Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CECE | |
Entity Registrant Name | CECO ENVIRONMENTAL CORP | |
Entity Central Index Key | 0000003197 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 0-7099 | |
Entity Tax Identification Number | 132566064 | |
Entity Address, Address Line One | 14651 North Dallas Parkway | |
Entity Address, Address Line Two | Suite 500 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | Texas | |
Entity Address, Postal Zip Code | 75254 | |
City Area Code | 214 | |
Local Phone Number | 357-6181 | |
Entity Common Stock, Shares Outstanding | 35,204,911 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 28,828 | $ 43,676 |
Restricted cash | 1,127 | 762 |
Accounts receivable, net | 60,037 | 53,225 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 32,205 | 29,694 |
Inventories, net | 22,376 | 20,817 |
Prepaid expenses and other current assets | 12,754 | 10,117 |
Prepaid income taxes | 2,005 | 1,388 |
Assets held for sale | 1,182 | 1,186 |
Total current assets | 160,514 | 160,865 |
Property, plant and equipment, net | 11,858 | 22,200 |
Right-of-use assets from operating leases | 13,056 | |
Goodwill | 152,199 | 152,156 |
Intangible assets – finite life, net | 35,527 | 35,959 |
Intangible assets – indefinite life | 14,342 | 18,258 |
Deferred charges and other assets | 4,230 | 3,144 |
Total assets | 391,726 | 392,582 |
Current liabilities: | ||
Current portion of debt | 2,500 | |
Accounts payable and accrued expenses | 75,084 | 80,229 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 22,015 | 20,144 |
Note payable | 1,700 | |
Income taxes payable | 1,813 | |
Total current liabilities | 99,599 | 103,886 |
Other liabilities | 19,343 | 26,925 |
Debt, less current portion | 72,539 | 74,456 |
Deferred income tax liability, net | 6,976 | 8,755 |
Operating lease liabilities (Note 12) | 10,700 | |
Total liabilities | 209,157 | 214,022 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, $.01 par value; 10,000 shares authorized, none issued | ||
Common stock, $.01 par value; 100,000,000 shares authorized, 35,180,060 and 34,953,825 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 352 | 349 |
Capital in excess of par value | 252,916 | 251,409 |
Accumulated loss | (56,668) | (59,427) |
Accumulated other comprehensive loss | (13,675) | (13,415) |
Stockholders' equity before treasury stock | 182,925 | 178,916 |
Less treasury stock, at cost, 137,920 shares at June 30, 2019 and December 31, 2018 | (356) | (356) |
Total shareholders’ equity | 182,569 | 178,560 |
Total liabilities and shareholders' equity | $ 391,726 | $ 392,582 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 35,180,060 | 34,953,825 |
Common Stock, shares outstanding | 35,180,060 | 34,953,825 |
Treasury stock, shares | 137,920 | 137,920 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 81,179 | $ 81,089 | $ 167,190 | $ 155,229 |
Cost of sales | 54,333 | 53,937 | 111,911 | 102,143 |
Gross profit | 26,846 | 27,152 | 55,279 | 53,086 |
Selling and administrative expenses | 22,426 | 21,967 | 43,740 | 43,931 |
Amortization and earnout expenses | 2,153 | 2,493 | 4,313 | 5,397 |
Loss (gain) on divestitures, net of selling costs | 73 | 70 | (11,104) | |
Restructuring expenses | 249 | 38 | 249 | 150 |
Income from operations | 2,018 | 2,581 | 6,907 | 14,712 |
Other income (expense), net | 808 | (373) | 168 | (711) |
Interest expense | (1,460) | (1,793) | (3,004) | (3,713) |
Income before income taxes | 1,366 | 415 | 4,071 | 10,288 |
Income tax (benefit) expense | (4,149) | 1,316 | (3,308) | 5,426 |
Net income (loss) | $ 5,515 | $ (901) | $ 7,379 | $ 4,862 |
Earnings (loss) per share: | ||||
Basic | $ 0.16 | $ (0.03) | $ 0.21 | $ 0.14 |
Diluted | $ 0.15 | $ (0.03) | $ 0.21 | $ 0.14 |
Weighted average number of common shares outstanding: | ||||
Basic | 34,923,587 | 34,669,810 | 34,879,811 | 34,631,519 |
Diluted | 35,582,727 | 34,669,810 | 35,471,628 | 34,715,141 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 5,515 | $ (901) | $ 7,379 | $ 4,862 |
Other comprehensive (loss) income, net of tax: | ||||
Interest rate swap | (293) | 55 | (506) | 248 |
Foreign currency translation | (744) | (3,292) | 234 | (1,282) |
Comprehensive (loss) income | $ 4,478 | $ (4,138) | $ 7,107 | $ 3,828 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Accumulated Loss [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2017 | $ 186,569 | $ 347 | $ 248,170 | $ (52,673) | $ (8,919) | $ (356) |
Beginning Balance, Shares at Dec. 31, 2017 | 34,708,000 | (138,000) | ||||
Net income | 4,862 | 4,862 | ||||
Cumulative effect adjustment | ASU 2018-02 and ASU 2014-09 [Member] | (652) | 415 | (1,067) | |||
Exercise of stock options | $ 33 | 33 | ||||
Exercise of stock options, Shares | 8,000 | 8,000 | ||||
Restricted stock units issued | $ (121) | $ (2) | (99) | 24 | ||
Restricted stock units issued, Shares | 12,000 | |||||
Share based compensation earned | 1,570 | 1,570 | ||||
Share based compensation earned, Shares | 19,000 | |||||
Adjustment for interest rate swap | 248 | 248 | ||||
Translation (loss) gain | (1,282) | (1,282) | ||||
Ending Balance at Jun. 30, 2018 | 191,227 | $ 349 | 249,674 | (47,420) | (11,020) | $ (356) |
Ending Balance, Shares at Jun. 30, 2018 | 34,747,000 | (138,000) | ||||
Beginning Balance at Dec. 31, 2018 | 178,560 | $ 349 | 251,409 | (59,427) | (13,415) | $ (356) |
Beginning Balance, Shares at Dec. 31, 2018 | 34,954,000 | (138,000) | ||||
Net income | 7,379 | 7,379 | ||||
Cumulative effect adjustment | ASU 2017-12 and ASU 2016-02 [Member] | $ (4,590) | (4,602) | 12 | |||
Exercise of stock options, Shares | 1,000 | |||||
Restricted stock units issued | $ (337) | $ (3) | (322) | 18 | ||
Restricted stock units issued, Shares | 212,000 | |||||
Share based compensation earned | 1,829 | 1,829 | ||||
Share based compensation earned, Shares | 14,000 | |||||
Adjustment for interest rate swap | (506) | (506) | ||||
Translation (loss) gain | 234 | 234 | ||||
Ending Balance at Jun. 30, 2019 | $ 182,569 | $ 352 | $ 252,916 | $ (56,668) | $ (13,675) | $ (356) |
Ending Balance, Shares at Jun. 30, 2019 | 35,180,000 | (138,000) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||||
Net income | $ 5,515 | $ (901) | $ 7,379 | $ 4,862 | |
Adjustment to reconcile net income to net cash (used in) provided by operating activities: | |||||
Depreciation and amortization | 2,749 | 3,459 | 5,520 | 6,956 | |
Unrealized foreign currency loss | 258 | 746 | |||
Net gain on interest rate swaps | (248) | (104) | |||
Earnout payments | (2,050) | ||||
Gain on sale of property and equipment | (9) | ||||
Loss (gain) on divestitures, net of selling costs | 73 | 70 | (11,104) | ||
Debt discount amortization | 847 | 582 | |||
Share-based compensation expense | 1,756 | 1,488 | |||
Bad debt expense | 300 | 500 | 394 | 646 | |
Inventory reserve expense | 361 | 444 | |||
Deferred income tax benefit | (337) | (744) | |||
Changes in operating assets and liabilities, net of divestitures: | |||||
Accounts receivable | (7,046) | (6,539) | |||
Costs and estimated earnings in excess of billings on uncompleted contracts | (2,416) | (2,911) | |||
Inventories | (1,929) | (1,629) | |||
Prepaid expense and other current assets | (3,366) | 2,407 | |||
Deferred charges and other assets | (1,703) | (219) | |||
Accounts payable and accrued expenses | (8,291) | 12,605 | |||
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,854 | 3,110 | |||
Income taxes payable | (1,656) | 1,589 | |||
Other liabilities | (2,744) | (291) | |||
Net cash (used in) provided by operating activities | (11,297) | 9,835 | |||
Cash flows from investing activities: | |||||
Acquisitions of property and equipment | (1,201) | (591) | |||
Net cash proceeds from divestitures | 30,692 | ||||
Proceeds from sale of property and equipment | 112 | ||||
Net cash (used in) provided by investing activities | (1,201) | 30,213 | |||
Cash flows from financing activities: | |||||
Net borrowings (repayments) on revolving credit lines | 853 | (3,792) | |||
Repayments of debt | (1,700) | (30,756) | |||
Deferred financing fees paid | 1,117 | ||||
Proceeds from lease financing transaction | 800 | ||||
Payments on finance leases and financing liability | (232) | (344) | |||
Proceeds from employee stock purchase plan and exercise of stock options | 75 | 18 | |||
Net cash used in financing activities | (2,121) | (34,074) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 136 | (793) | |||
Net (decrease) increase in cash, cash equivalents and restricted cash | (14,483) | 5,181 | |||
Cash, cash equivalents and restricted cash at beginning of period | 44,438 | 30,659 | $ 30,659 | ||
Cash, cash equivalents and restricted cash at end of period | $ 29,955 | $ 35,840 | 29,955 | 35,840 | $ 44,438 |
Cash paid during the period for: | |||||
Interest | 2,300 | 2,924 | |||
Income taxes | $ 3,582 | 3,318 | |||
Non-cash transaction: | |||||
Net consideration receivable from divestiture | $ 2,685 |
Basis of Reporting for Consolid
Basis of Reporting for Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Reporting for Consolidated Financial Statements | 1. Basis of Reporting for Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements of CECO Environmental Corp. and its subsidiaries (the “Company”, “we”, “us”, or “our”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the financial position as of June 30, 2019 and the results of operations, cash flows and shareholders’ equity for the three-month and six-month periods ended June 30, 2019 and 2018. The results of operations for the three-month and six-month periods ended June 30, 2019 are not necessarily indicative of the results to be expected for the full year. The balance sheet as of December 31, 2018 has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the SEC. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These financial statements and accompanying notes should be read in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC. Unless otherwise indicated, all balances within tables are in thousands, except per share amounts. |
New Financial Accounting Pronou
New Financial Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
New Financial Accounting Pronouncements | 2. New Financial Accounting Pronouncements Accounting Standards adopted in Fiscal 2019 In February 2016, the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) and related disclosure requirements and establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Under the guidance, leases are classified as either finance or operating, with classification affecting the pattern of expense recognition. We adopted ASU 2016-02 effective January 1, 2019, using the modified retrospective method which was applied to leases that existed or were entered into on or after January 1, 2019. The Company elected to utilize the package of practical expedients that allows us to 1) not reassess whether any expired or existing contracts are or contain leases, 2) retain the existing classification of lease contracts as of the date of adoption, and 3) not reassess initial direct costs for any existing leases. We also elected to not separate lease and non-lease components, for all leases. The adoption of this standard had a material impact on our consolidated balance sheet due to the recognition of ROU assets and liabilities for our operating leases totaling $13.3 million, as well as an adjustment to beginning equity of $4.6 million, net of tax, related to a prior sales lease back transaction. The adoption of the standard did not have a material impact on our statement of operations or liquidity. See Note 12 – Leases for disclosures related to the amended guidance. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” This guidance expands an entity’s ability to apply hedge accounting for nonfinancial and financial risk components and allows for a simplified approach for fair value hedging of interest rate risk. Additionally, this ASU eliminates the need to separately measure and report hedge ineffectiveness and generally requires the entire change in fair value of a hedging instrument to be presented in the same income statement line as the hedged item. Accounting Standards Yet to be Adopted In August 2018, the FASB issued ASU 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans,” that makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. The new guidance eliminates requirements for certain disclosures that are no longer considered cost beneficial and requires new ones that the FASB considers pertinent. ASU 2018-14 is effective for the Company January 1, 2021. The Company is evaluating the impact of the adoption of ASU 2018-14 on its consolidated financial statements. |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Accounts Receivable | 3. Accounts Receivable (table only in thousands) June 30, 2019 December 31, 2018 Contract receivables $ 50,458 $ 48,826 Trade receivables 12,375 7,296 Allowance for doubtful accounts (2,796 ) (2,897 ) Total accounts receivable $ 60,037 $ 53,225 Balances billed but not paid by customers under retainage provisions in contracts within the Condensed Consolidated Balance Sheets amounted to approximately $1.3 million and $0.9 million at June 30, 2019 and December 31, 2018, respectively. Retainage receivables on contracts in progress are generally collected within a year after contract completion. Bad debt expense was $0.3 million and $0.5 million for the three-month periods ended June 30, 2019 and 2018, respectively, and $0.4 million and $0.6 for the six-month periods ended June 30, 2019 and 2018, respectively. |
Costs and Estimated Earnings on
Costs and Estimated Earnings on Uncompleted Contracts | 6 Months Ended |
Jun. 30, 2019 | |
Text Block [Abstract] | |
Costs and Estimated Earnings on Uncompleted Contracts | 4. Costs and Estimated Earnings on Uncompleted Contracts Our contracts have various lengths to completion ranging from a few days to several months. We anticipate that a majority of our current contracts will be completed within the next twelve to eighteen months. A significant amount of our revenue within the Energy Solutions and Industrial Solutions segments is recognized over a period of time as we perform under the contract because control of the work in process transfers continuously to the customer. The assets and liabilities recognized in association with these contracts are as follows: (table only in thousands) June 30, 2019 December 31, 2018 Costs incurred on uncompleted contracts $ 180,241 $ 174,168 Estimated earnings 72,881 67,427 Total costs and estimated earnings on uncompleted contracts, gross 253,122 241,595 Less billings to date (242,932 ) (232,045 ) Total costs and estimated earnings on uncompleted contracts, net $ 10,190 $ 9,550 Included in the accompanying condensed consolidated balance sheets under the following captions: Costs and estimated earnings in excess of billings on uncompleted contracts $ 32,205 $ 29,694 Billings in excess of costs and estimated earnings on uncompleted contracts (22,015 ) (20,144 ) Total costs and estimated earnings on uncompleted contracts, net $ 10,190 $ 9,550 Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes to job performance, job conditions, and estimated profitability may result in revisions to contract revenue and costs, and are recognized in the period in which the revisions are made. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories (table only in thousands) June 30, 2019 December 31, 2018 Raw materials $ 16,747 $ 15,819 Work in process 7,345 6,098 Finished goods 756 807 Obsolescence allowance (2,472 ) (1,907 ) Total inventories $ 22,376 $ 20,817 Amounts credited to the allowance for obsolete inventory and charged to cost of sales amounted to $0.2 million and $0.1 million for the three-month periods ended June 30, 2019 and 2018, respectively, and $0.4 million for the six-month periods ended June 30, 2019 and 2018. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 6. Goodwill and Intangible Assets (table only in thousands) Six months ended June 30, 2019 Year ended December 31, 2018 Goodwill / Tradename Goodwill Tradename Goodwill Tradename Beginning balance $ 152,156 $ 18,258 $ 166,951 $ 19,691 Transfers to finite life classification — (3,904 ) — — Divestitures — — (14,317 ) (1,340 ) Foreign currency translation 43 (12 ) (478 ) (93 ) $ 152,199 $ 14,342 $ 152,156 $ 18,258 (table only in thousands) As of June 30, 2019 As of December 31, 2018 Intangible assets – finite life Cost Accum. Amort. Cost Accum. Amort. Technology $ 14,457 $ 9,933 $ 14,457 $ 9,414 Customer lists 68,943 41,342 68,943 37,873 Noncompetition agreements 910 835 910 762 Tradename 5,294 845 1,390 579 Foreign currency adjustments (1,521 ) (399 ) (1,520 ) (407 ) $ 88,083 $ 52,556 $ 84,180 $ 48,221 Activity for the six-months ended June 30, 2019 and 2018 is as follows: (table only in thousands) 2019 2018 Intangible assets – finite life, net at beginning of period $ 35,959 $ 49,956 Amortization expense (4,320 ) (4,988 ) Divestitures — (2,372 ) Transfers from indefinite life classification 3,904 — Foreign currency adjustments (16 ) (152 ) Intangible assets – finite life, net at end of period $ 35,527 $ 42,444 Amortization expense of finite life intangible assets was $2.2 million and $2.4 million for the three-month periods ended June 30, 2019 and 2018, respectively and $4.3 million and $5.0 million for the six-month periods ended June 30, 2019 and 2018. Amortization over the next five years for finite life intangibles is expected to be $4.1 million for the remainder of 2019, $6.8 million in 2020, $5.7 million in 2021, $4.8 million in 2022, and $4.0 million in 2023. During the six-month period ended June 30, 2019, the Company reassessed the useful lives of certain tradenames and determined that $3.9 million of their tradenames would have useful lives of 10 years now versus indefinite. The Company did not identify any triggering events during the three-month period ended June 30, 2019 that would require an interim impairment assessment of goodwill or intangible assets. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 6 Months Ended |
Jun. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | 7. Accounts Payable and Accrued Expenses (table only in thousands) June 30, 2019 December 31, 2018 Trade accounts payable, including due to subcontractors $ 48,174 $ 51,984 Compensation and related benefits 6,056 7,578 Short-term lease liabilities 2,935 — Accrued warranty 3,947 3,384 Contract liabilities 5,053 6,541 Other accrued expenses 8,919 10,742 Total accounts payable and accrued expenses $ 75,084 $ 80,229 |
Senior Debt
Senior Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Senior Debt | 8. Senior debt Debt consisted of the following at June 30, 2019 and December 31, 2018: (table only in thousands) June 30, 2019 December 31, 2018 Outstanding borrowings under Credit Facility (defined below). Term loan payable in quarterly principal installments of $0.6 million through June 2021, $0.9 million through June 2023, and $1.3 million thereafter with balance due upon maturity in June 2024. - Term loan $ 50,000 $ 76,147 - Revolving Credit Loan 27,000 — - Unamortized debt discount (1,961 ) (1,691 ) Total outstanding borrowings under Credit Facility 75,039 74,456 Less: current portion (2,500 ) — Total debt, less current portion $ 72,539 $ 74,456 Scheduled principal payments under our new United States Debt On June 11, 2019, the Company entered into a Second Amended and Restated Credit Agreement (the “Credit Facility”). The new Credit Facility amends the Company’s existing amended and restated agreement, dated September 3, 2015. Pursuant to the new Credit Facility, the lenders provided a term loan in the aggregate principal amount of $50.0 million and the lenders increased their senior secured revolving credit commitments to the aggregate principal amount of $140.0 million. This revolving credit commitment allows the Company the ability to borrow loans denominated in different currencies. Additionally, the new Credit Facility extended the maturity date to June 11, 2024, reduced interest rates, and redefined certain financial covenants. As of June 30, 2019 and December 31, 2018, $15.7 million and $29.3 million of letters of credit were outstanding, respectively. Total unused credit availability under the Company’s senior secured term loan and senior secured revolver loan with sub-facilities for letters of credit, swing-line loans and senior secured multi-currency loans was $97.3 million and $50.7 million at June 30, 2019 and December 31, 2018, respectively. Revolving loans may be borrowed, repaid and reborrowed until June 11, 2024, at which time all outstanding balances of the new Credit Facility must be repaid. The weighted average stated interest rate on outstanding borrowings was 4.41% and 5.27% at June 30, 2019 and December 31, 2018, respectively. In connection with the new Credit Facility, the Company terminated its existing interest rate swap agreement. The fair value of the interest rate swap was zero and an asset of $0.5 million as of June 30, 2019 and December 31, 2018, respectively, and is classified within the “Deferred charges and other assets” on the Condensed Consolidated Balance Sheets. The Company designated the interest rate swap as an effective hedge until the date of termination; therefore, the changes to the fair value of the interest rate swap were recorded in other comprehensive income, until the date of termination. Upon termination of the swap agreement, $0.2 million previously recognized in other comprehensive income was recognized into income during the three- and six-month periods ended June 30, 2019, and is classified within “Other income (expense), net” on the Condensed Consolidated Statements of Operations. Under the terms of the new Credit Facility, the Company is required to maintain certain financial covenants, including the maintenance of a Consolidated Net Leverage Ratio. Through September 30, As of June 30, 2019 and December 31, 2018, the Company was in compliance with all related financial and other restrictive covenants under the Credit Facility. In connection with the new Credit Facility, the Company paid $1.1 million in customary closing fees during the three-month period ended June 30, 2019 that were deferred and classified as a debt discount. Additionally, during the three-month period ended June 30, 2019, $0.4 million of the existing debt discount was expensed, and classified as interest expense, as a result of the debt modification. Foreign Debt The Company has a number of bank guarantee facilities and bilateral lines in various countries currently supported by cash, letters of credit or pledged assets and collateral under the new Credit Facility. The new Credit Facility allows letters of credit and bank guarantee issuances of up to $50.0 million from the bilateral lines secured by pledged assets and collateral under the new Credit Facility. As of June 30, 2019, $10.5 million in bank guarantees were outstanding. In addition, a subsidiary of the Company located in the Netherlands has a Euro-denominated bank guarantee agreement secured by local assets under which $3.1 million in bank guarantees were outstanding as of June 30, 2019. As of June 30, 2019, the borrowers of these facilities and agreements were in compliance with all related financial and other restrictive covenants. |
Earnings and Dividends per Shar
Earnings and Dividends per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings and Dividends per Share | 9. Earnings and Dividends per Share The computational components of basic and diluted earnings per share for the three-month and six-month periods ended June 30, 2019 and 2018 are below. For the three-month period ended June 30, 2019 2018 (table only in thousands) Numerator (for basic and diluted earnings (loss) per share) Net income (loss) $ 5,515 $ (901 ) Denominator Basic weighted-average shares outstanding 34,924 34,670 Common stock equivalents arising from stock options and restricted stock awards 659 — Diluted weighted-average shares outstanding 35,583 34,670 For the six-month period ended June 30, 2019 2018 (table only in thousands) Numerator (for basic and diluted earnings per share) Net income $ 7,379 $ 4,862 Denominator Basic weighted-average shares outstanding 34,880 34,632 Common stock equivalents arising from stock options and restricted stock awards 592 83 Diluted weighted-average shares outstanding 35,472 34,715 Options and restricted stock units included in the computation of diluted earnings per share are calculated using the treasury stock method. For the three-month periods ended June 30, 2019 and 2018, 0.4 million and 0.6 million, respectively, and during the six-month periods ended June 30, 2019 and 2018, 0.5 million and 0.6 million, respectively, of outstanding options and restricted stock units were excluded from the computation of diluted earnings per share due to their having an anti-dilutive effect. Once a restricted stock unit vests, it is included in the computation of weighted average shares outstanding for purposes of basic and diluted earnings per share. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 10. Share-Based Compensation The Company accounts for share-based compensation in accordance with Accounting Standards Codification (“ASC”) Topic 718, “Compensation – Stock Compensation,” which requires the Company to recognize compensation expense for share-based awards, measured at the fair value of the awards at the grant date. The Company recognized $1.0 million and $0.8 million of share compensation related expense during the three-month periods ended June 30, 2019 and 2018, respectively, and $1.8 million and $1.4 million during the six-month periods ended June 30, 2019 and 2018, respectively. The Company granted zero options during the three-month and six-month periods ended June 30, 2019 and 2018, respectively. The Company granted approximately 64,000 and 910,000 restricted stock units during the three-month periods ended June 30, 2019 and 2018, respectively and approximately 464,000 and 930,000 restricted stock units during the six-month periods ended June 30, 2019 and 2018. The weighted-average fair value of restricted stock units was estimated at $7.49 and $5.10 per unit granted during the six-months ended June 30, 2019 and 2018, respectively. The fair value of the restricted stock units was determined by using the value of stock in the open market on the date of grant. The fair value of the stock-based awards granted is recorded as compensation expense on a straight-line basis over the vesting periods of the awards. There were approximately |
Pension and Employee Benefit Pl
Pension and Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Employee Benefit Plans | 11. Pension and Employee Benefit Plans We sponsor a non-contributory defined benefit pension plan for certain union employees. The plan is funded in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974. We also sponsor a postretirement health care plan for office employees retired before January 1, 1990. The plan allowed retirees who attained the age of 65 to elect the type of coverage desired. We present service cost within cost of sales and selling and administrative expenses depending on where the relevant employees compensation costs are recorded, and we present other components of net periodic benefit cost (gain) within “Other income (expense), net” on the Condensed Consolidated Statements of Operations. Retirement and health care plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the expense consisted of the following: Three Months Ended June 30, Six Months Ended June 30, (table only in thousands) 2019 2018 2019 2018 Pension plan: Service cost $ — $ — $ — $ — Interest cost 326 298 652 595 Expected return on plan assets (313 ) (378 ) (627 ) (756 ) Amortization of net actuarial loss 65 59 132 119 Net periodic benefit cost (gain) $ 78 $ (21 ) $ 157 $ (42 ) Health care plan: Interest cost $ 1 $ 1 $ 1 $ 1 Amortization of loss 2 2 4 4 Net periodic benefit cost $ 3 $ 3 $ 5 $ 5 We made contributions to our defined benefit plans during the six-months ended June 30, 2019 and 2018 totaling $0.2 million and $0.6 million, respectively. We anticipate $0.3 million and $24,000 of further contributions to fund the pension plan and the retiree health care plan, respectively, during the remainder of 2019. The unfunded liability of the plans of $8.7 million and $8.8 million as of June 30, 2019 and December 31, 2018, respectively, is included in “Other liabilities” on our Condensed Consolidated Balance Sheets. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 12. Leases Our leasing activity is primarily related to buildings used for manufacturing, warehousing, sales, and administrative activities. We determine if an arrangement is a lease at inception. Many of our lease agreements contain renewal options; however, we do not recognize right-of-use assets or lease liabilities for renewal periods unless it is determined that we are reasonably certain of renewing the lease at inception or when a triggering event occurs. Some of our lease agreements contain rent escalation clauses, free-rent periods, or other lease concessions. We recognize our minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. Variable lease costs represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as incurred. Our variable lease costs are not material. In determining our right-of-use assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease agreement. ASU 2016-02 requires us to use the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. When we cannot readily determine the discount rate implicit in the lease agreement, we utilize our incremental borrowing rate. To estimate our specific incremental borrowing rates we consider, among other factors, interest rates on our existing credit facilities, risk-free rates, the types of assets being leased, and the term of the leases. The components of lease expense were as follows: (table only in thousands) For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Operating lease cost (a) $ 926 $ 1,839 Finance lease cost: Amortization of right-of-use assets 77 154 Interest on lease liability 91 183 Total finance lease cost 168 337 Total lease cost $ 1,094 $ 2,176 (a) includes variable lease costs which are immaterial Supplemental cash flow information related to leases was as follows: (table only in thousands) For the Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,756 Operating cash flows from finance leases $ 183 Financing cash flows from finance leases $ 232 Right of use assets obtained in exchange for lease obligations Operating leases $ 1,583 Supplemental balance sheet information related to leases was as follows: (table only in thousands) June 30, 2019 Operating leases Right-of-use assets from operating leases $ 13,056 Accounts payable and accrued expenses $ 2,438 Operating lease liabilities 10,700 Total operating lease liabilities $ 13,138 Finance leases Property, plant and equipment, net $ 3,384 Accounts payable and accrued expenses $ 497 Other liabilities 7,605 Total finance lease liabilities $ 8,102 Weighted-average remaining lease term Operating leases 8 years Finance leases 12 years Weighted-average discount rate Operating leases 5.4% Finance leases 4.5% As of June 30, 2019, maturities of lease liabilities were as follows: (table only in thousands) Operating Leases Finance Leases 2019 $ 1,502 $ 280 2020 2,780 855 2021 2,371 872 2022 1,719 889 2023 1,597 907 Thereafter 6,052 6,409 Total minimum lease payments $ 16,021 $ 10,212 Less imputed interest (2,883 ) (2,110 ) Lease liability $ 13,138 $ 8,102 As previously disclosed in our 2018 Annual Report on Form 10-K and under previous lease accounting standards, future minimum lease payments for operating leases having initial or remaining noncancellable lease terms in excess of one year would have been as follows: (table only in thousands) December 31, 2018 2019 $ 2,745 2020 1,880 2021 1,454 2022 931 2023 851 Thereafter 2,278 Total $ 10,139 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 3 . Income Taxes We file income tax returns in various federal, state and local jurisdictions. Tax years from 2014 forward remain open for examination by Federal authorities. Tax years from 2014 forward remain open for all significant state and foreign authorities. We account for uncertain tax positions pursuant to ASC Topic 740, “Income Taxes.” As of June 30, 2019 and December 31, 2018, the liability for uncertain tax positions totaled approximately $1.0 million, which is included in “Other liabilities” on our Condensed Consolidated Balance Sheets. We recognize accrued interest related to uncertain tax positions and penalties, if any, in income tax expense within the Condensed Consolidated Statements of Operations. Certain of the Company’s undistributed earnings of our foreign subsidiaries are not permanently reinvested. Since foreign earnings have already been subject to U.S. income tax in 2017 as a result of the 2017 Tax Cuts and Jobs Act (the “Tax Act”), we intend to repatriate foreign-held cash as needed. As of June 30, 2019 and December 31, 2018, we have recorded deferred income taxes of approximately $0.4 and $0.6 million, respectively, on the undistributed earnings of our foreign subsidiaries. This amount is attributable primarily to the foreign withholding taxes that would become payable should we decide to repatriate cash held in our foreign operations. Income tax benefit was $4.2 million for the second quarter of 2019 and $3.3 million for the first six months of 2019, compared with income tax expense of $1.3 million for the second quarter of 2018 and $5.4 million for the first six months of 2018. The effective income tax rate for the second quarter of 2019 was (303.7%) compared with 317.1% for second quarter of 2018. The effective income tax rate was (81.3%) for the first six months of 2019, compared with 52.7% for the first six months of 2018. The effective income tax rates for the three and six months ended June 30, 2019 were negative (i.e. income tax benefits), despite pre-tax income, due primarily to a tax benefit of $4.4 million upon finalization of a tax position related to the 2018 divestiture of Zhongli. Our effective tax rate is affected by certain other permanent differences, including state income taxes, non-deductible incentive stock-based compensation, the Global Intangible Low-Taxed Income inclusion and Foreign-Derived Intangible Income deduction, tax credits, return-to-provision adjustments, and differences in tax rates among the jurisdictions in which we operate. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Investments All Other Investments [Abstract] | |
Financial Instruments | 1 4 . Financial Instruments Our financial instruments consist primarily of investments in cash and cash equivalents, receivables and certain other assets, foreign debt and accounts payable, which approximate fair value at June 30, 2019 and December 31, 2018, due to their short-term nature or variable, market-driven interest rates. The fair value of the debt issued under the Credit Facility was $77.0 million and $76.1 million at June 30, 2019 and December 31, 2018, respectively. The fair value of the note payable was $1.7 million at December 31, 2018. At June 30, 2019 and December 31, 2018, the Company had cash and cash equivalents of $28.8 million and $43.7 million, respectively, of which $21.7 million and $23.3 million, respectively, was held outside of the United States, principally in the Netherlands, United Kingdom, China, and Canada. |
Commitments and Contingencies -
Commitments and Contingencies - Legal Matters | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies - Legal Matters | 1 5 . Commitments and Contingencies – Legal Matters Asbestos cases Our subsidiary, Met-Pro Technologies LLC (“Met-Pro”), beginning in 2002, began to be named in asbestos-related lawsuits filed against a large number of industrial companies including, in particular, those in the pump and fluid handling industries. In management’s opinion, the complaints typically have been vague, general and speculative, alleging that Met-Pro, along with the numerous other defendants, sold unidentified asbestos-containing products and engaged in other related actions which caused injuries (including death) and loss to the plaintiffs. Counsel has advised that more recent cases typically allege more serious claims of mesothelioma. The Company’s insurers have hired attorneys who, together with the Company, are vigorously defending these cases. Many cases have been dismissed after the plaintiff fails to produce evidence of exposure to Met-Pro’s products. In those cases, where evidence has been produced, the Company’s experience has been that the exposure levels are low and the Company’s position has been that its products were not a cause of death, injury or loss. The Company has been dismissed from or settled a large number of these cases. Cumulative settlement payments from 2002 through June 30, 2019 for cases involving asbestos-related claims were $2.9 million, of which, together with all legal fees other than corporate counsel expenses, $2.8 million has been paid by the Company’s insurers. The average cost per settled claim, excluding legal fees, was approximately $35,000. Based upon the most recent information available to the Company regarding such claims, there were a total of 198 cases pending against the Company as of June 30, 2019 (with Illinois, New York, Pennsylvania and West Virginia having the largest number of cases), as compared with 208 cases that were pending as of December 31, 2018. During the six-months ended June 30, 2019, 24 new cases were filed against the Company, and the Company was dismissed from 28 cases and settled six cases. Most of the pending cases have not advanced beyond the early stages of discovery, although a number of cases are on schedules leading to or scheduled for trial. The Company believes that its insurance coverage is adequate for the cases currently pending against the Company and for the foreseeable future, assuming a continuation of the current volume, nature of cases and settlement amounts. However, the Company has no control over the number and nature of cases that are filed against it, nor as to the financial health of its insurers or their position as to coverage. The Company also presently believes that none of the pending cases will have a material adverse impact upon the Company’s results of operations, liquidity or financial condition. Summary The Company is also a party to routine contract and employment-related litigation matters, warranty claims and routine audits of state and local tax returns arising in the ordinary course of its business. The final outcome and impact of open matters, and related claims and investigations that may be brought in the future, are subject to many variables, and cannot be predicted. In accordance with ASC 450, “Contingencies”, and related guidance, we record accruals for estimated losses relating to claims and lawsuits when available information indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. The Company expenses legal costs as they are incurred. We are not aware of any pending claims or assessments, other than as described above, which may have a material adverse impact on our liquidity, financial position, results of operations, or cash flows. |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Information | 1 6 . Business Segment Information The Company’s operations are organized and reviewed by management along its product lines or end market that the segment serves and are presented in three reportable segments. The results of the segments are reviewed through the “Income from operations” line on the Consolidated Statements of Operations. During the first quarter of 2019, as a result of further evaluating the Company’s operating structure, management determined that a minor realignment of the Company’s segments The Company’s reportable segments are organized as groups of similar products and services, as described as follows: Energy Solutions segment: Our Energy Solutions segment serves the Energy market, where we are a key part of helping meet the global demand for Clean Energy with products and services that support our customers with efficient solutions and technologies to keep the world clean and safe. Our offerings improve air quality and solves fluid handling needs with market leading, highly engineered, and customized solutions for the power generation, oil & gas, and petrochemical industries. Industrial Solutions segment: Our Industrial Solutions segment serves the Industrial Pollution Control market where our aim is to address the growing need to protect the air we breathe and help our customers’ desires for sustainability upgrades beyond carbon footprint issues. Our offerings improve air quality with a compelling solution set of air pollution control technologies that enable our customers to reduce their carbon footprint, lower energy consumption, minimize waste and meet compliance targets for toxic emissions, fumes, volatile organic compounds, and industrial odors. Fluid Handling Solutions segment: Our Fluid Handling Solutions segment offers unique pump and filtration solutions that maintain safe and clean operations in some of the most harsh and toxic environments. In this market, we provide solutions for mission-critical applications to a wide variety of industries including, but not limited to, plating and metal finishing, automotive, food and beverage, chemical, petrochemical, pharmaceutical, wastewater treatment, desalination and the aquarium & aquaculture markets. The financial segment information is presented in the following tables: Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2019 2018 2019 2018 Net Sales (less intra-, inter-segment sales) Energy Solutions Segment $ 50,572 $ 51,136 $ 105,760 $ 91,109 Industrial Solutions Segment 20,083 19,517 38,936 37,965 Fluid Handling Solutions Segment 10,524 10,598 22,494 26,155 Corporate and Other (1) — (162 ) — — Net sales $ 81,179 $ 81,089 $ 167,190 $ 155,229 (1) Includes adjustment for revenue on intercompany jobs. Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2019 2018 2019 2018 Income from Operations Energy Solutions Segment $ 6,351 $ 5,901 $ 15,642 $ 9,525 Industrial Solutions Segment 515 1,480 1,117 2,678 Fluid Handling Solutions Segment 1,481 1,975 3,839 5,356 Corporate and Other (2) (6,329 ) (6,539 ) (13,691 ) (2,025 ) Eliminations — (236 ) — (822 ) Income from operations $ 2,018 $ 2,581 $ 6,907 $ 14,712 (2) Includes gain (loss) on divestitures, net of selling costs (see Note 17 – Divestitures), corporate compensation, professional services, information technology, and other general and administrative corporate expenses. This figure excludes earnout expenses, which are recorded in the segment in which the expense occurs. Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2019 2018 2019 2018 Property and Equipment Additions Energy Solutions Segment $ 111 $ 15 $ 161 $ 32 Industrial Solutions Segment 102 90 163 165 Fluid Handling Solutions Segment 337 11 489 284 Corporate and Other 229 10 388 110 Property and equipment additions $ 779 $ 126 $ 1,201 $ 591 Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2019 2018 2019 2018 Depreciation and Amortization Energy Solutions Segment $ 1,561 $ 2,190 $ 3,141 $ 4,348 Industrial Solutions Segment 337 208 671 494 Fluid Handling Solutions Segment 734 999 1,472 1,989 Corporate and Other 117 62 236 125 Depreciation and amortization $ 2,749 $ 3,459 $ 5,520 $ 6,956 (dollars in thousands) June 30, 2019 December 31, 2018 Identifiable Assets Energy Solutions Segment $ 252,051 $ 245,842 Industrial Solutions Segment 57,839 55,582 Fluid Handling Solutions Segment 71,461 72,507 Corporate and Other (3) 10,375 18,651 Identifiable assets $ 391,726 $ 392,582 (3) Corporate and Other assets consist primarily of cash and income tax related assets. (dollars in thousands) June 30, 2019 December 31, 2018 Goodwill Energy Solutions Segment $ 97,186 $ 97,143 Industrial Solutions Segment 23,436 23,436 Fluid Handling Solutions Segment 31,577 31,577 Goodwill $ 152,199 $ 152,156 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 June 30, 2019 Less Inter-Segment Sales (dollars in thousands) Total Sales Intra- Segment Sales Industrial Energy Fluid Net Outside Customers Net Sales Energy Solutions Segment $ 51,656 $ (973 ) $ (111 ) $ — $ — $ 50,572 Industrial Solutions Segment 22,702 (1,800 ) — (812 ) (7 ) 20,083 Fluid Handling Solutions Segment 10,950 (340 ) (86 ) — — 10,524 Corporate and Other — — — — — — Net Sales $ 85,308 $ (3,113 ) $ (197 ) $ (812 ) $ (7 ) $ 81,179 Three Months Ended June 30, 2018 Less Inter-Segment Sales (dollars in thousands) Total Sales Intra- Segment Sales Industrial Energy Fluid Net Outside Customers Net Sales Energy Solutions Segment $ 53,322 $ (1,929 ) $ (252 ) $ — $ (5 ) $ 51,136 Industrial Solutions Segment 20,864 (814 ) — (533 ) — 19,517 Fluid Handling Solutions Segment 11,215 (294 ) (323 ) — — 10,598 Corporate and Other — — — — (162 ) (162 ) Net Sales $ 85,401 $ (3,037 ) $ (575 ) $ (533 ) $ (167 ) $ 81,089 Six Months Ended June 30, 2019 Less Inter-Segment Sales (dollars in thousands) Total Sales Intra- Segment Sales Industrial Energy Fluid Net Outside Customers Net Sales Energy Solutions Segment $ 107,806 $ (1,864 ) $ (170 ) $ — $ (12 ) $ 105,760 Industrial Solutions Segment 44,524 (3,977 ) — (1,558 ) (53 ) 38,936 Fluid Handling Solutions Segment 23,366 (734 ) (138 ) — — 22,494 Corporate and Other — — — — — — Net Sales $ 175,696 $ (6,575 ) $ (308 ) $ (1,558 ) $ (65 ) $ 167,190 Six Months Ended June 30, 2018 Less Inter-Segment Sales (dollars in thousands) Total Sales Intra- Segment Sales Industrial Energy Fluid Net Outside Customers Net Sales Energy Solutions Segment $ 96,450 $ (4,398 ) $ (938 ) $ — $ (5 ) $ 91,109 Industrial Solutions Segment 40,243 (1,605 ) — (673 ) — $ 37,965 Fluid Handling Solutions Segment 27,331 (809 ) (367 ) — — $ 26,155 Corporate and Other — — — — — $ — Net Sales $ 164,024 $ (6,812 ) $ (1,305 ) $ (673 ) $ (5 ) $ 155,229 |
Divestitures
Divestitures | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Divestitures | 1 7 . Divestitures Strobic Air Corporation On March 30, 2018, the Company completed the sale of Strobic Air Corporation (“Strobic”) as part of its strategic decision to exit brands that do not align with the CECO portfolio to increase focus on better serving the energy and industrial solutions and fluid handling markets. The sales price was $28.5 million, subject to post-closing purchase price adjustments. The disposition resulted in a gain of $6.9 million recorded in the first quarter of 2018, comprised of $27.9 million of net proceeds received as consideration after estimated post-closing purchase price adjustments less net assets disposed of $18.8 million and transaction costs of $2.2 million. The net assets disposed were primarily comprised of $13.0 million of goodwill, $2.3 million of definite-lived intangible assets and $1.2 million of indefinite-lived intangible assets allocated to the Strobic business. In the first quarter of 2018, Strobic reported $4.2 million in net sales and $1.1 million in income from operations. Strobic results through the date of disposition are included within income before income taxes in the Condensed Consolidated Statements of Operations and are reported within the Fluid Handling Solutions segment. The sale of Strobic did not constitute a significant strategic shift that will have a material impact on the Company’s ongoing operations and financial results. Keystone Filter On February 28, 2018, the Company completed the sale of the Keystone Filter brand (“Keystone”). The sales price was $7.5 million, subject to post-closing purchase price adjustments. The disposition resulted in a gain of $4.3 million recorded in the first quarter of 2018, comprised of $7.2 million of net proceeds received as consideration after estimated post-closing purchase price adjustments less net assets disposed of $2.7 million and transaction costs of $0.2 million. Zhongli On November 27, 2018, the Company completed the sale of Jiangyin Zhongli Industrial Technology Co. Ltd (“Zhongli”), a business in our Energy Solutions segment operating in China for a price of $3.6 million. In the third quarter of 2018, we classified the assets and liabilities of Zhongli as held-for-sale. In connection with classifying this business as held-for-sale, GAAP required us to assess impairment by comparing the estimated selling price, less cost to sell to our carrying value in Zhongli. Based on this analysis, we recorded a $15.1 million estimated loss. The disposal of this business does not constitute a significant strategic shift that will have a material impact on the Company’s ongoing operations and financial results. During the three-month and six-month periods ended June 30, 2018, Zhongli reported net sales of $1.2 million and $2.9 million, respectively. Zhongli results are reported within the Energy Solutions segment through the date of disposition. |
New Financial Accounting Pron_2
New Financial Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Accounting Standards Adopted in Fiscal 2019 | Accounting Standards adopted in Fiscal 2019 In February 2016, the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) and related disclosure requirements and establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Under the guidance, leases are classified as either finance or operating, with classification affecting the pattern of expense recognition. We adopted ASU 2016-02 effective January 1, 2019, using the modified retrospective method which was applied to leases that existed or were entered into on or after January 1, 2019. The Company elected to utilize the package of practical expedients that allows us to 1) not reassess whether any expired or existing contracts are or contain leases, 2) retain the existing classification of lease contracts as of the date of adoption, and 3) not reassess initial direct costs for any existing leases. We also elected to not separate lease and non-lease components, for all leases. The adoption of this standard had a material impact on our consolidated balance sheet due to the recognition of ROU assets and liabilities for our operating leases totaling $13.3 million, as well as an adjustment to beginning equity of $4.6 million, net of tax, related to a prior sales lease back transaction. The adoption of the standard did not have a material impact on our statement of operations or liquidity. See Note 12 – Leases for disclosures related to the amended guidance. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” This guidance expands an entity’s ability to apply hedge accounting for nonfinancial and financial risk components and allows for a simplified approach for fair value hedging of interest rate risk. Additionally, this ASU eliminates the need to separately measure and report hedge ineffectiveness and generally requires the entire change in fair value of a hedging instrument to be presented in the same income statement line as the hedged item. |
Accounting Standards Yet to be Adopted | Accounting Standards Yet to be Adopted In August 2018, the FASB issued ASU 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans,” that makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. The new guidance eliminates requirements for certain disclosures that are no longer considered cost beneficial and requires new ones that the FASB considers pertinent. ASU 2018-14 is effective for the Company January 1, 2021. The Company is evaluating the impact of the adoption of ASU 2018-14 on its consolidated financial statements. |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | (table only in thousands) June 30, 2019 December 31, 2018 Contract receivables $ 50,458 $ 48,826 Trade receivables 12,375 7,296 Allowance for doubtful accounts (2,796 ) (2,897 ) Total accounts receivable $ 60,037 $ 53,225 |
Costs and Estimated Earnings _2
Costs and Estimated Earnings on Uncompleted Contracts (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Text Block [Abstract] | |
Costs and Estimated Earnings on Uncompleted Contracts | (table only in thousands) June 30, 2019 December 31, 2018 Costs incurred on uncompleted contracts $ 180,241 $ 174,168 Estimated earnings 72,881 67,427 Total costs and estimated earnings on uncompleted contracts, gross 253,122 241,595 Less billings to date (242,932 ) (232,045 ) Total costs and estimated earnings on uncompleted contracts, net $ 10,190 $ 9,550 Included in the accompanying condensed consolidated balance sheets under the following captions: Costs and estimated earnings in excess of billings on uncompleted contracts $ 32,205 $ 29,694 Billings in excess of costs and estimated earnings on uncompleted contracts (22,015 ) (20,144 ) Total costs and estimated earnings on uncompleted contracts, net $ 10,190 $ 9,550 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | (table only in thousands) June 30, 2019 December 31, 2018 Raw materials $ 16,747 $ 15,819 Work in process 7,345 6,098 Finished goods 756 807 Obsolescence allowance (2,472 ) (1,907 ) Total inventories $ 22,376 $ 20,817 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill / Tradename | (table only in thousands) Six months ended June 30, 2019 Year ended December 31, 2018 Goodwill / Tradename Goodwill Tradename Goodwill Tradename Beginning balance $ 152,156 $ 18,258 $ 166,951 $ 19,691 Transfers to finite life classification — (3,904 ) — — Divestitures — — (14,317 ) (1,340 ) Foreign currency translation 43 (12 ) (478 ) (93 ) $ 152,199 $ 14,342 $ 152,156 $ 18,258 |
Intangible Assets - Finite Life | (table only in thousands) As of June 30, 2019 As of December 31, 2018 Intangible assets – finite life Cost Accum. Amort. Cost Accum. Amort. Technology $ 14,457 $ 9,933 $ 14,457 $ 9,414 Customer lists 68,943 41,342 68,943 37,873 Noncompetition agreements 910 835 910 762 Tradename 5,294 845 1,390 579 Foreign currency adjustments (1,521 ) (399 ) (1,520 ) (407 ) $ 88,083 $ 52,556 $ 84,180 $ 48,221 |
Summary of Finite Lived Intangible Assets Activities | Activity for the six-months ended June 30, 2019 and 2018 is as follows: (table only in thousands) 2019 2018 Intangible assets – finite life, net at beginning of period $ 35,959 $ 49,956 Amortization expense (4,320 ) (4,988 ) Divestitures — (2,372 ) Transfers from indefinite life classification 3,904 — Foreign currency adjustments (16 ) (152 ) Intangible assets – finite life, net at end of period $ 35,527 $ 42,444 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables And Accruals [Abstract] | |
Summary of Accounts Payable and Accrued Expenses | (table only in thousands) June 30, 2019 December 31, 2018 Trade accounts payable, including due to subcontractors $ 48,174 $ 51,984 Compensation and related benefits 6,056 7,578 Short-term lease liabilities 2,935 — Accrued warranty 3,947 3,384 Contract liabilities 5,053 6,541 Other accrued expenses 8,919 10,742 Total accounts payable and accrued expenses $ 75,084 $ 80,229 |
Senior Debt (Tables)
Senior Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt consisted of the following at June 30, 2019 and December 31, 2018: (table only in thousands) June 30, 2019 December 31, 2018 Outstanding borrowings under Credit Facility (defined below). Term loan payable in quarterly principal installments of $0.6 million through June 2021, $0.9 million through June 2023, and $1.3 million thereafter with balance due upon maturity in June 2024. - Term loan $ 50,000 $ 76,147 - Revolving Credit Loan 27,000 — - Unamortized debt discount (1,961 ) (1,691 ) Total outstanding borrowings under Credit Facility 75,039 74,456 Less: current portion (2,500 ) — Total debt, less current portion $ 72,539 $ 74,456 |
Earnings and Dividends per Sh_2
Earnings and Dividends per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Number of Shares Outstanding for Calculation of Earnings Per Share | The computational components of basic and diluted earnings per share for the three-month and six-month periods ended June 30, 2019 and 2018 are below. For the three-month period ended June 30, 2019 2018 (table only in thousands) Numerator (for basic and diluted earnings (loss) per share) Net income (loss) $ 5,515 $ (901 ) Denominator Basic weighted-average shares outstanding 34,924 34,670 Common stock equivalents arising from stock options and restricted stock awards 659 — Diluted weighted-average shares outstanding 35,583 34,670 For the six-month period ended June 30, 2019 2018 (table only in thousands) Numerator (for basic and diluted earnings per share) Net income $ 7,379 $ 4,862 Denominator Basic weighted-average shares outstanding 34,880 34,632 Common stock equivalents arising from stock options and restricted stock awards 592 83 Diluted weighted-average shares outstanding 35,472 34,715 |
Pension and Employee Benefit _2
Pension and Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Pension and Employee Benefit Expenses | The components of the expense consisted of the following: Three Months Ended June 30, Six Months Ended June 30, (table only in thousands) 2019 2018 2019 2018 Pension plan: Service cost $ — $ — $ — $ — Interest cost 326 298 652 595 Expected return on plan assets (313 ) (378 ) (627 ) (756 ) Amortization of net actuarial loss 65 59 132 119 Net periodic benefit cost (gain) $ 78 $ (21 ) $ 157 $ (42 ) Health care plan: Interest cost $ 1 $ 1 $ 1 $ 1 Amortization of loss 2 2 4 4 Net periodic benefit cost $ 3 $ 3 $ 5 $ 5 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense were as follows: (table only in thousands) For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Operating lease cost (a) $ 926 $ 1,839 Finance lease cost: Amortization of right-of-use assets 77 154 Interest on lease liability 91 183 Total finance lease cost 168 337 Total lease cost $ 1,094 $ 2,176 (a) includes variable lease costs which are immaterial |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: (table only in thousands) For the Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,756 Operating cash flows from finance leases $ 183 Financing cash flows from finance leases $ 232 Right of use assets obtained in exchange for lease obligations Operating leases $ 1,583 |
Summary of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: (table only in thousands) June 30, 2019 Operating leases Right-of-use assets from operating leases $ 13,056 Accounts payable and accrued expenses $ 2,438 Operating lease liabilities 10,700 Total operating lease liabilities $ 13,138 Finance leases Property, plant and equipment, net $ 3,384 Accounts payable and accrued expenses $ 497 Other liabilities 7,605 Total finance lease liabilities $ 8,102 |
Schedule of Lease Terms and Discount Rate | Weighted-average remaining lease term Operating leases 8 years Finance leases 12 years Weighted-average discount rate Operating leases 5.4% Finance leases 4.5% |
Schedule of Maturities of Lease Liabilities | As of June 30, 2019, maturities of lease liabilities were as follows: (table only in thousands) Operating Leases Finance Leases 2019 $ 1,502 $ 280 2020 2,780 855 2021 2,371 872 2022 1,719 889 2023 1,597 907 Thereafter 6,052 6,409 Total minimum lease payments $ 16,021 $ 10,212 Less imputed interest (2,883 ) (2,110 ) Lease liability $ 13,138 $ 8,102 |
Schedule of Future Minimum Lease Payments for Operating Leases | As previously disclosed in our 2018 Annual Report on Form 10-K and under previous lease accounting standards, future minimum lease payments for operating leases having initial or remaining noncancellable lease terms in excess of one year would have been as follows: (table only in thousands) December 31, 2018 2019 $ 2,745 2020 1,880 2021 1,454 2022 931 2023 851 Thereafter 2,278 Total $ 10,139 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, Six Months Ended June 30, (dollars in thousands) 2019 2018 2019 2018 Net Sales (less intra-, inter-segment sales) Energy Solutions Segment $ 50,572 $ 51,136 $ 105,760 $ 91,109 Industrial Solutions Segment 20,083 19,517 38,936 37,965 Fluid Handling Solutions Segment 10,524 10,598 22,494 26,155 Corporate and Other (1) — (162 ) — — Net sales $ 81,179 $ 81,089 $ 167,190 $ 155,229 (1) Includes adjustment for revenue on intercompany jobs. Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2019 2018 2019 2018 Income from Operations Energy Solutions Segment $ 6,351 $ 5,901 $ 15,642 $ 9,525 Industrial Solutions Segment 515 1,480 1,117 2,678 Fluid Handling Solutions Segment 1,481 1,975 3,839 5,356 Corporate and Other (2) (6,329 ) (6,539 ) (13,691 ) (2,025 ) Eliminations — (236 ) — (822 ) Income from operations $ 2,018 $ 2,581 $ 6,907 $ 14,712 (2) Includes gain (loss) on divestitures, net of selling costs (see Note 17 – Divestitures), corporate compensation, professional services, information technology, and other general and administrative corporate expenses. This figure excludes earnout expenses, which are recorded in the segment in which the expense occurs. |
Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets | Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2019 2018 2019 2018 Property and Equipment Additions Energy Solutions Segment $ 111 $ 15 $ 161 $ 32 Industrial Solutions Segment 102 90 163 165 Fluid Handling Solutions Segment 337 11 489 284 Corporate and Other 229 10 388 110 Property and equipment additions $ 779 $ 126 $ 1,201 $ 591 Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2019 2018 2019 2018 Depreciation and Amortization Energy Solutions Segment $ 1,561 $ 2,190 $ 3,141 $ 4,348 Industrial Solutions Segment 337 208 671 494 Fluid Handling Solutions Segment 734 999 1,472 1,989 Corporate and Other 117 62 236 125 Depreciation and amortization $ 2,749 $ 3,459 $ 5,520 $ 6,956 (dollars in thousands) June 30, 2019 December 31, 2018 Identifiable Assets Energy Solutions Segment $ 252,051 $ 245,842 Industrial Solutions Segment 57,839 55,582 Fluid Handling Solutions Segment 71,461 72,507 Corporate and Other (3) 10,375 18,651 Identifiable assets $ 391,726 $ 392,582 (3) Corporate and Other assets consist primarily of cash and income tax related assets. |
Goodwill | (dollars in thousands) June 30, 2019 December 31, 2018 Goodwill Energy Solutions Segment $ 97,186 $ 97,143 Industrial Solutions Segment 23,436 23,436 Fluid Handling Solutions Segment 31,577 31,577 Goodwill $ 152,199 $ 152,156 |
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 June 30, 2019 Less Inter-Segment Sales (dollars in thousands) Total Sales Intra- Segment Sales Industrial Energy Fluid Net Outside Customers Net Sales Energy Solutions Segment $ 51,656 $ (973 ) $ (111 ) $ — $ — $ 50,572 Industrial Solutions Segment 22,702 (1,800 ) — (812 ) (7 ) 20,083 Fluid Handling Solutions Segment 10,950 (340 ) (86 ) — — 10,524 Corporate and Other — — — — — — Net Sales $ 85,308 $ (3,113 ) $ (197 ) $ (812 ) $ (7 ) $ 81,179 Three Months Ended June 30, 2018 Less Inter-Segment Sales (dollars in thousands) Total Sales Intra- Segment Sales Industrial Energy Fluid Net Outside Customers Net Sales Energy Solutions Segment $ 53,322 $ (1,929 ) $ (252 ) $ — $ (5 ) $ 51,136 Industrial Solutions Segment 20,864 (814 ) — (533 ) — 19,517 Fluid Handling Solutions Segment 11,215 (294 ) (323 ) — — 10,598 Corporate and Other — — — — (162 ) (162 ) Net Sales $ 85,401 $ (3,037 ) $ (575 ) $ (533 ) $ (167 ) $ 81,089 Six Months Ended June 30, 2019 Less Inter-Segment Sales (dollars in thousands) Total Sales Intra- Segment Sales Industrial Energy Fluid Net Outside Customers Net Sales Energy Solutions Segment $ 107,806 $ (1,864 ) $ (170 ) $ — $ (12 ) $ 105,760 Industrial Solutions Segment 44,524 (3,977 ) — (1,558 ) (53 ) 38,936 Fluid Handling Solutions Segment 23,366 (734 ) (138 ) — — 22,494 Corporate and Other — — — — — — Net Sales $ 175,696 $ (6,575 ) $ (308 ) $ (1,558 ) $ (65 ) $ 167,190 Six Months Ended June 30, 2018 Less Inter-Segment Sales (dollars in thousands) Total Sales Intra- Segment Sales Industrial Energy Fluid Net Outside Customers Net Sales Energy Solutions Segment $ 96,450 $ (4,398 ) $ (938 ) $ — $ (5 ) $ 91,109 Industrial Solutions Segment 40,243 (1,605 ) — (673 ) — $ 37,965 Fluid Handling Solutions Segment 27,331 (809 ) (367 ) — — $ 26,155 Corporate and Other — — — — — $ — Net Sales $ 164,024 $ (6,812 ) $ (1,305 ) $ (673 ) $ (5 ) $ 155,229 |
New Financial Accounting Pron_3
New Financial Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | ||
Operating lease, right-of-use asset | $ 13,056 | $ 13,300 |
Operating lease liability | $ 13,138 | 13,300 |
Prior sales lease back transaction net of tax | $ 4,600 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Contract receivables | $ 50,458 | $ 48,826 |
Allowance for doubtful accounts | (2,796) | (2,897) |
Total accounts receivable | 60,037 | 53,225 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Trade receivables | $ 12,375 | $ 7,296 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Receivables [Abstract] | |||||
Amount billed but not received under retainage provisions in contracts | $ 1,300 | $ 1,300 | $ 1,300 | ||
Retainage receivables on contracts period | 1 year | ||||
Bad debt expense | $ 300 | $ 500 | $ 394 | $ 646 |
Costs and Estimated Earnings _3
Costs and Estimated Earnings on Uncompleted Contracts - Costs and Estimated Earnings on Uncompleted Contracts (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Costs In Excess Of Billings On Uncompleted Contracts Or Programs [Abstract] | ||
Costs incurred on uncompleted contracts | $ 180,241 | $ 174,168 |
Estimated earnings | 72,881 | 67,427 |
Total costs and estimated earnings on uncompleted contracts, gross | 253,122 | 241,595 |
Less billings to date | (242,932) | (232,045) |
Total costs and estimated earnings on uncompleted contracts, net | 10,190 | 9,550 |
Included in the accompanying condensed consolidated balance sheets under the following captions: | ||
Costs and estimated earnings in excess of billings on uncompleted contracts | 32,205 | 29,694 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (22,015) | (20,144) |
Total costs and estimated earnings on uncompleted contracts, net | $ 10,190 | $ 9,550 |
Costs and Estimated Earnings _4
Costs and Estimated Earnings on Uncompleted Contracts - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Costs In Excess Of Billings On Uncompleted Contracts Or Programs [Abstract] | ||
Provision for estimated losses on uncompleted contracts | $ 0 | $ 0 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Net [Abstract] | ||
Raw materials | $ 16,747 | $ 15,819 |
Work in process | 7,345 | 6,098 |
Finished goods | 756 | 807 |
Obsolescence allowance | (2,472) | (1,907) |
Total inventories | $ 22,376 | $ 20,817 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | ||||
Amounts credited to the allowance for obsolete inventory | $ 0.2 | $ 0.1 | $ 0.4 | $ 0.4 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill / Tradename (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill, beginning balance | $ 152,156 | $ 166,951 |
Goodwill, divestitures | (14,317) | |
Goodwill, foreign currency translation | 43 | (478) |
Goodwill, ending balance | 152,199 | 152,156 |
Tradename, beginning balance | 18,258 | 19,691 |
Tradename, transfers to finite life classification | 3,904 | |
Tradename, divestitures | (1,340) | |
Tradename, foreign currency translation | (12) | (93) |
Tradename, ending balance | $ 14,342 | $ 18,258 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets - Finite Life (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 88,083 | $ 84,180 |
Accumulated Amortization | 52,556 | 48,221 |
Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 14,457 | 14,457 |
Accumulated Amortization | 9,933 | 9,414 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 68,943 | 68,943 |
Accumulated Amortization | 41,342 | 37,873 |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 910 | 910 |
Accumulated Amortization | 835 | 762 |
Tradename [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 5,294 | 1,390 |
Accumulated Amortization | 845 | 579 |
Foreign Currency Adjustments [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | (1,521) | (1,520) |
Accumulated Amortization | $ (399) | $ (407) |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Finite Lived Intangible Assets Amortization Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Intangible assets – finite life, net at beginning of period | $ 35,959 | $ 49,956 | ||
Amortization expense | $ (2,200) | $ (2,400) | (4,320) | (4,988) |
Divestitures | (2,372) | |||
Transfers from indefinite life classification | 3,904 | |||
Foreign currency adjustments | (16) | (152) | ||
Intangible assets – finite life, net at end of period | $ 35,527 | $ 42,444 | $ 35,527 | $ 42,444 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ||||||
Amortization expense of finite life intangible assets | $ 2,200 | $ 2,400 | $ 4,320 | $ 4,988 | ||
Amortization expense of finite life intangibles for 2019 | 4,100 | 4,100 | ||||
Amortization expense of finite life intangibles for 2020 | 6,800 | 6,800 | ||||
Amortization expense of finite life intangibles for 2021 | 5,700 | 5,700 | ||||
Amortization expense of finite life intangibles for 2022 | 4,800 | 4,800 | ||||
Amortization expense of finite life intangibles for 2023 | 4,000 | 4,000 | ||||
Finite lived intangible assets | 35,527 | $ 42,444 | 35,527 | $ 42,444 | $ 35,959 | $ 49,956 |
Certain Tradenames [Member] | ||||||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ||||||
Finite lived intangible assets | $ 3,900 | $ 3,900 | ||||
Finite lived intangible assets, useful life | 10 years |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Trade accounts payable, including due to subcontractors | $ 48,174 | $ 51,984 |
Compensation and related benefits | 6,056 | 7,578 |
Short-term lease liabilities | 2,935 | |
Accrued warranty | 3,947 | 3,384 |
Contract liabilities | 5,053 | 6,541 |
Other accrued expenses | 8,919 | 10,742 |
Total accounts payable and accrued expenses | $ 75,084 | $ 80,229 |
Senior Debt - Summary of Debt (
Senior Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total outstanding borrowings under Credit Facility | $ 75,039 | $ 74,456 |
Less: current portion | (2,500) | |
Debt, less current portion | 72,539 | 74,456 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total outstanding borrowings under Credit Facility | 50,000 | 76,147 |
Revolving Credit Loan [Member] | ||
Debt Instrument [Line Items] | ||
Revolving Credit Loan | 27,000 | |
Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized debt discount | $ (1,961) | $ (1,691) |
Senior Debt - Summary of Debt_2
Senior Debt - Summary of Debt (Parenthetical) (Detail) - Term Loan [Member] $ in Millions | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Debt Instrument [Line Items] | |
Frequency of periodic payment | quarterly |
Term loans, year of maturity | Jun. 30, 2024 |
Debt Instrument, Redemption, Through June 2021 [Member] | |
Debt Instrument [Line Items] | |
Outstanding borrowings, quarterly principal installments payable amount | $ 0.6 |
Debt Instrument, Redemption, Through June 2023 [Member] | |
Debt Instrument [Line Items] | |
Outstanding borrowings, quarterly principal installments payable amount | 0.9 |
Debt Instrument, Redemption, Thereafter [Member] | |
Debt Instrument [Line Items] | |
Outstanding borrowings, quarterly principal installments payable amount | $ 1.3 |
Senior Debt - Additional Inform
Senior Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2024 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2018 | |
Line Of Credit Facility [Line Items] | |||||||
Credit facility principal payments 2019 | $ 1,200,000 | $ 1,200,000 | |||||
Credit facility principal payments 2020 | 2,500,000 | 2,500,000 | |||||
Credit facility principal payments 2021 | 3,100,000 | 3,100,000 | |||||
Credit facility principal payments 2022 | 3,800,000 | 3,800,000 | |||||
Credit facility principal payments 2023 | 4,400,000 | 4,400,000 | |||||
Credit facility principal payments 2024 | $ 35,000,000 | $ 35,000,000 | |||||
Weighted average stated interest rate on outstanding borrowings | 4.41% | 4.41% | 5.27% | ||||
Fair value of interest rate swap | $ 0 | $ 0 | $ 0 | ||||
Interest rate swap, fair value, asset | 500,000 | 500,000 | 500,000 | ||||
Debt discount expensed | 847,000 | $ 582,000 | |||||
Scenario Forecast [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Maximum consolidated leverage ratio | 325.00% | 350.00% | 375.00% | ||||
Other Income (Expense), Net [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Change in fair value of interest rate swap recognized as income | 200,000 | $ 200,000 | |||||
Amended and Restated Credit Agreement [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument extended maturity date | Jun. 11, 2024 | ||||||
Customary closing fees | 1,100,000 | ||||||
Debt discount expensed | 400,000 | ||||||
Credit Agreement [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Unused credit availability under credit facility | 97,300,000 | $ 97,300,000 | 50,700,000 | ||||
Term Loan [Member] | Amended and Restated Credit Agreement [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Increased credit facility commitment for either revolving credit facility or term loan facility | 50,000,000 | 50,000,000 | |||||
Revolving Credit Loan [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Bank guarantee agreement outstanding amount | 27,000,000 | 27,000,000 | |||||
Revolving Credit Loan [Member] | Amended and Restated Credit Agreement [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Aggregate principal amount outstanding under the credit facilities | 140,000,000 | 140,000,000 | |||||
Letters of Credit [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Aggregate principal amount outstanding under the credit facilities | 15,700,000 | 15,700,000 | $ 29,300,000 | ||||
Bank Guarantees [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Bank guarantee issuance under bilateral lines and collateral | 50,000,000 | 50,000,000 | |||||
Bank guarantee agreement outstanding amount | 10,500,000 | 10,500,000 | |||||
Netherlands Facility [Member] | Euro-Denominated Bank Guarantee [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Bank guarantee agreement outstanding amount | $ 3,100,000 | $ 3,100,000 |
Earnings and Dividends per Sh_3
Earnings and Dividends per Share - Number of Shares Outstanding for Calculation of Earnings Per Share (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator (for basic and diluted earnings (loss) per share) | ||||
Net income (loss) | $ 5,515 | $ (901) | $ 7,379 | $ 4,862 |
Denominator | ||||
Basic weighted-average shares outstanding | 34,923,587 | 34,669,810 | 34,879,811 | 34,631,519 |
Common stock equivalents arising from stock options and restricted stock awards | 659,000 | 592,000 | 83,000 | |
Diluted weighted-average shares outstanding | 35,582,727 | 34,669,810 | 35,471,628 | 34,715,141 |
Earnings and Dividends per Sh_4
Earnings and Dividends per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings And Dividends Per Share [Abstract] | ||||
Anti-dilutive options and restricted stock units outstanding | 0.4 | 0.6 | 0.5 | 0.6 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized share-based compensation awards | $ 1,000,000 | $ 800,000 | $ 1,800,000 | $ 1,400,000 |
Number of stock option granted | 0 | 0 | ||
Cash received from employees and non-employee directors stock option exercised | $ 7,000 | $ 28,000 | ||
Intrinsic value of option exercised | $ 1,000 | $ 20,000 | ||
Number of options exercised | 1,000 | 8,000 | ||
Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of restricted stock awards granted | 64,000 | 910,000 | 464,000 | 930,000 |
Weighted-average fair value of restricted stock unit granted | $ 7.49 | $ 5.10 |
Pension and Employee Benefit _3
Pension and Employee Benefit Plans - Components of Pension and Employee Benefit Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 326 | $ 298 | $ 652 | $ 595 |
Expected return on plan assets | (313) | (378) | (627) | (756) |
Amortization of net actuarial loss | 65 | 59 | 132 | 119 |
Net periodic benefit cost (gain) | 78 | (21) | 157 | (42) |
Health Care Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 1 | 1 | 1 | 1 |
Amortization of loss | 2 | 2 | 4 | 4 |
Net periodic benefit cost (gain) | $ 3 | $ 3 | $ 5 | $ 5 |
Pension and Employee Benefit _4
Pension and Employee Benefit Plans - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan contributions | $ 200,000 | $ 600,000 | |
Unfunded liability plans | 8,700,000 | $ 8,800,000 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Anticipated contribution to fund the pension plan during the reminder of the fiscal year | 300,000 | ||
Health Care Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Anticipated contribution to fund the pension plan during the reminder of the fiscal year | $ 24,000 |
Leases - Schedule of components
Leases - Schedule of components of lease expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | ||
Leases [Abstract] | |||
Operating lease cost | [1] | $ 926 | $ 1,839 |
Finance lease cost: | |||
Amortization of right-of-use assets | 77 | 154 | |
Interest on lease liability | 91 | 183 | |
Total finance lease cost | 168 | 337 | |
Total lease cost | $ 1,094 | $ 2,176 | |
[1] | includes variable lease costs which are immaterial |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 1,756 | |
Operating cash flows from finance leases | $ 91 | 183 |
Financing cash flows from finance leases | 232 | |
Operating leases | $ 1,583 |
Leases - Summary of Supplemen_2
Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Operating leases | ||
Right-of-use assets from operating leases | $ 13,056 | $ 13,300 |
Operating lease liabilities, current | $ 2,438 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesMember | |
Operating lease liabilities (Note 12) | $ 10,700 | |
Total operating lease liabilities | 13,138 | $ 13,300 |
Finance leases | ||
Finance leases right of use asset | $ 3,384 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentMember | |
Finance lease liabilities, current | $ 497 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesMember | |
Finance lease liabilities, non-current | $ 7,605 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesMember | |
Total finance lease liabilities | $ 8,102 |
Leases - Schedule of Lease Term
Leases - Schedule of Lease Terms and Discount Rate (Detail) | Jun. 30, 2019 |
Weighted-average remaining lease term | |
Operating leases | 8 years |
Finance leases | 12 years |
Weighted-average discount rate | |
Operating leases | 5.40% |
Finance leases | 4.50% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Operating leases | ||
2019 | $ 1,502 | |
2020 | 2,780 | |
2021 | 2,371 | |
2022 | 1,719 | |
2023 | 1,597 | |
Thereafter | 6,052 | |
Total minimum lease payments | 16,021 | |
Less imputed interest | (2,883) | |
Lease liability | 13,138 | $ 13,300 |
Finance leases | ||
2019 | 280 | |
2020 | 855 | |
2021 | 872 | |
2022 | 889 | |
2023 | 907 | |
Thereafter | 6,409 | |
Total minimum lease payments | 10,212 | |
Less imputed interest | (2,110) | |
Lease liability | $ 8,102 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments for Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 2,745 |
2020 | 1,880 |
2021 | 1,454 |
2022 | 931 |
2023 | 851 |
Thereafter | 2,278 |
Total | $ 10,139 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||||
Liability for uncertain tax positions | $ 1,000 | $ 1,000 | $ 1,000 | ||
Deferred income taxes on undistributed earnings | (337) | $ (744) | |||
Income tax (benefit) expense | $ (4,149) | $ 1,316 | $ (3,308) | $ 5,426 | |
Effective income tax rate | (303.70%) | 317.10% | (81.30%) | 52.70% | |
Zhongli [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax (benefit) expense | $ (4,400) | ||||
Foreign Subsidiaries [Member] | |||||
Income Taxes [Line Items] | |||||
Deferred income taxes on undistributed earnings | $ 400 | $ 600 | |||
Federal Authorities [Member] | |||||
Income Taxes [Line Items] | |||||
Open tax years | 2014 2015 2016 2017 2018 2019 | ||||
State and Foreign Authorities [Member] | |||||
Income Taxes [Line Items] | |||||
Open tax years | 2014 2015 2016 2017 2018 2019 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value Of Financial Instruments [Line Items] | ||
Fair value of note payable | $ 1,700 | |
Cash and cash equivalents | $ 28,828 | 43,676 |
Cash held outside United States, principally in Netherlands, United Kingdom, China, and Canada | 21,700 | 23,300 |
Credit Facility [Member] | ||
Fair Value Of Financial Instruments [Line Items] | ||
Fair value of debt issued | $ 77,000 | $ 76,100 |
Commitments and Contingencies_2
Commitments and Contingencies - Legal Matters - Additional Information (Detail) | 6 Months Ended | 210 Months Ended | |
Jun. 30, 2019USD ($)Case | Jun. 30, 2019USD ($)Case | Dec. 31, 2018Case | |
Commitments And Contingencies Disclosure [Abstract] | |||
Cumulative settlement payments for cases involving asbestos-related claims | $ | $ 2,900,000 | ||
Cumulative settlement payments made for cases involving asbestos-related claims with all legal fees other than corporate counsel expenses | $ | 2,800,000 | ||
Average cost per settled claim excluding legal fees | $ | $ 35,000 | $ 35,000 | |
Number of claims pending | 198 | 198 | 208 |
Number of new cases filed | 24 | ||
Number of cases dismissed | 28 | ||
Number of cases settled | 6 | ||
Assessment regarding Loss contingency impact Description | We are not aware of any pending claims or assessments, other than as described above, which may have a material adverse impact on our liquidity, financial position, results of operations, or cash flows. |
Business Segment Information -
Business Segment Information - Net Sales and Income from Operation by Business Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 81,179 | $ 81,089 | $ 167,190 | $ 155,229 |
Income from operations | 2,018 | 2,581 | 6,907 | 14,712 |
Energy Solutions Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 50,572 | 51,136 | 105,760 | 91,109 |
Income from operations | 6,351 | 5,901 | 15,642 | 9,525 |
Industrial Solutions Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 20,083 | 19,517 | 38,936 | 37,965 |
Income from operations | 515 | 1,480 | 1,117 | 2,678 |
Fluid Handling Solutions Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 10,524 | 10,598 | 22,494 | 26,155 |
Income from operations | 1,481 | 1,975 | 3,839 | 5,356 |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (162) | |||
Income from operations | $ (6,329) | (6,539) | $ (13,691) | (2,025) |
Inter-segment Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income from operations | $ (236) | $ (822) |
Business Segment Information _2
Business Segment Information - Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Property and equipment additions | $ 779 | $ 126 | $ 1,201 | $ 591 | |
Depreciation and amortization | 2,749 | 3,459 | 5,520 | 6,956 | |
Identifiable assets | 391,726 | 391,726 | $ 392,582 | ||
Energy Solutions Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property and equipment additions | 111 | 15 | 161 | 32 | |
Depreciation and amortization | 1,561 | 2,190 | 3,141 | 4,348 | |
Identifiable assets | 252,051 | 252,051 | 245,842 | ||
Industrial Solutions Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property and equipment additions | 102 | 90 | 163 | 165 | |
Depreciation and amortization | 337 | 208 | 671 | 494 | |
Identifiable assets | 57,839 | 57,839 | 55,582 | ||
Fluid Handling Solutions Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property and equipment additions | 337 | 11 | 489 | 284 | |
Depreciation and amortization | 734 | 999 | 1,472 | 1,989 | |
Identifiable assets | 71,461 | 71,461 | 72,507 | ||
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property and equipment additions | 229 | 10 | 388 | 110 | |
Depreciation and amortization | 117 | $ 62 | 236 | $ 125 | |
Identifiable assets | $ 10,375 | $ 10,375 | $ 18,651 |
Business Segment Information _3
Business Segment Information - Goodwill (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
Goodwill | $ 152,199 | $ 152,156 | $ 166,951 |
Energy Solutions Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 97,186 | 97,143 | |
Industrial Solutions Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | 23,436 | 23,436 | |
Fluid Handling Solutions Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Goodwill | $ 31,577 | $ 31,577 |
Business Segment Information _4
Business Segment Information - Intra-Segment and Inter-Segment Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 81,179 | $ 81,089 | $ 167,190 | $ 155,229 |
Energy Solutions Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 50,572 | 51,136 | 105,760 | 91,109 |
Industrial Solutions Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 20,083 | 19,517 | 38,936 | 37,965 |
Fluid Handling Solutions Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 10,524 | 10,598 | 22,494 | 26,155 |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (162) | |||
Intra - Segment Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (3,113) | (3,037) | (6,575) | (6,812) |
Intra - Segment Sales [Member] | Energy Solutions Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (973) | (1,929) | (1,864) | (4,398) |
Intra - Segment Sales [Member] | Industrial Solutions Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (1,800) | (814) | (3,977) | (1,605) |
Intra - Segment Sales [Member] | Fluid Handling Solutions Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (340) | (294) | (734) | (809) |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 85,308 | 85,401 | 175,696 | 164,024 |
Operating Segments [Member] | Energy Solutions Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 51,656 | 53,322 | 107,806 | 96,450 |
Operating Segments [Member] | Industrial Solutions Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 22,702 | 20,864 | 44,524 | 40,243 |
Operating Segments [Member] | Fluid Handling Solutions Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 10,950 | 11,215 | 23,366 | 27,331 |
Inter-segment Elimination [Member] | Industrial Inter-Segment Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (197) | (575) | (308) | (1,305) |
Inter-segment Elimination [Member] | Energy Inter-Segment Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (812) | (533) | (1,558) | (673) |
Inter-segment Elimination [Member] | Fluid Handling Filtration Inter-Segment Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (7) | (167) | (65) | (5) |
Inter-segment Elimination [Member] | Energy Solutions Segment [Member] | Industrial Inter-Segment Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (111) | (252) | (170) | (938) |
Inter-segment Elimination [Member] | Energy Solutions Segment [Member] | Fluid Handling Filtration Inter-Segment Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (5) | (12) | (5) | |
Inter-segment Elimination [Member] | Industrial Solutions Segment [Member] | Energy Inter-Segment Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (812) | (533) | (1,558) | (673) |
Inter-segment Elimination [Member] | Industrial Solutions Segment [Member] | Fluid Handling Filtration Inter-Segment Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (7) | (53) | ||
Inter-segment Elimination [Member] | Fluid Handling Solutions Segment [Member] | Industrial Inter-Segment Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ (86) | (323) | $ (138) | $ (367) |
Inter-segment Elimination [Member] | Corporate and Other [Member] | Fluid Handling Filtration Inter-Segment Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ (162) |
Divestitures - Additional Infor
Divestitures - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 27, 2018 | Mar. 30, 2018 | Feb. 28, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Gain (loss) on disposal | $ (73) | $ (70) | $ 11,104 | |||||
Gain (loss) on disposal | (73) | (70) | 11,104 | |||||
Net sales | $ 81,179 | 81,089 | $ 167,190 | 155,229 | ||||
Strobic Air Corporation [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Sale price, subject to post-closing purchase price adjustments | $ 28,500 | |||||||
Gain (loss) on disposal | $ 6,900 | |||||||
Net proceeds after adjustments | 27,900 | |||||||
Net assets disposed | 18,800 | |||||||
Transaction-related cost | 2,200 | |||||||
Goodwill | 13,000 | |||||||
Net sales | 4,200 | |||||||
Income from operations | 1,100 | |||||||
Gain (loss) on disposal | 6,900 | |||||||
Strobic Air Corporation [Member] | Definite-Lived Intangible Assets [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Intangible assets | 2,300 | |||||||
Strobic Air Corporation [Member] | Indefinite-Lived Intangible Assets [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Intangible assets | $ 1,200 | |||||||
Keystone Filter [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Sale price, subject to post-closing purchase price adjustments | $ 7,500 | |||||||
Gain (loss) on disposal | 4,300 | |||||||
Net proceeds after adjustments | 7,200 | |||||||
Net assets disposed | 2,700 | |||||||
Transaction-related cost | $ 200 | |||||||
Gain (loss) on disposal | $ 4,300 | |||||||
Zhongli [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Gain (loss) on disposal | $ (15,100) | |||||||
Gain (loss) on disposal | (15,100) | |||||||
Disposal group, consideration receivable | $ 3,600 | |||||||
Net sales | $ 1,200 | $ 2,900 |