,840
Net sales	$	71,892	$	80,486

	Three months ended March 31,
(dollars in thousands)	2021			2020
Income from Operations
Engineered Systems	$	6,170		$	8,557
Industrial Process Solutions		3,822			3,096
Corporate and Other(1)		(6,938	)		(7,414	)
Income from operations	$	3,054		$	4,239

(1) 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 March 31,
(dollars in thousands)	2021		2020
Property and Equipment Additions
Engineered Systems	$	9	$	197
Industrial Process Solutions		190		579
Corporate and Other		293		200
Property and equipment additions	$	492	$	976

	Three months ended March 31,
(dollars in thousands)	2021		2020
Depreciation and Amortization
Engineered Systems	$	1,067	$	1,221
Industrial Process Solutions		1,068		928
Corporate and Other		300		47
Depreciation and amortization	$	2,435	$	2,196

(dollars in thousands)	March 31, 2021		December 31, 2020
Identifiable Assets
Engineered Systems	$	264,607	$	270,573
Industrial Process Solutions		137,351		135,204
Corporate and Other(2)		11,699		13,537
Identifiable assets	$	413,657	$	419,314

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

Goodwill

(dollars in thousands)	March 31, 2021		December 31, 2020
Goodwill
Engineered Systems	$	99,617	$	99,785
Industrial Process Solutions		62,035		62,035
Goodwill	$	161,652	$	161,820

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 indicated in the following tables:  

	Three months ended March 31, 2021
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net Sales
Engineered Systems	$	44,476	$	(2,374	)	$	(45	)	$	—		$	42,057
Industrial Process Solutions		32,933		(2,774	)		—			(324	)		29,835
Net Sales	$	77,409	$	(5,148	)	$	(45	)	$	(324	)	$	71,892

	Three months ended March 31, 2020
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net Sales
Engineered Systems	$	53,338	$	(2,535	)	$	(157	)	$	—		$	50,646
Industrial Process Solutions		33,890		(3,666	)		—			(384	)		29,840
Net Sales	$	87,228	$	(6,201	)	$	(157	)	$	(384	)	$	80,486