0000950170-24-050199 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 6,023	$ 6,460
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	34,908,330	34,835,293
Common Stock, shares outstanding	34,908,330	34,835,293

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

5. Inventories

Inventories as of March 31, 2024 and December 31, 2023 consisted of the following:


(in thousands)	March 31, 2024			December 31, 2023
Raw materials	$	25,792		$	25,819
Work in process		13,802			9,710
Finished goods		2,500			2,368
Obsolescence allowance		(4,062	)		(3,808	)
Total inventories	$	38,032		$	34,089

Amounts credited to the allowance for obsolete inventory and charged to cost of sales amounted to $0.5 million and $0.2 million for the three months ended March 31, 2024 and 2023, respectively.

Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value Of Financial Instruments [Line Items]
Cash and cash equivalents	$ 46,557	$ 54,779
Cash held outside United States, principally in Netherlands, United Kingdom, China, and Canada	35,500	38,500
Credit Facility [Member]
Fair Value Of Financial Instruments [Line Items]
Fair value of debt issued	$ 136,800	$ 138,600

Share-Based Compensation	3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	. 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 $1.7 million and $0.8 million of share-based compensation related expense during the three months ended March 31, 2024 and 2023, respectively. The Company granted approximately 284,000 and 340,000 restricted stock units during the three months ended March 31, 2024 and 2023, respectively, and approximately 25,000 and zero stock options during the three months ended March 31, 2024 and 2023, respectively. There were 10,000 and 52,000 options exercised during the three months ended March 31, 2024 and 2023, respectively. The Company received $0.1 million and $0.6 million in cash from employees and directors exercising options during the three months ended March 31, 2024 and 2023, respectively. The intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 was $0.1 million and $0.2 million, respectively.

Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

. 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 $1.7 million and $0.8 million of share-based compensation related expense during the three months ended March 31, 2024 and 2023, respectively.

The Company granted approximately 284,000 and 340,000 restricted stock units during the three months ended March 31, 2024 and 2023, respectively, and approximately 25,000 and zero stock options during the three months ended March 31, 2024 and 2023, respectively.

There were 10,000 and 52,000 options exercised during the three months ended March 31, 2024 and 2023, respectively. The Company received $0.1 million and $0.6 million in cash from employees and directors exercising options during the three months ended March 31, 2024 and 2023, respectively. The intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 was $0.1 million and $0.2 million, respectively.

Acquisitions - Schedule of Unaudited Pro Forma Financial Information (Details) - Malvar Engineering Limited [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Net sales	$ 126,332	$ 122,195
Net income attributable to CECO Environmental Corp.	$ 1,508	$ 2,728
Earnings per share:
Basic	$ 0.04	$ 0.08
Diluted	$ 0.04	$ 0.08

- 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

Pension and Employee Benefit Plans - Components of Pension and Employee Benefit Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost (gain)	$ 57	$ 107
Health Care Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	304	318
Expected return on plan assets	(304)	(285)
Amortization of net actuarial loss	$ 57	$ 74

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 Case
Commitments and Contingencies Disclosure [Abstract]
Cumulative settlement payments for cases involving asbestos-related claims	$ 6,700,000
Average cost per settled claim excluding legal fees	$ 36,000
Number of claims pending \| Case		313
Assessment regarding Loss contingency impact Description	not aware of any pending claims or assessments, other than as described above, which may have a material adverse impact on its liquidity, financial position, results of operations, or cash flows.

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Segment Reporting Information [Line Items]

Property and equipment additions

$ 3,116

$ 2,513

Depreciation and amortization

3,512

2,885

Identifiable assets

589,020

$ 600,291

Engineered Systems Segment [Member]

Segment Reporting Information [Line Items]

Property and equipment additions

1,137

244

Depreciation and amortization

1,785

1,212

Identifiable assets

430,890

432,098

Industrial Process Solutions Segment [Member]

Segment Reporting Information [Line Items]

Property and equipment additions

606

1,399

Depreciation and amortization

1,119

1,158

Identifiable assets

143,819

147,740

Corporate and Other [Member]

Segment Reporting Information [Line Items]

Property and equipment additions

1,373

870

Depreciation and amortization

608

$ 515

Identifiable assets

^[1]

$ 14,311

$ 20,453

[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.

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+ Details

Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Table Text Block [Abstract]

Summary of Contract Assets and Liabilities

Contract assets and liabilities as of March 31, 2024 and December 31, 2023 consisted of the following:


(in thousands)	March 31, 2024		December 31, 2023
Costs and estimated earnings in excess of billings on uncompleted contracts	$	58,541	$	66,574
Billings in excess of costs and estimated earnings on uncompleted contracts		58,158		56,899

Acquisitions - Additional Information (Detail) $ in Thousands, € in Millions	3 Months Ended
	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Aug. 23, 2023 USD ($)	Jan. 10, 2023 USD ($)
Business Acquisition Contingent Consideration [Line Items]
Assets Current		$ 271,609		$ 281,437
Liabilities		352,868		$ 362,800
Revenues \| €	€ 750
Pre tax loss		2,760	$ 2,479
Kemco Systems Co., LLC [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquisition of equity					100.00%
Contingent consideration					$ 24,000
Company Received Working Capital		400
Purchase Price		23,600
Additional Consideration					4,000
Earn out, Fair value					2,200
Accounts payable and accrued expenses		2,700
Net assets acquired					$ 26,329
Kemco Systems Co., LLC [Member] \| Technology [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 1,400
Intangible assets, Useful Life		7 years
Kemco Systems Co., LLC [Member] \| Customer Lists [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 8,700
Intangible assets, Useful Life		10 years
Kemco Systems Co., LLC [Member] \| Tradename [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 1,500
Intangible assets, Useful Life		10 years
Transcend Solution [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquisition of equity			100.00%
Contingent consideration			$ 20,000
Holdback Payble			400
Notes Payable			2,000
Installments Paid		$ 1,000
Deferred cash consideration			22,400
Net assets acquired			22,396
Transcend Solution [Member] \| Revolving Credit Facility [Member]
Business Acquisition Contingent Consideration [Line Items]
Deferred cash consideration			2,400
Malvar Engineering Limited [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquisition of equity						100.00%
Contingent consideration						$ 4,100
Earn out, Fair value						600
Accounts payable and accrued expenses						600
Deferred cash consideration						400
Gain (Loss) on Sales of Loans, Net		126,332	$ 122,195
Net assets acquired						$ 5,128
Malvar Engineering Limited [Member] \| Customer Lists [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		1,500
Malvar Engineering Limited [Member] \| Tradename [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 300
Intangible assets, Useful Life		10 years

Pension and Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Components of Pension and Employee Benefit Expenses

Retirement plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the pension plan expense consisted of the following:


	Three months ended March 31,
(in thousands)	2024			2023
Interest cost	$	304		$	318
Expected return on plan assets		(304	)		(285	)
Amortization of net actuarial loss		57			74
Net periodic benefit cost	$	57		$	107

Senior Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Summary of Debt

Debt as of March 31, 2024 and December 31, 2023 consisted of the following:


(in thousands)	March 31, 2024			December 31, 2023
Outstanding borrowings under Credit Facility (defined below) Term loan payable in quarterly principal installments of $550 through September 2023, $2,232 through September 2025 and $2,977 thereafter with balance due upon maturity in December 2026.
Term loan	$	110,191		$	112,424
Revolving credit facility		18,100			17,300
Total outstanding borrowings under the Credit Facility		128,291			129,724
Outstanding borrowings under the joint venture term debt		8,535			8,855
Unamortized debt discount		(1,176	)		(1,296	)
Total outstanding borrowings		135,650			137,283
Less: current portion		(10,580	)		(10,488	)
Total debt, less current portion	$	125,070		$	126,795

Contract Assets and Liabilities (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Contract Assets and Liabilities [Line Items]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 58,541	$ 66,574	$ 71,000
Billings in excess of costs and estimated earnings on uncompleted contracts	58,158	56,899	32,700
Accrued expenses	$ 46,195	44,301
Contract liabilities recognized as revenue	40.00%
Accrued Liabilities [Member]
Contract Assets and Liabilities [Line Items]
Accrued expenses	$ 8,900	$ 7,900	$ 4,500

Earnings per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings per Share

9. Earnings per Share

The computational components of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 are as follows:


	Three months ended March 31,
(in thousands)	2024		2023
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	1,508	$	1,978

Denominator
Basic weighted-average shares outstanding		34,846		34,442
Common stock equivalents arising from stock options and restricted stock awards		1,331		757
Diluted weighted-average shares outstanding		36,177		35,199

Options and restricted stock units included in the computation of diluted earnings per share are calculated using the treasury stock method. For the three months ended March 31, 2024 and 2023, 0.1 million and zero, 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.

Common Stock Repurchase

On May 10, 2022, the Company's Board of Directors authorized a share repurchase program under which the Company may purchase up to $20.0 million of its outstanding shares of common stock through April 30, 2025. The authorization permits the Company to repurchase shares in the open market, through accelerated share repurchases, block trades, Rule 10b5-1 trading plans or through privately negotiated transactions in accordance with applicable laws, rules and regulations. During the three months ended March 31, 2024, the Company repurchased approximately 144,000 shares under the program for a cost of $3.0 million. There were no shares repurchased under the program during the three months ended March 31, 2023.

Business Segment Information - Goodwill (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Goodwill	$ 211,479	$ 211,326	$ 183,197
Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Goodwill	142,304	142,229
Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Goodwill	$ 69,175	$ 69,097

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 126,332	$ 112,563
Cost of sales	81,200	77,670
Gross profit	45,132	34,893
Selling and administrative expenses	34,908	27,193
Amortization and earnout expenses	2,209	1,747
Acquisition and integration expenses	190	492
Restructuring expenses	139	0
Income from operations	7,686	5,461
Other expense, net	(1,513)	(574)
Interest expense	(3,413)	(2,408)
Income before income taxes	2,760	2,479
Income tax expense	667	10
Net income	2,093	2,469
Non-controlling interest	(585)	(491)
Net income attributable to CECO Environmental Corp.	$ 1,508	$ 1,978
Earnings per share:
Basic	$ 0.04	$ 0.06
Diluted	$ 0.04	$ 0.06
Weighted average number of common shares outstanding:
Basic	34,846,163	34,441,905
Diluted	36,177,323	35,198,668

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Raw materials	$ 25,792	$ 25,819
Work in process	13,802	9,710
Finished goods	2,500	2,368
Obsolescence allowance	(4,062)	(3,808)
Total inventories	$ 38,032	$ 34,089

Earnings per Share - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	May 10, 2022
Earnings And Dividends Per Share [Abstract]
Anti-dilutive options and restricted stock units outstanding	100,000	0
Purchase of outstanding shares of common stock			$ 20.0
Repurchase of common stock (in shares)	144,000	0
Repurchase of common stock	$ 3.0

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

Goodwill activity for the three months ended March 31, 2024 and the year ended December 31, 2023 was as follows:


(in thousands)	Three months ended March 31, 2024					Year ended December 31, 2023
Goodwill / Tradename	Goodwill		Tradename			Goodwill		Tradename
Balance at beginning of period	$	211,326	$	9,570		$	183,197	$	9,508
Acquisitions		110		—			27,152		—
Foreign currency translation		43		(12	)		977		62
Balance at end of period	$	211,479	$	9,558		$	211,326	$	9,570

During the three months ended March 31, 2024, the Company recorded measurement period adjustments related to the acquisition of Kemco Systems Co., LLC ("Kemco"), as discussed in Note 15, resulting in an increase to goodwill.

Finite life intangible assets as of March 31, 2024 and December 31, 2023 consisted of the following:


	March 31, 2024					December 31, 2023
(in thousands)	Cost			Accum. Amort.		Cost			Accum. Amort.
Technology	$	16,517		$	14,225	$	16,517		$	14,061
Customer lists		103,471			65,072		103,471			63,420
Tradenames		14,094			5,343		14,094			5,001
Foreign currency adjustments		(1,111	)		7		(1,083	)		56
Total intangible assets – finite life	$	132,971		$	84,647	$	132,999		$	82,538

Finite life intangible asset activity for the three months ended March 31, 2024 and 2023 was as follows:


	Three months ended March 31,
(in thousands)	2024			2023
Intangible assets – finite life, net at beginning of period	$	50,461		$	35,251
Amortization expense		(2,157	)		(1,690	)
Acquisitions		—			1,778
Foreign currency adjustments		20			75
Intangible assets – finite life, net at end of period	$	48,324		$	35,414

Amortization expense of finite life intangible assets was $2.2 million and $1.7 million for the three months ended March 31, 2024 and 2023, respectively. Amortization over the next five years for finite life intangibles is expected to be $6.4 million for the remainder of 2024, $7.6 million in 2025, $6.2 million in 2026, $6.0 million in 2027, and $5.6 million in 2028.

The Company completes its goodwill and indefinite life intangible asset impairment assessment annually in the fourth quarter, or more often if circumstances require. 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 the carrying value, the Company does not 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, 2024, the Company reviewed its previous forecasts and assumptions based on its 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 months ended March 31, 2024 and 2023 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 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 Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 122,670	$ 119,193
Provision for credit losses	(6,023)	(6,460)
Total accounts receivable, net	$ 116,647	$ 112,733	$ 83,100

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 2,093	$ 2,469
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	3,512	2,885
Unrealized foreign currency gain (loss)	149	(92)
Gain (loss) on sale of property and equipment	115	(17)
Debt discount amortization	120	91
Share-based compensation expense	1,670	806
Bad debt expense	(384)	83
Inventory reserve expense	499	175
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(5,355)	(22,786)
Costs and estimated earnings in excess of billings on uncompleted contracts	7,858	(8,418)
Inventories	(4,447)	(2,191)
Prepaid expense and other current assets	1,211	572
Deferred charges and other assets	(221)	(325)
Accounts payable	(2,442)	(3,358)
Accrued expenses	1,220	2,302
Billings in excess of costs and estimated earnings on uncompleted contracts	1,262	16,838
Income taxes payable	(387)	(17)
Other liabilities	(5,249)	(1,038)
Net cash provided by (used in) operating activities	1,224	(12,021)
Cash flows from investing activities:
Acquisitions of property and equipment	(3,116)	(2,513)
Net cash received (paid) for acquisitions	422	(24,142)
Net cash used in investing activities	(2,694)	(26,655)
Cash flows from financing activities:
Borrowings on revolving credit lines	13,400	54,800
Repayments on revolving credit lines	(12,600)	(20,000)
Repayments of long-term debt	(2,553)	(826)
Payments on finance leases and financing liability	(229)	(225)
Deferred consideration paid for acquisitions	(1,000)	0
Proceeds from employee stock purchase plan and exercise of stock options	258	610
Noncontrolling interest distributions	(804)	0
Common stock repurchased	(3,000)	0
Net cash (used in) provided by financing activities	(6,528)	34,359
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(422)	(64)
Net decrease in cash, cash equivalents and restricted cash	(8,420)	(4,381)
Cash, cash equivalents and restricted cash at beginning of period	55,448	46,585
Cash, cash equivalents and restricted cash at end of period	47,028	42,204
Cash paid during the period for:
Interest	3,269	2,338
Income taxes	$ 975	$ 1,290

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Compensation and related benefits	$ 8,039	$ 11,278
Accrued warranty	4,873	5,105
Contract liability	8,880	7,875
Short-term operating lease liability	4,034	4,278
Other	20,369	15,765
Total accrued expenses	$ 46,195	$ 44,301

Financial Instruments

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Financial Instruments

13. Financial Instruments

The Company's financial instruments consist primarily of investments in cash and cash equivalents, receivables and certain other assets, notes payable, foreign debt and accounts payable, which approximate fair value at March 31, 2024 and December 31, 2023, 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 $136.8 million and $138.6 million at March 31, 2024 and December 31, 2023, respectively. The fair value was determined considering market conditions, the Company's credit worthiness and the current terms of our debt, which is considered Level 2 on the fair value hierarchy.

At March 31, 2024 and December 31, 2023, the Company had cash and cash equivalents of $46.6 million and $54.8 million, respectively, of which $35.5 million and $38.5 million, respectively, was held outside of the United States, principally in the Netherlands, United Kingdom, United Arab Emirates, and China.

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill / Tradename

Goodwill activity for the three months ended March 31, 2024 and the year ended December 31, 2023 was as follows:


(in thousands)	Three months ended March 31, 2024					Year ended December 31, 2023
Goodwill / Tradename	Goodwill		Tradename			Goodwill		Tradename
Balance at beginning of period	$	211,326	$	9,570		$	183,197	$	9,508
Acquisitions		110		—			27,152		—
Foreign currency translation		43		(12	)		977		62
Balance at end of period	$	211,479	$	9,558		$	211,326	$	9,570

Intangible Assets - Finite Life

Finite life intangible assets as of March 31, 2024 and December 31, 2023 consisted of the following:


	March 31, 2024					December 31, 2023
(in thousands)	Cost			Accum. Amort.		Cost			Accum. Amort.
Technology	$	16,517		$	14,225	$	16,517		$	14,061
Customer lists		103,471			65,072		103,471			63,420
Tradenames		14,094			5,343		14,094			5,001
Foreign currency adjustments		(1,111	)		7		(1,083	)		56
Total intangible assets – finite life	$	132,971		$	84,647	$	132,999		$	82,538

Summary of Finite Lived Intangible Assets Activities

Finite life intangible asset activity for the three months ended March 31, 2024 and 2023 was as follows:


	Three months ended March 31,
(in thousands)	2024			2023
Intangible assets – finite life, net at beginning of period	$	50,461		$	35,251
Amortization expense		(2,157	)		(1,690	)
Acquisitions		—			1,778
Foreign currency adjustments		20			75
Intangible assets – finite life, net at end of period	$	48,324		$	35,414

Pension and Employee Benefit Plans

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Pension and Employee Benefit Plans

11. Pension and Employee Benefit Plans

The Company sponsors 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.

The Company presents the components of net periodic benefit cost within “Other expense, net” on the Condensed Consolidated Statements of Income.

Retirement plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the pension plan expense consisted of the following:


	Three months ended March 31,
(in thousands)	2024			2023
Interest cost	$	304		$	318
Expected return on plan assets		(304	)		(285	)
Amortization of net actuarial loss		57			74
Net periodic benefit cost	$	57		$	107

The Company made no contributions to its defined benefit plan during the three months ended March 31, 2024 and 2023. For the remainder of 2024, the Company expects to make contributions of $0.6 million to fund the pension plan. The unfunded liability of the plan of $4.2 million and $4.1 million as of March 31, 2024 and December 31, 2023, respectively, is included in “Other liabilities” on the Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: 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 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accrued Expenses

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses

7. Accrued Expenses

Accrued expenses as of March 31, 2024 and December 31, 2023 consisted of the following:


(in thousands)	March 31, 2024		December 31, 2023
Compensation and related benefits	$	8,039	$	11,278
Accrued warranty		4,873		5,105
Contract liability		8,880		7,875
Short-term operating lease liability		4,034		4,278
Other		20,369		15,765
Total accrued expenses	$	46,195	$	44,301

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

Asbestos cases

The Company's subsidiary, Met-Pro Technologies LLC (“Met-Pro”), beginning in 2002, has been 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, 2024 for cases involving asbestos-related claims were $6.7 million which together with all legal fees other than corporate counsel expenses have substantially been paid by the Company’s insurers. The average cost per settled claim, excluding legal fees, was approximately $36,000.

Based upon the most recent information available to the Company regarding such claims, there were a total of 327 cases pending against the Company as of March 31, 2024 with Illinois, New York, Pennsylvania and West Virginia having the largest number of cases, as compared with 313 cases that were pending as of December 31, 2023. During the three months ended March 31, 2024, 47 new cases were filed against the Company, and the Company was dismissed from 26 cases and settled 7 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. The Company records 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.

The Company is not aware of any pending claims or assessments, other than as described above, which may have a material adverse impact on its liquidity, financial position, results of operations, or cash flows.

Pension and Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined benefit plan contributions	$ 0	$ 0
Pension contributions	600
Unfunded liability plans	$ 4,200		$ 4,100

Business Segment Information - Intra-Segment and Inter-Segment Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 126,332	$ 112,563
Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Net sales	89,349	74,454
Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Net sales	36,983	38,109
Intra-Segment Sales [Member] \| Industrial Process Solutions Segment [Member] \| Energy Inter-Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	(61)	(98)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	132,097	115,131
Operating Segments [Member] \| Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Net sales	92,518	76,089
Operating Segments [Member] \| Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Net sales	39,579	39,042
Operating Segments [Member] \| Intra-Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	(5,617)	(2,373)
Operating Segments [Member] \| Intra-Segment Sales [Member] \| Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Net sales	(3,082)	(1,538)
Operating Segments [Member] \| Intra-Segment Sales [Member] \| Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Net sales	(2,535)	(835)
Inter-Segment Elimination [Member]
Segment Reporting Information [Line Items]
Net sales	(87)	(97)
Inter-Segment Elimination [Member] \| Energy Inter-Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	(61)	(98)
Inter-Segment Elimination [Member] \| Intra-Segment Sales [Member] \| Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Net sales	$ (87)	$ (97)

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Accounts Receivable

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Accounts Receivable

3. Accounts Receivable

Accounts receivable as of March 31, 2024 and December 31, 2023 consisted of the following:


(in thousands)	March 31, 2024			December 31, 2023
Accounts receivable	$	122,670		$	119,193
Provision for credit losses		(6,023	)		(6,460	)
Total accounts receivable, net	$	116,647		$	112,733

Accounts receivable, net as of the beginning of the prior year period, or January 1, 2023, were $83.1 million.

Balances billed but not paid by customers under retainage provisions in contracts within the Condensed Consolidated Balance Sheets amounted to approximately $3.5 million and $3.2 million at March 31, 2024 and December 31, 2023, 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.

Amounts (recovered from) charged to the provision for credit losses were $(0.4) million and $0.1 for the three months ended March 31, 2024 and 2023, respectively.

Goodwill and Intangible Assets - Intangible Assets - Finite Life (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Cost	$ 132,971	$ 132,999
Accumulated Amortization	84,647	82,538
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	16,517	16,517
Accumulated Amortization	14,225	14,061
Customer Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	103,471	103,471
Accumulated Amortization	65,072	63,420
Tradename [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	14,094	14,094
Accumulated Amortization	5,343	5,001
Foreign Currency Adjustments [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	(1,111)	(1,083)
Accumulated Amortization	$ 7	$ 56

Income Taxes - Additional Information (Detail) $ in Thousands, € in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Income Taxes [Line Items]
Liability for uncertain tax positions		$ 200
Income tax expense		$ 667	$ 10
Effective income tax rate	24.20%	24.20%	0.40%
Percentage of corporate tax	15.00%	15.00%
Revenues \| €	€ 750
Foreign Subsidiaries [Member]
Income Taxes [Line Items]
Deferred income taxes on undistributed earnings		$ 1,100		$ 700
Federal Authorities [Member]
Income Taxes [Line Items]
Open tax years	2018	2018
State and Foreign Authorities [Member]
Income Taxes [Line Items]
Open tax years	2017	2017

Accounts Receivable - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jan. 01, 2023
Receivables [Abstract]
Accounts receivable, net of allowances	$ 116,647		$ 112,733	$ 83,100
Amount billed but not received under retainage provisions in contracts	3,500		$ 3,200
Provision for credit losses	$ (400)	$ 100

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Amortization expense of finite life intangible assets	$ 2,157	$ 1,690
Amortization expense of finite life intangibles for 2023	6,400
Amortization expense of finite life intangibles for 2027	7,600
Amortization expense of finite life intangibles for 2024	6,200
Amortization expense of finite life intangibles for 2025	6,000
Amortization expense of finite life intangibles for 2026	$ 5,600

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories as of March 31, 2024 and December 31, 2023 consisted of the following:


(in thousands)	March 31, 2024			December 31, 2023
Raw materials	$	25,792		$	25,819
Work in process		13,802			9,710
Finished goods		2,500			2,368
Obsolescence allowance		(4,062	)		(3,808	)
Total inventories	$	38,032		$	34,089

Acquisitions

3 Months Ended

Mar. 31, 2024

Business Combinations [Abstract]

Acquisitions

15. Acquisitions

Kemco Systems Co., LLC

On August 23, 2023, the Company acquired 100% of the equity interests of Kemco for $24.0 million in cash, which was financed with a draw on the Company’s revolving credit facility. During the three months ended March 31, 2024, the Company received $0.4 million from the former owners of Kemco as a working capital adjustment, reducing the purchase price to $23.6 million. As additional consideration, the former owners of Kemco are entitled to earn-out payments up to $4.0 million based upon specified financial results through August 31, 2026. Based on projections at the acquisition date, the Company estimated the fair value of the earn-out to be $2.2 million. This fair value measurement is based on inputs not observable in the market, which is considered Level 3 on the fair value hierarchy. As of March 31, 2024, the earnout liability recorded in “Accrued expenses” and "Other liabilities", depending on the anticipated payout timing, on the Condensed Consolidated Balance Sheets is $2.7 million. Kemco designs and manufactures energy and water conservation systems and equipment for applications regarding wastewater reuse and recycle, heat recovery, water heating, and vapor energy. This acquisition advances the Company's position within the North American water and wastewater treatment market within the Engineered Systems segment. The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing.


(in thousands)
Current assets (including accounts receivable of $2,328)	$	8,902
Property and equipment		341
Right-of-use assets from operating leases		1,602
Intangible - finite life		11,610
Goodwill		11,115
Other assets		16
Total assets acquired		33,586
Current liabilities assumed		(6,853	)
Other liabilities assumed		(404	)
Net assets acquired	$	26,329

The Company acquired technology, customer lists and tradename intangible assets valued at $1.4 million, $8.7 million and $1.5 million, respectively. These assets were determined to have useful lives of 7, 10 and 10 years, respectively.

Transcend Solutions

On March 31, 2023, the Company acquired 100% of the equity interests of Transcend Solutions, LLC ("Transcend") for $22.4 million, including $20.0 million in cash, which was financed with a draw on the Company’s revolving credit facility, $2.4 million of deferred cash consideration, consisting of $0.4 million of holdback paid within one year and $2.0 million of notes payable due in equal installments over two years, of which $1.0 million was paid during the three months ended March 31, 2024. Transcend is a process filtration solution design and manufacturing company with applications in hydrocarbon and chemical processing. This acquisition improves the Company's short-cycle and long-cycle mix and expands the Company's

reach into midstream oil and gas, liquified natural gas, hydrocarbon processing, and chemical processing applications within the Engineered Systems segment. The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing.


(in thousands)
Current assets (including cash of $52 and accounts receivable of $1,493)	$	2,614
Property and equipment		1,153
Intangible - finite life		8,930
Goodwill		10,839
Other assets		231
Total assets acquired		23,767
Current liabilities assumed		(1,203	)
Deferred tax liability		(168	)
Net assets acquired	$	22,396

Malvar Engineering Limited

On January 10, 2023, the Company acquired 100% of the equity interests of Malvar Engineering Limited, including its subsidiaries Arkanum Management Limited and Wakefield Acoustics Limited (collectively, "Wakefield"), for $4.1 million in cash, which was financed with a draw on the Company’s revolving credit facility, and $0.4 million of deferred cash consideration. As additional consideration, the former owners are entitled to earn-out payments based upon specified financial results through July 31, 2023. Based on projections at the acquisition date, the Company estimated the fair value of the earn-out to be $0.6 million. A payment of $0.6 million, representing the fully earned amount, was made in the fourth quarter of 2023. Wakefield is a producer of industrial engineered noise control solutions, including custom acoustical gen-set packages, ambient air baffles, acoustical louvres, and skid enclosures, primarily serving server farms for data centers, standby and emergency power generation, oil and gas, petrochemical, commercial construction, infrastructure, and general manufacturing industries. This acquisition advances the Company's position within the industrial silencing and noise attenuation market by adding a range of solutions and access to new geographic markets within the Engineered Systems segment. The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing.


(in thousands)
Current assets (including accounts receivable of $2,467)	$	3,240
Property and equipment		635
Intangible - finite life		1,778
Goodwill		5,296
Total assets acquired		10,949
Current liabilities assumed		(4,860	)
Deferred income tax liability		(961	)
Net assets acquired	$	5,128

The Company acquired customer lists and tradename intangible assets valued at $1.5 million and $0.3 million, respectively. These assets were determined to have useful lives of 10 years.

The Company has finalized the valuation of assets acquired and liabilities assumed related to the acquisition of Wakefield and Transcend. The purchase accounting related to the Kemco acquisition is subject to final adjustment, primarily for the valuation of intangible assets pending final valuation results for such assets and tax balances for the further assessment of the acquiree’s tax positions. These preliminary estimates and assumptions could change significantly during the purchase price measurement period as the Company finalizes the valuation of assets acquired and liabilities assumed. These changes could result in material variances in 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.

The following unaudited pro forma financial information represents the Company’s results of operations as if these acquisitions had occurred at the beginning of the fiscal year prior to the acquisition. The pro forma results have been prepared for informational purposes only and include adjustments to amortize acquired intangible assets with finite life, reflect additional interest expense on debt used to fund the acquisition, and to record the income tax consequences of the pro forma adjustments.


	Three months ended March 31,
(in thousands, except per share data)	2024		2023
Net sales	$	126,332		122,195
Net income attributable to CECO Environmental Corp.		1,508		2,728
Earnings per share:
Basic	$	0.04	$	0.08
Diluted	$	0.04	$	0.08

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 of the results of operations that may occur in the future.

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The Company files 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 2017 forward remain open for all significant state and foreign authorities.

The Company accounts for uncertain tax positions pursuant to ASC Topic 740, “Income Taxes.” As of March 31, 2024 and December 31, 2023, the liability for uncertain tax positions totaled approximately $0.2 million, which is included in “Other liabilities” on the Condensed Consolidated Balance Sheets. The Company recognizes 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, the

Company intends to repatriate foreign-held cash as needed. The Company records deferred income tax attributable to foreign withholding taxes that would become payable should it decide to repatriate cash held in our foreign operations. As of March 31, 2024 and December 31, 2023, the Company recorded deferred income taxes of approximately $1.1 million and $0.7 million, respectively, on the undistributed earnings of its foreign subsidiaries.

Income tax expense was $0.7 million and zero million for the three months ended March 31, 2024 and 2023, respectively. The effective income tax rate for the three months ended March 31, 2024 was 24.2% compared with 0.4% for the three months ended March 31, 2023. The effective income tax rates for the three months ended March 31, 2024 and 2023 differ from the United States federal statutory rate. The Company's 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 it operates.

The Organization for Economic Co-operation and Development/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalization of the global economy which introduces a 15% global minimum corporate tax for companies with revenues above €750 million calculated on a country-by-country basis. On February 1, 2023, the FASB indicated that it believes the minimum tax imposed under Pillar Two is an alternative minimum tax, and, accordingly, deferred tax assets and liabilities associated with the minimum tax would not be recognized or adjusted for the estimated future effects of the minimum tax but would be recognized in the period incurred. Aspects of Pillar Two legislation have been enacted in certain jurisdictions in which the Company operates effective for accounting periods commencing on or after January 1, 2024. However, based on the current revenue threshold, the Company is currently not subject to Pillar Two taxes.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Segment Reporting Information [Line Items]

Net sales

$ 126,332

$ 112,563

Income from operations

7,686

5,461

Engineered Systems Segment [Member]

Segment Reporting Information [Line Items]

Net sales

89,349

74,454

Income from operations

16,277

9,805

Industrial Process Solutions Segment [Member]

Segment Reporting Information [Line Items]

Net sales

36,983

38,109

Income from operations

7,100

5,546

Corporate and Other [Member]

Segment Reporting Information [Line Items]

Income from operations

^[1]

$ (15,691)

$ (9,890)

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

- Definition

+ References

+ Details

Contract Assets and Liabilities

3 Months Ended

Mar. 31, 2024

Disclosure Text Block [Abstract]

Contract Assets and Liabilities

4. Contract Assets and Liabilities

Contract assets and liabilities as of March 31, 2024 and December 31, 2023 consisted of the following:


(in thousands)	March 31, 2024		December 31, 2023
Costs and estimated earnings in excess of billings on uncompleted contracts	$	58,541	$	66,574
Billings in excess of costs and estimated earnings on uncompleted contracts		58,158		56,899

As of the beginning of the prior year period, or January 1, 2023, costs and estimated earnings in excess of billings on uncompleted contracts and billings in excess of costs and estimated earnings on uncompleted contracts were $71.0 million and $32.7 million, respectively. The contract liabilities recorded in “Accrued expenses” on the Condensed Consolidated Balance Sheets were $8.9 million, $7.9 million and $4.5 million as of March 31, 2024, December 31, 2023 and January 1, 2023, respectively. Approximately 40% of the Company's contract liabilities as of December 31, 2023 were recognized as revenue in the three months ended March 31, 2024.

Inventories - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Inventory Disclosure [Abstract]
Amounts credited to the allowance for obsolete inventory	$ 0.5	$ 0.2

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and 2023 are as follows:


	Three months ended March 31,
(in thousands)	2024		2023
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	1,508	$	1,978

Denominator
Basic weighted-average shares outstanding		34,846		34,442
Common stock equivalents arising from stock options and restricted stock awards		1,331		757
Diluted weighted-average shares outstanding		36,177		35,199

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,508	$ 1,978

- Definition

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

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+ Details

New Financial Accounting Pronouncements	3 Months Ended
New Financial Accounting Pronouncements	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
New Financial Accounting Pronouncements	2. New Financial Accounting Pronouncements Accounting Standards Adopted in Fiscal 2024 None. Accounting Standards to be Adopted In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which addresses income tax disclosure requirements, primarily around the disclosure of the rate reconciliation and income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which addresses segment disclosure requirements, primarily the disclosure of significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s consolidated financial statements.

- 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

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]	Noncontrolling Interest [Member]
Beginning Balance at Dec. 31, 2022	$ 218,148	$ 344	$ 250,174	$ (19,298)	$ (17,996)	$ 4,924
Beginning Balance, Shares at Dec. 31, 2022		34,382
Net income	2,469			1,978		491
Exercise of stock options	612	$ 1	611
Exercise of stock options, Shares		52
Restricted stock units issued	(621)	$ 1	(622)
Restricted stock units issued, Shares		123
Share based compensation earned	808		808
Translation gain	$ 766				766
Common stock repurchase and retirement (see Note 8), Shares	0
Ending Balance at Mar. 31, 2023	$ 222,182	$ 346	250,971	(17,320)	(17,230)	5,415
Ending Balance, Shares at Mar. 31, 2023		34,557
Beginning Balance at Dec. 31, 2023	237,491	$ 348	254,956	(6,387)	(16,274)	4,848
Beginning Balance, Shares at Dec. 31, 2023		34,835
Net income	2,093			1,508		585
Exercise of stock options	113		113
Exercise of stock options, Shares		10
Restricted stock units issued	(2,202)	$ 2	(2,204)
Restricted stock units issued, Shares		195
Share based compensation earned	1,808		1,808
Share based compensation earned, Shares		12
Common stock repurchase and retirement, Shares		(144)
Common stock repurchase and retirement, Amount	(3,001)	$ (1)	(3,000)
Translation gain	654				654
Noncontrolling interest distribution	(804)					(804)
Common stock repurchase and retirement (see Note 8)	$ (3,000)
Common stock repurchase and retirement (see Note 8), Shares	144,000
Ending Balance at Mar. 31, 2024	$ 236,152	$ 349	$ 251,673	$ (4,879)	$ (15,620)	$ 4,629
Ending Balance, Shares at Mar. 31, 2024		34,908

New Financial Accounting Pronouncements (Policies)	3 Months Ended
New Financial Accounting Pronouncements (Policies)	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Accounting Standards Adopted in Fiscal 2024	Accounting Standards Adopted in Fiscal 2024 None.
Accounting Standards to be Adopted	Accounting Standards to be Adopted In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which addresses income tax disclosure requirements, primarily around the disclosure of the rate reconciliation and income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which addresses segment disclosure requirements, primarily the disclosure of significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s consolidated financial statements.

Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Summary of Accounts Receivable

Accounts receivable as of March 31, 2024 and December 31, 2023 consisted of the following:


(in thousands)	March 31, 2024			December 31, 2023
Accounts receivable	$	122,670		$	119,193
Provision for credit losses		(6,023	)		(6,460	)
Total accounts receivable, net	$	116,647		$	112,733

Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Net Sales and Income from Operation by Business Segment

The financial segment information is as follows:


	Three months ended March 31,
(in thousands)	2024		2023
Net sales (less intra-, inter-segment sales)
Engineered Systems segment	$	89,349	$	74,454
Industrial Process Solutions segment		36,983		38,109
Total net sales	$	126,332	$	112,563


	Three months ended March 31,
(in thousands)	2024			2023
Income from operations
Engineered Systems segment	$	16,277		$	9,805
Industrial Process Solutions segment		7,100			5,546
Corporate and Other(1)		(15,691	)		(9,890	)
Total income from operations	$	7,686		$	5,461

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,
(in thousands)	2024		2023
Property and equipment additions
Engineered Systems segment	$	1,137	$	244
Industrial Process Solutions segment		606		1,399
Corporate and Other		1,373		870
Total property and equipment additions	$	3,116	$	2,513


	Three months ended March 31,
(in thousands)	2024		2023
Depreciation and amortization
Engineered Systems segment	$	1,785	$	1,212
Industrial Process Solutions segment		1,119		1,158
Corporate and Other		608		515
Total depreciation and amortization	$	3,512	$	2,885


(in thousands)	March 31, 2024		December 31, 2023
Identifiable assets
Engineered Systems segment	$	430,890	$	432,098
Industrial Process Solutions segment		143,819		147,740
Corporate and Other(2)		14,311		20,453
Total identifiable assets	$	589,020	$	600,291

(2)

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

Goodwill


(in thousands)	March 31, 2024		December 31, 2023
Goodwill
Engineered Systems segment	$	142,304	$	142,229
Industrial Process Solutions segment		69,175		69,097
Total goodwill	$	211,479	$	211,326

Intra-Segment and Inter-Segment Revenues

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


	Three months ended March 31, 2024
						Less Inter-Segment Sales
(in thousands)	Total Sales		Intra- Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net sales
Engineered Systems segment	$	92,518	$	(3,082	)	$	(87	)	$	—		$	89,349
Industrial Process Solutions segment		39,579		(2,535	)		—			(61	)		36,983
Total net sales	$	132,097	$	(5,617	)	$	(87	)	$	(61	)	$	126,332


	Three months ended March 31, 2023
						Less Inter-Segment Sales
(in thousands)	Total Sales		Intra- Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net sales
Engineered Systems segment	$	76,089	$	(1,538	)	$	(97	)	$	—		$	74,454
Industrial Process Solutions segment		39,042		(835	)		—			(98	)		38,109
Total net sales	$	115,131	$	(2,373	)	$	(97	)	$	(98	)	$	112,563

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Contract Assets and Liabilities - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jan. 01, 2023
Contract with Customer, Asset, after Allowance for Credit Loss, Current [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 58,541	$ 66,574	$ 71,000
Billings in excess of costs and estimated earnings on uncompleted contracts	$ 58,158	$ 56,899	$ 32,700

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 2,093	$ 2,469
Other comprehensive income, net of tax:
Foreign currency translation (loss) gain	654	766
Comprehensive income	$ 2,747	$ 3,235

- 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.

+ References + Details

- 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

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses as of March 31, 2024 and December 31, 2023 consisted of the following:


(in thousands)	March 31, 2024		December 31, 2023
Compensation and related benefits	$	8,039	$	11,278
Accrued warranty		4,873		5,105
Contract liability		8,880		7,875
Short-term operating lease liability		4,034		4,278
Other		20,369		15,765
Total accrued expenses	$	46,195	$	44,301

Senior Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Senior Debt

8. Senior Debt

Debt as of March 31, 2024 and December 31, 2023 consisted of the following:


(in thousands)	March 31, 2024			December 31, 2023
Outstanding borrowings under Credit Facility (defined below) Term loan payable in quarterly principal installments of $550 through September 2023, $2,232 through September 2025 and $2,977 thereafter with balance due upon maturity in December 2026.
Term loan	$	110,191		$	112,424
Revolving credit facility		18,100			17,300
Total outstanding borrowings under the Credit Facility		128,291			129,724
Outstanding borrowings under the joint venture term debt		8,535			8,855
Unamortized debt discount		(1,176	)		(1,296	)
Total outstanding borrowings		135,650			137,283
Less: current portion		(10,580	)		(10,488	)
Total debt, less current portion	$	125,070		$	126,795

Scheduled principal payments under the Credit Facility and joint venture term debt are $7.9 million for the remainder of 2024, $11.3 million in 2025, $113.7 million in 2026, $3.9 million in 2027, and zero in 2028.

Credit Facility

As of March 31, 2024 and December 31, 2023, $13.5 million and $13.3 million of letters of credit were outstanding, respectively. Total unused credit availability, in consideration of borrowing limitations, 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 $108.4 million and $109.4 million at March 31, 2024 and December 31, 2023, 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 (a) either the highest of (i) the federal funds rate plus 0.5%, or (ii) the prime lending rate of the Agent (as defined in the Credit Facility), (b) Daily Simple SOFR plus the Daily Simple SOFR Adjustment of 0.11% plus 1.0%, (c) 1.0%, plus a margin ranging from 1.75% to 3.25% depending on the Company’s Consolidated Leverage Ratio, or (d) a one/three/six-month Term SOFR Rate (as defined in the Credit Facility) plus the Term SOFR Adjustment ranging from 0.11% to 0.43% plus 1.75% to 3.25% 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 8.01% and 8.29% at March 31, 2024 and December 31, 2023, respectively. The effective interest rate was 8.24% and 7.70% at March 31, 2024 and December 31, 2023, 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). In the third quarter of 2023, the Company entered into an Elevated Ratio Period resulting in a maximum Consolidated Net Leverage Ratio of 4.00 through June 30, 2024, 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 Facility are guaranteed by the Company’s domestic 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 Facility 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, 2024 and December 31, 2023, the Company was in compliance with all related financial and other restrictive covenants under the Credit Facility.

Joint Venture Debt

On March 7, 2022, the Effox-Flextor-Mader, Inc. joint venture ("EFM JV"), for which the Company holds 63% of the equity, 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 of March 31, 2024 and December 31, 2023, $8.5 million and $8.9 million was outstanding under the loan, respectively. Principal will be paid back to the lender monthly with the final installment due by February 27, 2027. Interest is accrued at the per annum rate based on EFM JV'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, 2024 and December 31, 2023 was 8.52% and 8.70%, respectively. As of March 31, 2024 and December 31, 2023, 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. As of March 31, 2024, there were $16.0 million in current assets, $26.4 million in long-lived assets, and $31.4 million in total liabilities related to the EFM JV included in the Condensed Consolidated Balance Sheets. As of December 31, 2023, there were $14.5 million in current assets, $26.7 million in long-lived assets, and $12.5 million in total liabilities related to the EFM JV included in the Consolidated Balance Sheets. For the three months ended March 31, 2024 and 2023, the EFM JV accounted for $10.7 million and $9.4 million in revenue, respectively, included in the Company's results.

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. In March 2023, the Company amended the Credit Facility, allowing letters of credit and bank guarantee issuances of up to $80.0 million from the bilateral lines of credit secured through pledged assets and collateral under the Credit Facility. As of March 31, 2024 and December 31, 2023, $46.8 million and $45.8 million in bank guarantees were outstanding, respectively, inclusive of $1.8 million and $1.3 million in outstanding bank guarantees as of March 31, 2024 and December 31, 2023, respectively, under a Euro-denominated bank guarantee agreement held by a subsidiary of the Company located in the Netherlands secured by local assets, as well as $2.2 million and $2.3 million in outstanding bank guarantees as of March 31, 2024 and December 31, 2023, respectively, under a Yuan-denominated bank guarantee agreements held by a subsidiary of the Company located in China secured by local assets.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Acquisitions - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - USD ($) $ in Thousands				3 Months Ended
	Aug. 23, 2023	Mar. 31, 2023	Jan. 10, 2023	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Account receivable				$ 5,355	$ 22,786
Kemco Systems Co Llc [Member]
Business Acquisition [Line Items]
Account receivable	$ 2,328
Transcend Solution [Member]
Business Acquisition [Line Items]
Cash, Current assets		$ 52			$ 52
Account receivable		$ 1,493
Malvar Engineering Limited [Member]
Business Acquisition [Line Items]
Account receivable			$ 2,467

Acquisitions - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Aug. 23, 2023	Mar. 31, 2023	Jan. 10, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Right-of-use assets from operating leases	$ 15,095	$ 16,256
Goodwill	$ 211,479	$ 211,326				$ 183,197
Kemco Systems Co Llc [Member]
Business Acquisition [Line Items]
Current assets			$ 8,902
Property and equipment			341
Right-of-use assets from operating leases			1,602
Intangible - finite life			11,610
Goodwill			11,115
Other Assets			16
Total assets acquired			33,586
Current liabilities assumed			(6,853)
Other liabilities assumed			(404)
Net assets acquired			$ 26,329
Transcend Solution [Member]
Business Acquisition [Line Items]
Current assets				$ 2,614
Property and equipment				1,153
Intangible - finite life				8,930
Goodwill				10,839
Other Assets				231
Total assets acquired				23,767
Current liabilities assumed				(1,203)
Deferred tax liability				(168)
Net assets acquired				$ 22,396
Malvar Engineering Limited [Member]
Business Acquisition [Line Items]
Current assets					$ 3,240
Property and equipment					635
Intangible - finite life					1,778
Goodwill					5,296
Total assets acquired					10,949
Current liabilities assumed					(4,860)
Deferred tax liability					(961)
Net assets acquired					$ 5,128

Goodwill and Intangible Assets - Goodwill / Tradename (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, beginning balance	$ 211,326	$ 183,197
Goodwill, Acquisitions	110	27,152
Goodwill, foreign currency translation	43	977
Goodwill, ending balance	211,479	211,326
Tradename, beginning balance	9,570	9,508
Tradename, Acquisitions	0	0
Tradename, foreign currency translation	(12)	62
Tradename, ending balance	$ 9,558	$ 9,570

- Definition

+ References + Details

Basis of Reporting for Consolidated Financial Statements

3 Months Ended

Mar. 31, 2024

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,” “CECO,” “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 financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) 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, 2024 and the results of operations, cash flows and shareholders’ equity for the three months ended March 31, 2024 and 2023. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year. The balance sheet as of December 31, 2023 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, 2023 as filed with the SEC on March 5, 2024 (the “Form 10-K”).

The preparation of financial statements in conformity with 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 Form 10-K.

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

Business Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Business Segment Information

16. Business Segment Information

The Company’s operations are organized and reviewed by management along with its solutions or end markets that the segment serves and 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: The Engineered Systems segment serves the power generation, hydrocarbon processing, water/wastewater treatment, oily water separation and treatment, marine and naval vessels, and midstream oil and gas sectors. The Company seeks to address the global demand for environmental and equipment protection solutions with its highly engineered platforms including emissions management, fluid bed cyclones, thermal acoustics, separation and filtration, and dampers and expansion joints.

Industrial Process Solutions segment: The Industrial Process Solutions segment serves the broad industrial sector with solutions for air pollution and contamination control, fluid handling, and process filtration in applications such as aluminum beverage can production, automobile production, food and beverage processing, semiconductor fabrication, electronics production, steel and aluminum mill processing, wood manufacturing, desalination, and aquaculture markets. The Company assists customers in maintaining clean and safe operations for employees, reducing energy consumption, minimizing waste for customers, and meeting regulatory standards for toxic emissions, fumes, volatile organic compounds, and odor elimination through its platforms including duct fabrication and installation, industrial air, and fluid handling.

The financial segment information is as follows:


	Three months ended March 31,
(in thousands)	2024		2023
Net sales (less intra-, inter-segment sales)
Engineered Systems segment	$	89,349	$	74,454
Industrial Process Solutions segment		36,983		38,109
Total net sales	$	126,332	$	112,563


	Three months ended March 31,
(in thousands)	2024			2023
Income from operations
Engineered Systems segment	$	16,277		$	9,805
Industrial Process Solutions segment		7,100			5,546
Corporate and Other(1)		(15,691	)		(9,890	)
Total income from operations	$	7,686		$	5,461

(1)

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


	Three months ended March 31,
(in thousands)	2024		2023
Property and equipment additions
Engineered Systems segment	$	1,137	$	244
Industrial Process Solutions segment		606		1,399
Corporate and Other		1,373		870
Total property and equipment additions	$	3,116	$	2,513


	Three months ended March 31,
(in thousands)	2024		2023
Depreciation and amortization
Engineered Systems segment	$	1,785	$	1,212
Industrial Process Solutions segment		1,119		1,158
Corporate and Other		608		515
Total depreciation and amortization	$	3,512	$	2,885


(in thousands)	March 31, 2024		December 31, 2023
Identifiable assets
Engineered Systems segment	$	430,890	$	432,098
Industrial Process Solutions segment		143,819		147,740
Corporate and Other(2)		14,311		20,453
Total identifiable assets	$	589,020	$	600,291

(2)

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


(in thousands)	March 31, 2024		December 31, 2023
Goodwill
Engineered Systems segment	$	142,304	$	142,229
Industrial Process Solutions segment		69,175		69,097
Total goodwill	$	211,479	$	211,326

Intra-segment and Inter-segment Revenues

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


	Three months ended March 31, 2024
						Less Inter-Segment Sales
(in thousands)	Total Sales		Intra- Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net sales
Engineered Systems segment	$	92,518	$	(3,082	)	$	(87	)	$	—		$	89,349
Industrial Process Solutions segment		39,579		(2,535	)		—			(61	)		36,983
Total net sales	$	132,097	$	(5,617	)	$	(87	)	$	(61	)	$	126,332


	Three months ended March 31, 2023
						Less Inter-Segment Sales
(in thousands)	Total Sales		Intra- Segment Sales			Industrial Process Solutions			Engineered Systems			Net Sales to Outside Customers
Net sales
Engineered Systems segment	$	76,089	$	(1,538	)	$	(97	)	$	—		$	74,454
Industrial Process Solutions segment		39,042		(835	)		—			(98	)		38,109
Total net sales	$	115,131	$	(2,373	)	$	(97	)	$	(98	)	$	112,563

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 18, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	CECO
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		34,935,514
Entity Interactive Data Current	Yes
Entity Small Business	false
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

Senior Debt - Summary of Debt (Parenthetical) (Detail) - Term Loan [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Frequency of periodic payment	quarterly
Debt Instrument, Redemption, Through September 2025 [Member]
Debt Instrument [Line Items]
Outstanding borrowings, quarterly principal installments payable amount	$ 2,232
Debt Instrument, Redemption, Through June 2023 [Member]
Debt Instrument [Line Items]
Outstanding borrowings, quarterly principal installments payable amount	550
Debt Instrument, Redemption, Thereafter [Member]
Debt Instrument [Line Items]
Outstanding borrowings, quarterly principal installments payable amount	$ 2,977

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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+ Details

Senior Debt - Additional Information (Detail) $ in Thousands, € in Millions	3 Months Ended
	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 07, 2022 USD ($)
Line Of Credit Facility [Line Items]
Credit facility principal payments 2023		$ 7,900
Credit facility principal payments 2024		11,300
Credit facility principal payments 2025		113,700
Credit facility principal payments 2026		3,900
Credit facility principal payments 2027		$ 0
Weighted average interest rate on outstanding borrowings		8.01%		8.29%
Debt effective interest rate		8.24%		7.70%
Current Assets Related to EFM JV		$ 271,609		$ 281,437
Liabilities Related to EFM JV		$ 352,868		$ 362,800
Revenues Related to EFM JV \| €	€ 750
EFM JV [Member]
Line Of Credit Facility [Line Items]
Weighted average interest rate on outstanding borrowings		8.52%		8.70%
Current Assets Related to EFM JV		$ 16,000		$ 14,500
Long Lived Assets Related to EFM JV		26,400		26,700
Liabilities Related to EFM JV		31,400		12,500
Revenues Related to EFM JV		10,700	$ 9,400
Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Unused credit availability under credit facility		$ 108,400		109,400
Credit Agreement [Member] \| EFM JV [Member]
Line Of Credit Facility [Line Items]
Equity Ownership Percentage					63.00%
Secured Debt					$ 11,000
Federal Funds Rate [Member]
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.50%	0.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.11%	0.11%
Minimum [Member]
Line Of Credit Facility [Line Items]
Maximum consolidated leverage ratio		3.50%
Minimum [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line Of Credit Facility [Line Items]
Consolidated Leverage Ratio	1.75%	1.75%
Minimum [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.11%	0.11%
Minimum [Member] \| Base Rate [Member]
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%	1.75%
Maximum [Member]
Line Of Credit Facility [Line Items]
Maximum consolidated leverage ratio		4.00%
Maximum [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line Of Credit Facility [Line Items]
Consolidated Leverage Ratio	3.25%	3.25%
Maximum [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.43%	0.43%
Maximum [Member] \| Base Rate [Member]
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.25%	3.25%
Letters of Credit [Member]
Line Of Credit Facility [Line Items]
Aggregate principal amount outstanding under the credit facilities		$ 13,500		13,300
Letters of Credit [Member] \| EFM JV [Member]
Line Of Credit Facility [Line Items]
Aggregate principal amount outstanding under the credit facilities		8,500		8,900
Bank Guarantees [Member]
Line Of Credit Facility [Line Items]
Bank guarantee issuance under bilateral lines and collateral			$ 80,000
Bank guarantee agreement outstanding amount		46,800		45,800
Bank Guarantees [Member] \| Euro-Denominated Bank Guarantee [Member]
Line Of Credit Facility [Line Items]
Bank guarantee agreement outstanding amount		1,800		1,300
Netherlands Facility [Member] \| Euro-Denominated Bank Guarantee [Member]
Line Of Credit Facility [Line Items]
Bank guarantee agreement outstanding amount		$ 2,200		$ 2,300

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation awards	$ 1.7	$ 0.8
Non-Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from employee stock option exercised	$ 0.1	$ 0.6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	10,000	52,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 0.1	$ 0.2
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards granted	284,000	340,000
Number of Options, Granted	25,000	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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+ Details

Senior Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total outstanding borrowings under the Credit Facility	$ 135,650	$ 137,283
Less: current portion	(10,580)	(10,488)
Debt, less current portion	125,070	126,795
Term Loan [Member]
Debt Instrument [Line Items]
Total outstanding borrowings under the Credit Facility	110,191	112,424
Revolving Credit Loan [Member]
Debt Instrument [Line Items]
Revolving credit facility	18,100	17,300
Senior Debt [Member]
Debt Instrument [Line Items]
Total outstanding borrowings under the Credit Facility	128,291	129,724
Line Of Credit [Member]
Debt Instrument [Line Items]
Outstanding borrowing under the joint venture term debt	8,535	8,855
Term Debt [Member]
Debt Instrument [Line Items]
Unamortized debt discount	$ (1,176)	$ (1,296)

Goodwill and Intangible Assets - Finite Lived Intangible Assets Amortization Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets – finite life, net at beginning of period	$ 50,461	$ 35,251
Amortization expense	(2,157)	(1,690)
Acquisition	0	1,778
Foreign currency adjustments	20	75
Intangible assets – finite life, net at end of period	$ 48,324	$ 35,414

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2024

Kemco Systems Co Llc [Member]

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

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


(in thousands)
Current assets (including accounts receivable of $2,328)	$	8,902
Property and equipment		341
Right-of-use assets from operating leases		1,602
Intangible - finite life		11,610
Goodwill		11,115
Other assets		16
Total assets acquired		33,586
Current liabilities assumed		(6,853	)
Other liabilities assumed		(404	)
Net assets acquired	$	26,329

Malvar Engineering Limited [Member]

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

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


(in thousands)
Current assets (including accounts receivable of $2,467)	$	3,240
Property and equipment		635
Intangible - finite life		1,778
Goodwill		5,296
Total assets acquired		10,949
Current liabilities assumed		(4,860	)
Deferred income tax liability		(961	)
Net assets acquired	$	5,128

Schedule of Unaudited Pro Forma Financial Information


	Three months ended March 31,
(in thousands, except per share data)	2024		2023
Net sales	$	126,332		122,195
Net income attributable to CECO Environmental Corp.		1,508		2,728
Earnings per share:
Basic	$	0.04	$	0.08
Diluted	$	0.04	$	0.08

Transcend Solution [Member]

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

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


(in thousands)
Current assets (including cash of $52 and accounts receivable of $1,493)	$	2,614
Property and equipment		1,153
Intangible - finite life		8,930
Goodwill		10,839
Other assets		231
Total assets acquired		23,767
Current liabilities assumed		(1,203	)
Deferred tax liability		(168	)
Net assets acquired	$	22,396

Earnings per Share - Number of Shares Outstanding for Calculation of Earnings Per Share (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ 1,508	$ 1,978
Denominator
Basic weighted-average shares outstanding	34,846,163	34,441,905
Common stock equivalents arising from stock options and restricted stock awards	1,331,000	757,000
Diluted weighted-average shares outstanding	36,177,323	35,198,668

- Definition

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

+ References

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 46,557	$ 54,779
Restricted cash	471	669
Accounts receivable, net allowances of $6,023 and $6,460	116,647	112,733
Costs and estimated earnings in excess of billings on uncompleted contracts	58,541	66,574
Inventories, net	38,032	34,089
Prepaid expenses and other current assets	10,620	11,769
Prepaid income taxes	741	824
Total current assets	271,609	281,437
Property, plant and equipment, net	27,743	26,237
Right-of-use assets from operating leases	15,095	16,256
Goodwill	211,479	211,326
Intangible assets – finite life, net	48,324	50,461
Intangible assets – indefinite life	9,558	9,570
Deferred income taxes	291	304
Deferred charges and other assets	4,921	4,700
Total assets	589,020	600,291
Current liabilities:
Current portion of debt	10,580	10,488
Accounts payable	79,061	87,691
Accrued expenses	46,195	44,301
Billings in excess of costs and estimated earnings on uncompleted contracts	58,158	56,899
Notes payable	1,500	2,500
Income taxes payable	816	1,227
Total current liabilities	196,310	203,106
Other liabilities	11,479	12,644
Debt, less current portion	125,070	126,795
Deferred income tax liability, net	9,519	8,838
Operating lease liabilities	10,490	11,417
Total liabilities	352,868	362,800
Commitments and contingencies (See Note 14)
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, 34,908,330 and 34,835,293 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	349	348
Capital in excess of par value	251,673	254,956
Accumulated loss	(4,879)	(6,387)
Accumulated other comprehensive loss	(15,620)	(16,274)
Total CECO shareholders' equity	231,523	232,643
Non-controlling interest	4,629	4,848
Total shareholders' equity	236,152	237,491
Total liabilities and shareholders' equity	$ 589,020	$ 600,291