0000950170-22-008724 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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 Current Reporting Status	Yes
Entity File Number	0-07099
Entity Tax Identification Number	13-2566064
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	TX
Entity Address, Postal Zip Code	75254
City Area Code	214
Local Phone Number	357-6181
Entity Common Stock, Shares Outstanding		35,148,654
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Document Transition Report	false
Document Quarterly Report	true
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 28,382	$ 29,902
Restricted cash	1,918	2,093
Accounts receivable, net	95,440	74,991
Costs and estimated earnings in excess of billings on uncompleted contracts	49,567	51,429
Inventories, net	22,080	17,052
Prepaid expenses and other current assets	13,323	10,760
Prepaid income taxes	1,128	2,784
Total current assets	211,838	189,011
Property, plant and equipment, net	16,219	15,948
Right-of-use assets from operating leases	11,660	10,893
Goodwill	181,599	161,183
Intangible assets – finite life, net	24,281	25,841
Intangible assets – indefinite life	9,573	9,629
Deferred income taxes	505	505
Deferred charges and other assets	2,718	3,187
Total assets	458,393	416,197
Current liabilities:
Current portion of debt	3,303	2,203
Accounts payable and accrued expenses	91,369	84,081
Billings in excess of costs and estimated earnings on uncompleted contracts	36,308	28,908
Income taxes payable	1,610	1,493
Total current liabilities	132,590	116,685
Other liabilities	13,883	14,826
Debt, less current portion	81,401	61,577
Deferred income tax liability, net	8,025	8,390
Operating lease liabilities	9,272	8,762
Total liabilities	245,171	210,240
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $.01 par value; 10,000 shares authorized, none issued	0	0
Common stock, $.01 par value; 100,000,000 shares authorized, 35,XXX,XXX and 35,028,197 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	350	350
Capital in excess of par value	253,875	252,989
Accumulated loss	(33,923)	(36,715)
Accumulated other comprehensive loss	(12,601)	(12,070)
Total CECO shareholders' equity	207,701	204,554
Non-controlling interest	5,521	1,403
Total shareholders' equity	213,222	205,957
Total liabilities and shareholders' equity	$ 458,393	$ 416,197

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	35,076,119	35,028,197
Common Stock, shares outstanding	35,076,119	35,028,197

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 92,436	$ 71,892
Cost of sales	66,008	47,485
Gross profit	26,428	24,407
Selling and administrative expenses	18,652	19,454
Amortization and earnout expenses	1,452	1,791
Restructuring expenses	73
Acquisition and integration expenses	1,049	108
(Loss) income from operations	5,202	3,054
Other income (expense), net	(458)	(480)
Interest expense	(822)	(725)
(Loss) income before income taxes	3,922	1,849
Income tax expense	1,112	551
Net (loss) income	2,810	1,298
Noncontrolling interest	(18)	(117)
Net (loss) income attributable to CECO Environmental Corp.	$ 2,792	$ 1,181
(Loss) earnings per share:
Basic	$ 0.08	$ 0.03
Diluted	$ 0.08	$ 0.03
Weighted average number of common shares outstanding:
Basic	35,051,034	35,396,705
Diluted	35,199,201	35,774,208

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 2,810	$ 1,298
Other comprehensive income (loss), net of tax:
Foreign currency translation (loss) gain	(531)	55
Comprehensive income	$ 2,279	$ 1,353

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

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]	Noncontrolling Interest [Member]
Beginning Balance at Dec. 31, 2020	$ 203,611	$ 355	$ 255,296	$ (38,141)	$ (14,496)	$ (356)	$ 953
Beginning Balance, Shares at Dec. 31, 2020		35,505				(138)
Net income (loss)	1,298			1,181			117
Exercise of stock options	13		13
Exercise of stock options, Shares		2
Restricted stock units issued	(133)	$ (1)	(134)
Restricted stock units issued, Shares		40
Share based compensation earned	807		807
Share based compensation earned, Shares		21
Translation gain (loss)	55				55
Ending Balance at Mar. 31, 2021	205,651	$ 356	255,982	(36,960)	(14,441)	$ (356)	1,070
Ending Balance, Shares at Mar. 31, 2021		35,568				(138)
Beginning Balance at Dec. 31, 2021	205,957	$ 350	252,989	(36,715)	(12,070)		1,403
Beginning Balance, Shares at Dec. 31, 2021		35,028
Net income (loss)	2,810			2,792			18
Restricted stock units issued	(67)		67
Restricted stock units issued, Shares		34
Share based compensation earned	953		953
Share based compensation earned, Shares		14
Translation gain (loss)	(531)				(531)
Noncontrolling interest distribution	(900)						(900)
Noncontrolling interest acquired	5,000						5,000
Ending Balance at Mar. 31, 2022	$ 213,222	$ 350	$ 253,875	$ (33,923)	$ (12,601)		$ 5,521
Ending Balance, Shares at Mar. 31, 2022		35,076

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 2,810,000	$ 1,298,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	2,288,000	2,435,000
Unrealized foreign currency loss	263,000	576,000
(Gain) loss on sale of property and equipment	(7,000)	(66,000)
Debt discount amortization	93,000	102,000
Share-based compensation expense	877,000	693,000
Bad debt expense	45,000	41,000
Inventory reserve expense	213,000	108,000
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(18,964,000)	(3,493,000)
Costs and estimated earnings in excess of billings on uncompleted contracts	1,515,000	4,319,000
Inventories	(3,316,000)	456,000
Prepaid expense and other current assets	(878,000)	5,269,000
Deferred charges and other assets	996,000	822,000
Accounts payable and accrued expenses	7,452,000	1,548,000
Billings in excess of costs and estimated earnings on uncompleted contracts	7,615,000	(3,564,000)
Income taxes payable	137,000	(499,000)
Other liabilities	(1,341,000)	(55,000)
Net cash (used in) provided by operating activities	(202,000)	9,908,000
Cash flows from investing activities:
Acquisitions of property and equipment	(665,000)	(492,000)
Net proceeds from sale of assets	7,000	534,000
Net cash paid for acquisition	(19,583,000)
Net cash (used in) provided by investing activities	(20,241,000)	42,000
Cash flows from financing activities:
Borrowings on revolving credit lines	17,800,000	9,200,000
Repayments on revolving credit lines	(7,200,000)	(11,900,000)
Borrowing on long-term debt	11,000,000
Repayments of long-term debt	(643,000)	(625,000)
Deferred financing fees paid	(130,000)
Payments on finance leases and financing liability	(145,000)	(135,000)
Earnout payments		(823,000)
Proceeds from employee stock purchase plan and exercise of stock options	77,000	128,000
Noncontrolling interest distributions	(900,000)
Net cash provided by (used in) financing activities	19,859,000	(4,155,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,111,000)	(356,000)
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,695,000)	5,439,000
Cash, cash equivalents and restricted cash at beginning of period	31,995,000	37,811,000
Cash, cash equivalents and restricted cash at end of period	30,300,000	43,250,000
Cash paid (received) during the period for:
Interest	812,000	641,000
Income taxes	$ 390,000	$ (3,717,000)

Basis of Reporting for Consolidated Financial Statements

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and the results of operations, cash flows and shareholders’ equity for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month period ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year. The balance sheet as of December 31, 2021 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, 2021 as filed with the SEC (the "2021 Form 10-K").

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 2021 Form 10-K.

Unless otherwise indicated, all balances within tables are in thousands, except per share amounts.

COVID-19

A novel strain of coronavirus (“COVID-19”) surfaced in late 2019 and has spread around the world, including to the United States. In March 2020, the World Health Organization characterized COVID-19 as a pandemic. As of Mach 31, 2022, the virus, including new emerging variants, continues to spread and has had a significant impact on worldwide economic activity, on macroeconomic conditions and the end markets of our business.

The outbreak and a continued spread of COVID-19 has resulted in a substantial curtailment of business activities worldwide and has caused weakened economic conditions, both in the United States and abroad. Although vaccines are available in various countries where we operate, it is possible the COVID-19 pandemic may continue to have a negative impact on the Company's ongoing operations and the end markets in which it serves. However, the full impact of the COVID-19 pandemic continues to evolve as of the date of this filing, and as such, it is uncertain as to the full magnitude or lasting impact that the pandemic will have on the Company’s financial condition, liquidity, and future results of operations. Management is actively monitoring the impact of the pandemic on its financial condition, liquidity, operations, suppliers, industry, and workforce.

New Financial Accounting Pronouncements	3 Months Ended
New Financial Accounting Pronouncements	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
New Financial Accounting Pronouncements	2. New Financial Accounting Pronouncements Accounting Standards adopted in Fiscal 2022 None. Accounting Standards Yet to be Adopted In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which addresses how an acquirer should recognize and measure revenue contracts acquired in a business combination. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and/or results of operations.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Accounts Receivable

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Accounts Receivable

3. Accounts Receivable


(table only in thousands)	March 31, 2022			December 31, 2021
Contract receivables	$	81,956		$	65,932
Trade receivables		16,959			12,537
Allowance for doubtful accounts		(3,475	)		(3,478	)
Total accounts receivable	$	95,440		$	74,991

Balances billed but not paid by customers under retainage provisions in contracts within the Condensed Consolidated Balance Sheets amounted to approximately $1.6 million and $1.8 million at March 31, 2022 and December 31, 2021, respectively. Retainage receivables on contracts in progress are generally collected within a year or two subsequent to contract completion, and are recorded in either accounts receivable, net or deferred charges and other assets within the Condensed Consolidated Balance Sheets depending on timing of expected collection.

Bad debt expense was approximately $45,000 compared with net recoveries of bad debts of approximately $41,000 for the three-month periods ended March 31, 2022 and 2021, respectively.

Inventories

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventories

4. Inventories


(table only in thousands)	March 31, 2022			December 31, 2021
Raw materials	$	14,835		$	13,405
Work in process		7,187			5,147
Finished goods		2,340			674
Obsolescence allowance		(2,282	)		(2,174	)
Total inventories	$	22,080		$	17,052

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 March 31, 2022 and 2021, respectively.

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

5. Goodwill and Intangible Assets


(table only in thousands)	Three Months Ended March 31, 2022						Year ended December 31, 2021
Goodwill / Tradename	Goodwill			Tradename			Goodwill			Tradename
Beginning balance	$	161,183		$	9,629		$	161,820		$	12,937
Acquisitions		20,667			—			—			—
Transfers to finite life classification		—			—			—			(3,150	)
Foreign currency translation		(251	)		(56	)		(637	)		(158	)
	$	181,599		$	9,573		$	161,183		$	9,629


(table only in thousands)	As of March 31, 2022						As of December 31, 2021
Intangible assets – finite life	Cost			Accum. Amort.			Cost			Accum. Amort.
Technology	$	14,457		$	14,038		$	14,457		$	13,704
Customer lists		73,199			54,838			73,199			53,970
Tradename		9,728			2,974			9,728			2,745
Foreign currency adjustments		(1,950	)		(697	)		(2,149	)		(1,025	)
	$	95,434		$	71,153		$	95,235		$	69,394

Activity for the three-months ended March 31, 2022 and 2021 is as follows:


(table only in thousands)	2022			2021
Intangible assets – finite life, net at beginning of period	$	25,841		$	29,637
Amortization expense		(1,431	)		(1,685	)
Transfers from indefinite life classification		—			3,150
Foreign currency adjustments		(129	)		(81	)
Intangible assets – finite life, net at end of period	$	24,281		$	31,021

Amortization expense of finite life intangible assets was $1.4 million and $1.7 million for the three-month periods ended March 31, 2022 and 2021, respectively. Amortization over the next five years for finite life intangibles is expected to be $4.4 million for the remainder of 2022, $5.1 million in 2023, $4.2 million in 2024, $3.2 million in 2025, and $1.8 million in 2026.

The Company completes an annual (or more often if circumstances require) goodwill and indefinite life intangible asset impairment assessment on October 1. As a part of its impairment assessment, the Company first qualitatively assesses whether current events or changes in circumstances lead to a determination that it is more likely than not (defined as a likelihood of more than 50 percent) that the fair value of a reporting unit or indefinite life intangible asset is less than its carrying amount. If there is a qualitative determination that the fair value is more likely than not greater than carrying value, the Company does not need to quantitatively test for impairment. If this qualitative assessment indicates a more likely than not potential that the asset may be impaired, the estimated fair value is calculated. If the estimated fair value is less than carrying value, an impairment charge is recorded.

As of March 31, 2022, we reviewed our previous forecasts and assumptions based on our current projections, which are subject to various risks and uncertainties, including projected revenue, projected operational profit, terminal growth rates, and the cost of capital. The Company did not identify any triggering events during the three-month period ended March 31, 2022 that would require an interim impairment assessment of goodwill or intangible assets.

The Company's assumptions about future conditions important to its assessment of potential impairment of its goodwill and indefinite life intangible assets, including the impact of the COVID-19 pandemic, are subject to uncertainty, and the Company will continue to monitor these conditions in future periods as new information becomes available, and will update its analysis accordingly.

Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

6. Accounts Payable and Accrued Expenses


(table only in thousands)	March 31, 2022		December 31, 2021
Trade accounts payable, including amounts due to subcontractors	$	63,217	$	56,242
Compensation and related benefits		5,327		6,065
Accrued warranty		2,836		3,074
Contract liabilities		4,929		4,405
Short-term lease liability		2,679		2,414
Other		12,381		11,881
Total accounts payable and accrued expenses	$	91,369	$	84,081

Senior Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Senior Debt

7. Senior Debt

Debt consisted of the following:


(table only in thousands)	March 31, 2022			December 31, 2021
Outstanding borrowings under the Credit Facility (defined below). Term loan payable in quarterly principal installments of $0.6 million through September 2023, and $0.8 million through September 2025 and $1.1 million thereafter with balance due upon maturity in September 2026.
- Term loan	$	42,961		$	43,511
- Revolving credit loan		32,600			22,000
Total outstanding borrowings under the Credit Facility		75,561			65,511
Outstanding borrowings under joint venture term debt		10,910			—
Unamortized debt discount		(1,767	)		(1,731	)
Total outstanding borrowings		84,704			63,780
Less: current portion		(3,303	)		(2,203	)
Total debt, less current portion	$	81,401		$	61,577

Scheduled principal payments under our Credit Facility and joint venture term debt are $2.5 million remaining in 2022, $3.6 million in 2023, $4.9 million in 2024, $5.2 million in 2025, $66.4 million in 2026, and $3.9 million in 2027.

Credit Facility

As of March 31, 2022 and December 31, 2021, $17.3 million and $14.5 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 (the "Credit Facility") was $59.9 million and $45.9 million at March 31, 2022 and December 31, 2021, respectively. Revolving loans may be borrowed, repaid and reborrowed until December 17, 2026, at which time all outstanding balances of the Credit Facility must be repaid.

At the Company’s option, revolving loans and the term loans accrue interest at a per annum rate based on either the highest of (a) the federal funds rate plus 0.5%, (b) the Agent’s prime lending rate, (c) Daily Simple SOFR plus the Daily Simple SOFR Adjustment of 0.11448% plus 1.0%, or (d) 1.0%, plus a margin ranging from 1.75% to 2.75% depending on the Company’s Consolidated Leverage Ratio (“Base Rate”), or (d) a one/three/six-month Term SOFR Rate (as defined in the Credit Agreement) plus the Term SOFR Adjustment ranging from 0.11% to 0.43% plus 1.75% to 2.75% depending on the Company’s Consolidated Leverage Ratio. Interest on swing line loans is the Base Rate.

Interest on Base Rate loans is payable quarterly in arrears on the last day of each calendar quarter and at maturity. Interest on Term SOFR rate loans is payable on the last date of each applicable Interest Period (as defined in the agreement), but in no event less than once every three months and at maturity. The weighted average stated interest rate on outstanding borrowings was 2.87% and 2.54% at March 31, 2022 and December 31, 2021, respectively. Under the terms of the Credit Facility, the Company is required to maintain certain financial covenants, including the maintenance of a Consolidated Net Leverage Ratio (as defined in the Credit Facility). Through September 30, 2023, the maximum Consolidated Net Leverage Ratio is 3.75, after which time it will decrease to 3.50 until the end of the term of the Credit Facility.

The Company has granted a security interest in substantially all of its assets to secure its obligations pursuant to the Credit Facility. The Company’s obligations under the Credit Agreement are guaranteed by the Company’s U.S. subsidiaries and such guaranty obligations are secured by a security interest on substantially all the assets of such subsidiaries, including certain real property. The Company’s obligations under the Credit Agreement may also be guaranteed by the Company’s material foreign subsidiaries to the extent no adverse tax consequences would result to the Company.

As of March 31, 2022 and December 31, 2021, the Company was in compliance with all related financial and other restrictive covenants under the Credit Facility.

Joint Venture Debt

On March 7, 2022, our Effox-Flextor-Mader, Inc. joint venture ("EFM JV") entered into a loan agreement secured by the assets of the EFM JV in the aggregate principal amount of $11.0 million for the acquisition of General Rubber, LLC ("GRC"), as further described in Note 14. As of March 31, 2022, $10.9 million was outstanding under the loan. Principal will be paid back to the lender monthly with final installment due by February 27, 2027. Interest is accrued at the per annum rate based on the Company’s choice of the 1/3/6 month Term SOFR rate plus 3.25%, with a floor rate of 3.75%. Interest is paid monthly on the last day of each month. The interest rate at March 31, 2022 was 3.75%. As of March 31, 2022, the EFM JV was in compliance with all related financial and other restrictive covenants under this loan agreement. This loan balance does not impact the Company’s borrowing capacity or the financial covenants under the Credit Facility.

Foreign Debt

The Company has a number of bank guarantee facilities and bilateral lines of credit in various foreign countries currently supported by cash, letters of credit or pledged assets and collateral under the Credit Facility. The Credit Facility allows letters of credit and bank guarantee issuances of up to $65.0 million from the bilateral lines of credit secured by pledged assets and collateral under the Credit Facility. As of March 31, 2022, $14.8 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 $0.7 million in bank guarantees were outstanding as of March 31, 2022. Additionally, a subsidiary of our Company in China recently entered into an RMB denominated bank guarantee agreement secured primarily by local assets. As of March 31, 2022, there were zero bank guarantees outstanding related to this agreement. As of March 31, 2022, the borrowers of these facilities and agreements were in compliance with all related financial and other restrictive covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Earnings per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings per Share

8. Earnings per Share

The computational components of basic and diluted earnings per share for the three-month periods ended March 31, are below.


	2022		2021
(table only in thousands) Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	2,792	$	1,181

Denominator
Basic weighted-average shares outstanding		35,051		35,397
Common stock equivalents arising from stock options and restricted stock awards		148		377
Diluted weighted-average shares outstanding		35,199		35,774

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 March 31, 2022 and 2021, 2.1 million and 1.5 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

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

9. 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 $0.9 million and $0.7 million of share-based compensation related expense during the three-month periods ended March 31, 2022 and 2021, respectively.

The Company granted approximately 600,000 and zero restricted stock units during the three-month periods ended March 31, 2022 and 2021, respectively.

There were zero and approximately 2,000 options exercised during the three-months ended March 31, 2022 and 2021, respectively. The Company received zero and $13,000 in cash from employees and a non-employee director exercising options during the three-months ended March 31, 2022 and 2021. The intrinsic value of options exercised during the three-months ended March 31, 2022 and 2021 was zero and $13,000, respectively.

Pension and Employee Benefit Plans

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Pension and Employee Benefit Plans

10. 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 the components of net periodic benefit cost (gain) within “Other income (expense), net” on the Condensed Consolidated Statements of Income.

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 March 31,
(table only in thousands)	2022			2021
Pension plan:
Interest cost	$	219		$	194
Expected return on plan assets		(390	)		(378	)
Amortization of net actuarial loss		66			103
Net periodic benefit (gain) cost	$	(105	)	$	(81	)
Health care plan:
Interest cost	$	-		$	1
Amortization of net actuarial (gain) loss		(2	)		2
Net periodic benefit (gain) cost	$	(2	)	$	3

We were not required to make contributions to our defined benefit plans during the three-months ended March 31, 2022 and 2021, respectively. For the remainder of 2022, we do not expect to make any contributions to fund the pension plan or the retiree health care plan. The unfunded liability of the plans of $5.5 million and $5.6 million as of March 31, 2022 and December 31, 2021, respectively, is included in “Other liabilities” on our Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

We file income tax returns in various federal, state and local jurisdictions. Tax years from 2018 forward remain open for examination by Federal authorities. Tax years from 2016 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 March 31, 2022 and December 31, 2021, the liability for uncertain tax positions totaled approximately $0.1 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 Income.

Certain of the Company’s undistributed earnings of our foreign subsidiaries are not permanently reinvested. Since foreign earnings have already been subject to United States income tax in 2017 as a result of the 2017 Tax Cuts and Jobs Act, we intend to repatriate foreign-held cash as needed. We record deferred income tax attributable to foreign withholding taxes that would become payable should we decide to repatriate cash held in our foreign operations. As of March 31, 2022 and December 31, 2021, we have recorded deferred income taxes of approximately $1.1 million, respectively, on the undistributed earnings of our foreign subsidiaries.

Income tax expense was $1.1 million and $0.6 million for the first quarter of 2022 and 2021, respectively. The effective income tax rate for the first quarter of 2022 was 28.3% compared with 29.8% for the first quarter of 2021. The effective income tax rate for the first quarter of 2022 is higher than the United States federal statutory rate. Our effective rate is affected by certain other permanent differences, including state income taxes, non-deductible incentive stock-based compensation and differences in tax rates among jurisdictions in which we operate.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financial Instruments

3 Months Ended

Mar. 31, 2022

Investments, All Other Investments [Abstract]

Financial Instruments

12. 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 March 31, 2022 and December 31, 2021, due to their short-term nature or variable, market-driven interest rates.

The fair value of the debt issued under the Credit Facility and joint venture term loan was $86.5 million and $65.5 million at March 31, 2022 and December 31, 2021, respectively. The fair value was determined considering market conditions, our credit worthiness and the current terms of our debt, which is considered Level 2 on the fair value hierarchy.

At March 31, 2022 and December 31, 2021, the Company had cash and cash equivalents of $28.4 million and $29.9 million, respectively, of which $22.4 million and $22.6 million, respectively, was held outside of the United States, principally in the Netherlands, United Kingdom, China, and Canada.

Commitments and Contingencies - Legal Matters

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies - Legal Matters

13. 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 March 31, 2022 for cases involving asbestos-related claims were $4.9 million, of which, together with all legal fees other than corporate counsel expenses, $4.8 million has been paid by the Company’s insurers. The average cost per settled claim, excluding legal fees, was approximately $40,000.

Based upon the most recent information available to the Company regarding such claims, there were a total of 240 cases pending against the Company as of March 31, 2022 (with Illinois, New York, Pennsylvania and West Virginia having the largest number of cases), as compared with 223 cases that were pending as of December 31, 2021. During the three-months ended March 31, 2022, 37 new cases were filed against the Company, and the Company was dismissed from 18 cases and settled 2 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.

Other

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.

Acquisitions

3 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Acquisitions

14. Acquisitions

General Rubber LLC

On March 7, 2022, the Company, through the EFM JV, acquired 100% of the equity interests of GRC for $19.7 million in cash, which was financed with a combination of a draw on the Company's revolving credit facility and issuance of term debt by the EFM JV (see Note 7). As additional consideration, the former owners were issued 10% of the equity interest in the EFM JV. The preliminary fair value ascribed to the equity interest was approximately $5.0 million. As of March 31, 2022, there were $11.6 million in current assets, $29.8 million in long-lived assets, and $30.9 million in total liabilities related to the EFM JV included in our Condensed Consolidated Balance Sheets.

GRC engineers and manufactures non-metallic expansion joints and flow control products including rubber expansion joints, ducting expansion joints, and industrial pinch and duck bill valves, serving the industrial water and wastewater markets. The

acquisition diversifies and expands our EFM JV product offerings within our Engineered Systems segment. The following table summarizes the approximate fair values of the assets acquired and liabilities assumed at the date of closing.


(Table only in thousands)
Current assets (including cash of $137)	$	4,308
Property and equipment		459
Goodwill		20,667
Total assets acquired		25,434
Current liabilities assumed		(714	)
Net assets acquired	$	24,720

The approximate fair values of the assets acquired and liabilities assumed related to the acquisition are based on preliminary estimates and assumptions. These preliminary estimates and assumptions could change significantly during the purchase price measurement period as we finalize the valuation of assets acquired and liabilities assumed. These changes could result in material variances between the Company's future financial results, including variances in the estimated purchase price, fair values recorded and expenses associated with these items.

Goodwill recognized represents value the Company expects to be created by combining the various operations of the acquired businesses with the Company’s operations, including the expansion into markets within existing business segments, access to new customers and potential cost savings and synergies. Goodwill related to this acquisition is not deductible for tax purposes.

Acquisition and integration expenses on the Condensed Consolidated Statements of Income are related to acquisition activities, which include retention, legal, accounting, banking, and other expenses. During the three months ended March 31, 2022, GRC accounted for $0.7 million in revenue and $0.3 million of net income included in the Company’s results.

The following unaudited pro forma financial information represents the Company's results of operations as if GRC acquisition had occurred on January 1, 2021:


	Three months ended March 31,
(table in thousands, except per share data)	2022		2021
Net sales	$	94,575	$	75,215
Net income attributable to CECO Environmental Corp.		3,066		1,594
Earnings per share:
Basic	$	0.09	$	0.05
Diluted	$	0.09	$	0.04

The pro forma results have been prepared for informational purposes only and include adjustments to reflect additional interest expense on debt used to fund the acquisition, and to record the income tax consequences of the pro forma adjustments. These pro forma results do not purport to be indicative of the results of operations that would have occurred had the purchase been made as of the beginning of the periods presented or the results of operations that may occur in the future.

Business Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Business Segment Information

15. Business Segment Information

The Company’s operations are organized and reviewed by management along its product platforms or end market that the segment serves and are presented in two reportable segments. The results of the segments are reviewed through the “Income from operations” line on the Condensed Consolidated Statements of Income.

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

Engineered Systems segment: Our Engineered Systems segment serves the general industrial, power generation, refinery, water/wastewater, midstream oil & gas, and other energy transition markets. We are a key part of helping meet the global demand for environmental and equipment protection through our highly engineered platforms including emissions management, fluid bed cyclones, thermal acoustics, separation & filtration (gas & water), and dampers & expansion joints.

Industrial Process Solutions segment: Our Industrial Process Solutions segment serves the broad industrial air pollution control, beverage can, fluid handling, electric vehicle production, food and beverage, semi-conductor, process filtration, pharmaceutical, petrochemical, wastewater treatment, wood manufacturing, desalination, and aquaculture markets. We protect the air we collectively breathe, maintain clean and safe operations for employees, lower energy consumption, minimize waste

for customers, and ensure they meet regulatory compliance standards for toxic emissions, fumes, volatile organic compounds and odors through our platforms including duct & installation, industrial air, and fluid handling.

The financial segment information is presented in the following tables:


	Three months ended March 31,
(dollars in thousands)	2022		2021
Net sales (less intra-, inter-segment sales)
Engineered Systems segment	$	56,975	$	42,057
Industrial Process Solutions segment		35,461		29,835
Net sales	$	92,436	$	71,892


	Three months ended March 31,
(dollars in thousands)	2022			2021
Income from operations
Engineered Systems segment	$	6,470		$	6,170
Industrial Process Solutions segment		4,139			3,822
Corporate and Other(1)		(5,407	)		(6,938	)
Income from operations	$	5,202		$	3,054

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


	Three months ended March 31,
(dollars in thousands)	2022		2021
Property and equipment additions
Engineered Systems segment	$	5	$	9
Industrial Process Solutions segment		73		190
Corporate and Other		587		293
Property and equipment additions	$	665	$	492


	Three months ended March 31,
(dollars in thousands)	2022		2021
Depreciation and amortization
Engineered Systems segment	$	895	$	1,067
Industrial Process Solutions segment		1,050		1,068
Corporate and Other		343		300
Depreciation and amortization	$	2,288	$	2,435


(dollars in thousands)	March 31, 2022		December 31, 2021
Identifiable assets
Engineered Systems segment	$	303,245	$	262,558
Industrial Process Solutions segment		142,585		141,975
Corporate and Other(2)		12,563		11,664
Identifiable assets	$	458,393	$	416,197

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


(dollars in thousands)	March 31, 2022		December 31, 2021
Goodwill
Engineered Systems segment	$	119,826	$	99,303
Industrial Process Solutions segment		61,773		61,880
Goodwill	$	181,599	$	161,183

Intra-segment and Inter-segment Revenues

The Company has multiple divisions that sell to each other within segments (intra-segment sales) and between segments (inter-segment sales) as indicated in the following tables:


	Three months ended March 31, 2022
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net sales
Engineered Systems segment	$	61,600	$	(4,558	)	$	(67	)	$	—		$	56,975
Industrial Process Solutions segment		37,142		(1,625	)		—			(56	)		35,461
Net sales	$	98,742	$	(6,183	)	$	(67	)	$	(56	)	$	92,436


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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

On May 3, 2022, the Company completed the acquisition of Compass Water Solutions, Inc. ("Compass"). Compass is a leading global supplier of membrane-based, industrial water and wastewater treatment systems that help customers achieve regulatory compliance of water discharge. This acquisition advances the Company further into industrial water technologies markets. The purchase price was approximately $12.5 million and financed using a combination of cash and debt, under the Company's existing Credit Facility. The impact of this acquisition is not included in our results for the three month period ended March 31, 2022. The initial accounting for the acquisition was not complete at the time the financial statements were issued due to the timing of the acquisition and the filing of this report on Form 10-Q. As a result, complete disclosures required under ASC 805, Business Combinations cannot be made at this time.

New Financial Accounting Pronouncements (Policies)	3 Months Ended
New Financial Accounting Pronouncements (Policies)	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Accounting Standards Adopted in Fiscal 2022	Accounting Standards adopted in Fiscal 2022 None.
Accounting Standards Yet to be Adopted	Accounting Standards Yet to be Adopted In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which addresses how an acquirer should recognize and measure revenue contracts acquired in a business combination. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and/or results of operations.

Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Summary of Accounts Receivable


(table only in thousands)	March 31, 2022			December 31, 2021
Contract receivables	$	81,956		$	65,932
Trade receivables		16,959			12,537
Allowance for doubtful accounts		(3,475	)		(3,478	)
Total accounts receivable	$	95,440		$	74,991

Inventories (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Summary of Inventories


(table only in thousands)	March 31, 2022			December 31, 2021
Raw materials	$	14,835		$	13,405
Work in process		7,187			5,147
Finished goods		2,340			674
Obsolescence allowance		(2,282	)		(2,174	)
Total inventories	$	22,080		$	17,052

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill / Tradename


(table only in thousands)	Three Months Ended March 31, 2022						Year ended December 31, 2021
Goodwill / Tradename	Goodwill			Tradename			Goodwill			Tradename
Beginning balance	$	161,183		$	9,629		$	161,820		$	12,937
Acquisitions		20,667			—			—			—
Transfers to finite life classification		—			—			—			(3,150	)
Foreign currency translation		(251	)		(56	)		(637	)		(158	)
	$	181,599		$	9,573		$	161,183		$	9,629

Intangible Assets - Finite Life


(table only in thousands)	As of March 31, 2022						As of December 31, 2021
Intangible assets – finite life	Cost			Accum. Amort.			Cost			Accum. Amort.
Technology	$	14,457		$	14,038		$	14,457		$	13,704
Customer lists		73,199			54,838			73,199			53,970
Tradename		9,728			2,974			9,728			2,745
Foreign currency adjustments		(1,950	)		(697	)		(2,149	)		(1,025	)
	$	95,434		$	71,153		$	95,235		$	69,394

Summary of Finite Lived Intangible Assets Activities

Activity for the three-months ended March 31, 2022 and 2021 is as follows:


(table only in thousands)	2022			2021
Intangible assets – finite life, net at beginning of period	$	25,841		$	29,637
Amortization expense		(1,431	)		(1,685	)
Transfers from indefinite life classification		—			3,150
Foreign currency adjustments		(129	)		(81	)
Intangible assets – finite life, net at end of period	$	24,281		$	31,021

Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Summary of Accounts Payable and Accrued Expenses


(table only in thousands)	March 31, 2022		December 31, 2021
Trade accounts payable, including amounts due to subcontractors	$	63,217	$	56,242
Compensation and related benefits		5,327		6,065
Accrued warranty		2,836		3,074
Contract liabilities		4,929		4,405
Short-term lease liability		2,679		2,414
Other		12,381		11,881
Total accounts payable and accrued expenses	$	91,369	$	84,081

Senior Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Summary of Debt

Debt consisted of the following:


(table only in thousands)	March 31, 2022			December 31, 2021
Outstanding borrowings under the Credit Facility (defined below). Term loan payable in quarterly principal installments of $0.6 million through September 2023, and $0.8 million through September 2025 and $1.1 million thereafter with balance due upon maturity in September 2026.
- Term loan	$	42,961		$	43,511
- Revolving credit loan		32,600			22,000
Total outstanding borrowings under the Credit Facility		75,561			65,511
Outstanding borrowings under joint venture term debt		10,910			—
Unamortized debt discount		(1,767	)		(1,731	)
Total outstanding borrowings		84,704			63,780
Less: current portion		(3,303	)		(2,203	)
Total debt, less current portion	$	81,401		$	61,577

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2022

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 periods ended March 31, are below.


	2022		2021
(table only in thousands) Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	2,792	$	1,181

Denominator
Basic weighted-average shares outstanding		35,051		35,397
Common stock equivalents arising from stock options and restricted stock awards		148		377
Diluted weighted-average shares outstanding		35,199		35,774

Pension and Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Components of Pension and Employee Benefit Expenses

The components of the expense consisted of the following:


	Three months ended March 31,
(table only in thousands)	2022			2021
Pension plan:
Interest cost	$	219		$	194
Expected return on plan assets		(390	)		(378	)
Amortization of net actuarial loss		66			103
Net periodic benefit (gain) cost	$	(105	)	$	(81	)
Health care plan:
Interest cost	$	-		$	1
Amortization of net actuarial (gain) loss		(2	)		2
Net periodic benefit (gain) cost	$	(2	)	$	3

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the approximate fair values of the assets acquired and liabilities assumed at the date of closing.


(Table only in thousands)
Current assets (including cash of $137)	$	4,308
Property and equipment		459
Goodwill		20,667
Total assets acquired		25,434
Current liabilities assumed		(714	)
Net assets acquired	$	24,720

Schedule of Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information represents the Company's results of operations as if GRC acquisition had occurred on January 1, 2021:


	Three months ended March 31,
(table in thousands, except per share data)	2022		2021
Net sales	$	94,575	$	75,215
Net income attributable to CECO Environmental Corp.		3,066		1,594
Earnings per share:
Basic	$	0.09	$	0.05
Diluted	$	0.09	$	0.04

Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Net Sales and Income from Operation by Business Segment

The financial segment information is presented in the following tables:


	Three months ended March 31,
(dollars in thousands)	2022		2021
Net sales (less intra-, inter-segment sales)
Engineered Systems segment	$	56,975	$	42,057
Industrial Process Solutions segment		35,461		29,835
Net sales	$	92,436	$	71,892


	Three months ended March 31,
(dollars in thousands)	2022			2021
Income from operations
Engineered Systems segment	$	6,470		$	6,170
Industrial Process Solutions segment		4,139			3,822
Corporate and Other(1)		(5,407	)		(6,938	)
Income from operations	$	5,202		$	3,054

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

Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets


	Three months ended March 31,
(dollars in thousands)	2022		2021
Property and equipment additions
Engineered Systems segment	$	5	$	9
Industrial Process Solutions segment		73		190
Corporate and Other		587		293
Property and equipment additions	$	665	$	492


	Three months ended March 31,
(dollars in thousands)	2022		2021
Depreciation and amortization
Engineered Systems segment	$	895	$	1,067
Industrial Process Solutions segment		1,050		1,068
Corporate and Other		343		300
Depreciation and amortization	$	2,288	$	2,435


(dollars in thousands)	March 31, 2022		December 31, 2021
Identifiable assets
Engineered Systems segment	$	303,245	$	262,558
Industrial Process Solutions segment		142,585		141,975
Corporate and Other(2)		12,563		11,664
Identifiable assets	$	458,393	$	416,197

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

Goodwill


(dollars in thousands)	March 31, 2022		December 31, 2021
Goodwill
Engineered Systems segment	$	119,826	$	99,303
Industrial Process Solutions segment		61,773		61,880
Goodwill	$	181,599	$	161,183

Intra-Segment and Inter-Segment Revenues

The Company has multiple divisions that sell to each other within segments (intra-segment sales) and between segments (inter-segment sales) as indicated in the following tables:


	Three months ended March 31, 2022
						Less Inter-Segment Sales
(dollars in thousands)	Total Sales		Intra- Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net sales
Engineered Systems segment	$	61,600	$	(4,558	)	$	(67	)	$	—		$	56,975
Industrial Process Solutions segment		37,142		(1,625	)		—			(56	)		35,461
Net sales	$	98,742	$	(6,183	)	$	(67	)	$	(56	)	$	92,436


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

Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract receivables	$ 81,956	$ 65,932
Allowance for doubtful accounts	(3,475)	(3,478)
Total accounts receivable	95,440	74,991
Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 16,959	$ 12,537

Accounts Receivable - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Receivables [Abstract]
Amount billed but not received under retainage provisions in contracts	$ 1,600,000		$ 1,800,000
Bad debt expense	$ 45,000	$ 41,000

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Raw materials	$ 14,835	$ 13,405
Work in process	7,187	5,147
Finished goods	2,340	674
Obsolescence allowance	(2,282)	(2,174)
Total inventories	$ 22,080	$ 17,052

Inventories - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Inventory Disclosure [Abstract]
Amounts credited to the allowance for obsolete inventory	$ 0.2	$ 0.1

Goodwill and Intangible Assets - Goodwill / Tradename (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, beginning balance	$ 161,183	$ 161,820
Goodwill, acquisitions	20,667
Goodwill, foreign currency translation	(251)	(637)
Goodwill, ending balance	181,599	161,183
Tradename, beginning balance	9,629	12,937
Tradename, transfers to finite life classification		(3,150)
Tradename, foreign currency translation	(56)	(158)
Tradename, ending balance	$ 9,573	$ 9,629

Goodwill and Intangible Assets - Intangible Assets - Finite Life (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Cost	$ 95,434	$ 95,235
Accumulated Amortization	71,153	69,394
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	14,457	14,457
Accumulated Amortization	14,038	13,704
Customer Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	73,199	73,199
Accumulated Amortization	54,838	53,970
Tradename [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	9,728	9,728
Accumulated Amortization	2,974	2,745
Foreign Currency Adjustments [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	(1,950)	(2,149)
Accumulated Amortization	$ (697)	$ (1,025)

Goodwill and Intangible Assets - Finite Lived Intangible Assets Amortization Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets – finite life, net at beginning of period	$ 25,841	$ 29,637
Amortization expense	(1,431)	(1,685)
Transfers from indefinite life classification	0	3,150
Foreign currency adjustments	(129)	(81)
Intangible assets – finite life, net at end of period	$ 24,281	$ 31,021

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Amortization expense of finite life intangible assets	$ 1,431	$ 1,685
Amortization expense of finite life intangibles for 2022	4,400
Amortization expense of finite life intangibles for 2023	5,100
Amortization expense of finite life intangibles for 2024	4,200
Amortization expense of finite life intangibles for 2025	3,200
Amortization expense of finite life intangibles for 2026	$ 1,800

Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Trade accounts payable, including amounts due to subcontractors	$ 63,217	$ 56,242
Compensation and related benefits	5,327	6,065
Accrued warranty	2,836	3,074
Contract liabilities	4,929	4,405
Short-term lease liability	2,679	2,414
Other	12,381	11,881
Total accounts payable and accrued expenses	$ 91,369	$ 84,081

Senior Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total outstanding borrowings under the Credit Facility	$ 84,704	$ 63,780
Less: current portion	(3,303)	(2,203)
Debt, less current portion	81,401	61,577
Line of Credit
Debt Instrument [Line Items]
Outstanding borrowings under joint venture term debt	10,910
Term Loan [Member]
Debt Instrument [Line Items]
Total outstanding borrowings under the Credit Facility	42,961	43,511
Revolving Credit Loan [Member]
Debt Instrument [Line Items]
Revolving Credit Loan	32,600	22,000
Senior Debt [Member]
Debt Instrument [Line Items]
Total outstanding borrowings under the Credit Facility	75,561	65,511
Term Debt [Member]
Debt Instrument [Line Items]
Unamortized debt discount	$ (1,767)	$ (1,731)

Senior Debt - Summary of Debt (Parenthetical) (Detail) - Term Loan [Member]	3 Months Ended
	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Frequency of periodic payment	quarterly
Term loans, year of maturity	Sep. 30, 2026
Debt Instrument, Redemption, Through June 2021 [Member]
Debt Instrument [Line Items]
Outstanding borrowings, quarterly principal installments payable amount	$ 600,000
Debt Instrument, Redemption, Through June 2023 [Member]
Debt Instrument [Line Items]
Outstanding borrowings, quarterly principal installments payable amount	800,000
Debt Instrument, Redemption, Thereafter [Member]
Debt Instrument [Line Items]
Outstanding borrowings, quarterly principal installments payable amount	$ 1,100

Senior Debt - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 07, 2022	Dec. 31, 2021
Line Of Credit Facility [Line Items]
Credit facility principal payments 2022	$ 2.5
Credit facility principal payments 2023	3.6
Credit facility principal payments 2024	4.9
Credit facility principal payments 2025	5.2
Credit facility principal payments 2026	66.4
Credit facility principal payments 2027	$ 3.9
Weighted average interest rate on outstanding borrowings	2.87%		2.54%
Maximum consolidated leverage ratio	3.75%		3.50%
Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Unused credit availability under credit facility	$ 59.9		$ 45.9
EFM JV
Line Of Credit Facility [Line Items]
Weighted average interest rate on outstanding borrowings	3.75%
EFM JV \| Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Secured Debt		$ 11.0
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.11448%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Minimum
Line Of Credit Facility [Line Items]
Maximum consolidated leverage ratio	1.75%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Maximum [Member]
Line Of Credit Facility [Line Items]
Maximum consolidated leverage ratio	2.75%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Credit Agreement [Member] \| Minimum
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.11%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Credit Agreement [Member] \| Maximum [Member]
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.43%
Federal Funds Rate [Member]
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Base Rate [Member] \| Minimum
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Base Rate [Member] \| Maximum [Member]
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.75%
Letters of Credit [Member]
Line Of Credit Facility [Line Items]
Aggregate principal amount outstanding under the credit facilities	$ 17.3		$ 14.5
Letters of Credit [Member] \| EFM JV
Line Of Credit Facility [Line Items]
Aggregate principal amount outstanding under the credit facilities	10.9
Bank Guarantees [Member]
Line Of Credit Facility [Line Items]
Bank guarantee issuance under bilateral lines and collateral	65.0
Bank guarantee agreement outstanding amount	14.8
Netherlands Facility [Member] \| Euro-Denominated Bank Guarantee [Member]
Line Of Credit Facility [Line Items]
Bank guarantee agreement outstanding amount	$ 0.7

Earnings per Share - Number of Shares Outstanding for Calculation of Earnings Per Share (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss attributable to CECO Environmental Corp.	$ 2,792	$ 1,181
Denominator
Basic weighted-average shares outstanding	35,051,034	35,396,705
Common stock equivalents arising from stock options and restricted stock awards	148,000	377,000
Diluted weighted-average shares outstanding	35,199,201	35,774,208

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings And Dividends Per Share [Abstract]
Anti-dilutive options and restricted stock units outstanding	2.1	1.5

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation awards	$ 900	$ 700
Non-Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from employee stock option exercised	$ 0	$ 13,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0	2,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 0	$ 13,000
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards granted	600,000	0

Pension and Employee Benefit Plans - Components of Pension and Employee Benefit Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 219	$ 194
Expected return on plan assets	(390)	(378)
Amortization of net actuarial loss	66	103
Net periodic benefit (gain) cost	(105)	(81)
Health Care Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	0	1
Amortization of net actuarial (gain) loss	(2)	2
Net periodic benefit (gain) cost	$ (2)	$ 3

Pension and Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Unfunded liability plans	$ 5.5	$ 5.6

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Taxes [Line Items]
Liability for uncertain tax positions	$ 100		$ 100
Income tax expense	$ 1,112	$ 551
Effective income tax rate	28.30%	29.80%
Foreign Subsidiaries [Member]
Income Taxes [Line Items]
Deferred income taxes on undistributed earnings			$ 1,100
Federal Authorities [Member]
Income Taxes [Line Items]
Open tax years	2018
State and Foreign Authorities [Member]
Income Taxes [Line Items]
Open tax years	2016

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Of Financial Instruments [Line Items]
Cash and cash equivalents	$ 28,382	$ 29,902
Cash held outside United States, principally in Netherlands, United Kingdom, China, and Canada	22,400	22,600
Credit Facility [Member]
Fair Value Of Financial Instruments [Line Items]
Fair value of debt issued	$ 86,500	$ 65,500

Commitments and Contingencies - Legal Matters - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) Case	Dec. 31, 2021 Case
Commitments and Contingencies Disclosure [Abstract]
Cumulative settlement payments for cases involving asbestos-related claims \| $	$ 4,900
Cumulative settlement payments made for cases involving asbestos-related claims with all legal fees other than corporate counsel expenses \| $	4,800
Average cost per settled claim excluding legal fees \| $	$ 40,000
Number of claims pending	240	223
Number of new cases filed	37
Number of cases dismissed	18
Number of cases settled	2
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.

Acquisitions and Joint Ventures - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Mar. 07, 2022	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition Contingent Consideration [Line Items]
Pre tax Income (loss)		$ 3,922	$ 1,849
Joint Venture Agreement [Member]
Business Acquisition Contingent Consideration [Line Items]
Contingent consideration	$ 19,700
Fair value	$ 5,000
Percentage of equity hold in joint venture	10.00%
Environmental Integrated Solutions [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquisition of equity	100.00%
General Rubber LLC [Member]
Business Acquisition Contingent Consideration [Line Items]
GRC revenue		700
Net assets acquired		24,720
Pre tax Income (loss)		$ 300

Acquisitions and Joint Ventures - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 181,599	$ 161,183	$ 161,820
General Rubber LLC [Member]
Business Acquisition [Line Items]
Current assets	4,308
Property and equipment	459
Goodwill	20,667
Total assets acquired	25,434
Current liabilities assumed	(714)
Net assets acquired	$ 24,720

Acquisitions and Joint Ventures - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) $ in Thousands	Mar. 31, 2022 USD ($)
General Rubber LLC [Member]
Business Acquisition [Line Items]
Cash, Current assets	$ 137

Acquisitions and Joint Ventures - Schedule of Unaudited Pro Forma Financial Information (Details) - General Rubber LLC [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Net sales	$ 94,575	$ 75,215
Net income attributable to CECO Environmental Corp.	$ 3,066	$ 1,594
(Loss) earnings per share:
Basic	$ 0.09	$ 0.05
Diluted	$ 0.09	$ 0.04

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Business Segment Information - Net Sales and Income from Operation by Business Segment (Detail) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Segment Reporting Information [Line Items]

Net sales

$ 92,436

$ 71,892

(Loss) income from operations

5,202

3,054

Corporate and Other [Member]

Segment Reporting Information [Line Items]

(Loss) income from operations

^[1]

(5,407)

(6,938)

Engineered Systems Segment [Member]

Segment Reporting Information [Line Items]

Net sales

56,975

42,057

(Loss) income from operations

6,470

6,170

Industrial Process Solutions Segment [Member]

Segment Reporting Information [Line Items]

Net sales

35,461

29,835

(Loss) income from operations

$ 4,139

$ 3,822

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

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Business Segment Information - Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets (Detail) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Dec. 31, 2021

Segment Reporting Information [Line Items]

Property and equipment additions

$ 665

$ 492

Depreciation and amortization

2,288

2,435

Identifiable assets

458,393

$ 416,197

Engineered Systems Segment [Member]

Segment Reporting Information [Line Items]

Property and equipment additions

Depreciation and amortization

895

1,067

Identifiable assets

303,245

262,558

Industrial Process Solutions Segment [Member]

Segment Reporting Information [Line Items]

Property and equipment additions

190

Depreciation and amortization

1,050

1,068

Identifiable assets

142,585

141,975

Corporate and Other [Member]

Segment Reporting Information [Line Items]

Property and equipment additions

587

293

Depreciation and amortization

343

$ 300

Identifiable assets

^[1]

$ 12,563

$ 11,664

[1]	Corporate and Other assets consist primarily of cash and income tax related assets.

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

+ Details

Business Segment Information - Goodwill (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Goodwill	$ 181,599	$ 161,183	$ 161,820
Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Goodwill	119,826	99,303
Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Goodwill	$ 61,773	$ 61,880

Business Segment Information - Intra-Segment and Inter-Segment Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 92,436	$ 71,892
Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Net sales	56,975	42,057
Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Net sales	35,461	29,835
Intra-Segment Sales [Member] \| Industrial Inter-Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales		(45)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	98,742	77,409
Operating Segments [Member] \| Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Net sales	61,600	44,476
Operating Segments [Member] \| Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Net sales	37,142	32,933
Inter-Segment Elimination [Member]
Segment Reporting Information [Line Items]
Net sales	(6,183)	(5,148)
Inter-Segment Elimination [Member] \| Industrial Inter-Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	(67)
Inter-Segment Elimination [Member] \| Energy Inter-Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	(56)	(324)
Inter-Segment Elimination [Member] \| Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Net sales	(4,558)	(2,374)
Inter-Segment Elimination [Member] \| Engineered Systems Segment [Member] \| Industrial Inter-Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	(67)	(45)
Inter-Segment Elimination [Member] \| Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Net sales	(1,625)	(2,774)
Inter-Segment Elimination [Member] \| Industrial Process Solutions Segment [Member] \| Energy Inter-Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	$ (56)	$ (324)

- Definition

+ References

+ Details

Subsequent Events (Additional Information) (Details) $ in Millions	Apr. 29, 2022 USD ($)
Subsequent Event [Member] \| General Rubber LLC [Member]
Subsequent Event [Line Items]
Purchase price of business acquisition	$ 12.5