0000950170-24-117928 | 10-Q | XBRL Viewer

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Intangible Assets

Goodwill activity for the nine months ended September 30, 2024 and the year ended December 31, 2023 was as follows:


(in thousands)	Nine months ended September 30, 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		7,689		—		27,152		—
Foreign currency translation		1,011		28		977		62
Balance at end of period	$	220,026	$	9,598	$	211,326	$	9,570

During the first quarter of 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 of $0.1 million. During the third quarter of 2024, the Company completed its acquisition of EnviroCare International, as discussed in Note 15, resulting in goodwill of $7.6 million.

Finite life intangible assets as of September 30, 2024 and December 31, 2023 consisted of the following:


	September 30, 2024						December 31, 2023
(in thousands)	Cost			Accum. Amort.			Cost			Accum. Amort.
Technology	$	17,248		$	14,552		$	16,517		$	14,061
Customer lists		109,151			68,380			103,471			63,420
Tradenames		14,914			6,030			14,094			5,001
Foreign currency adjustments		(1,396	)		(592	)		(1,083	)		56
Total intangible assets – finite life	$	139,917		$	88,370		$	132,999		$	82,538

Finite life intangible asset activity for the nine months ended September 30, 2024 and 2023 was as follows:


	Nine months ended September 30,
(in thousands)	2024			2023
Intangible assets – finite life, net at beginning of period	$	50,461		$	35,251
Amortization expense		(6,478	)		(5,306	)
Acquisitions		7,250			22,318
Foreign currency adjustments		314			77
Intangible assets – finite life, net at end of period	$	51,547		$	52,340

Amortization expense of finite life intangible assets was $2.2 million and $1.9 million for the three months ended September 30, 2024 and 2023, respectively, and $6.5 million and $5.3 million for the nine months ended September 30, 2024 and 2023, respectively. Amortization over the next five years for finite life intangibles is expected to be $2.2 million for the remainder of 2024, $8.4 million in 2025, $7.3 million in 2026, $7.1 million in 2027, and $6.7 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 September 30, 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 or nine months ended September 30, 2024 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.

Acquisitions

9 Months Ended

Sep. 30, 2024

Business Combinations [Abstract]

Acquisitions and Joint Ventures

15. Acquisitions

EnviroCare International LLC

On July 29, 2024, the Company completed its acquisition of EnviroCare International LLC (“EnviroCare"), based in American Canyon, California. EnviroCare is an international designer and provider of industrial exhaust air contamination treatment and control systems, solutions and services across a wide range of industrial and municipal applications. The estimated purchase price was approximately $13.0 million consisting of $15.7 million paid at closing and a seller promissory note of $1.7 million, partially offset by an estimated working capital adjustment of $4.4 million. The acquisition was financed using a combination of cash on the balance sheet and borrowings under the Company’s existing Credit Facility. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.


(in thousands)
Current assets (including cash of $374 and accounts receivable of $405)	$	3,111
Property and equipment		17
Intangible - finite life		7,250
Goodwill		7,579
Total assets acquired		17,957
Current liabilities assumed		(4,949	)
Net assets acquired	$	13,008

The Company acquired technology, customer lists and tradename intangible assets valued at $0.8 million, $0.8 million and $5.7 million, respectively. These assets were determined to have useful lives of 7, 10 and 10 years, respectively.

During each of the three and nine months ended September 30, 2024, EnviroCare accounted for $2.4 million in revenue and $0.3 million of net income in the Company's results.

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 earnout payments up to $4.0 million based upon specified financial results through August 31, 2026, of which $1.7 million was paid during the second quarter of 2024. Based on projections at the acquisition date, the Company estimated the fair value of the earnout to be $2.2 million, which was subsequently adjusted to $2.7 million in the first quarter of 2024. 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 September 30, 2024, the earnout liability recorded in “Accrued expenses” on the Condensed Consolidated Balance Sheets is $1.5 million which reflects a fair value adjustment of $0.4 million during the third quarter of 2024. 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 first quarter of 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

The Company acquired technology, customer lists and tradename intangible assets valued at $0.6 million, $7.6 million and $0.7 million, respectively. These assets were determined to have useful lives of 7, 10 and 10 years, respectively.

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 acquisitions of Kemco, Wakefield and Transcend. The purchase accounting related to the EnviroCare acquisition is subject to final adjustment, primarily for the final determination of post-close adjustment for net working capital. The 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 and finalizes the post-close adjustment amount. 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:


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2024		2023		2024		2023
Net sales	$	136,533		156,503	$	406,507		420,078
Net income attributable to CECO Environmental Corp.		2,838		4,257		9,910		11,881
Earnings per share:
Basic	$	0.08	$	0.12	$	0.28	$	0.34
Diluted	$	0.08	$	0.12	$	0.27	$	0.34

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. 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.

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation awards	$ 1.9	$ 1.2	$ 5.8	$ 3.1
Option exercised, intrinsic value			0.3	0.1
Non-Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from employee stock option exercised	$ 0.1	$ 0.3	$ 0.4	$ 1.2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	8,000	25,000	28,000	101,000
Option exercised, intrinsic value	$ 0.1	$ 0.1
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards granted	0	345,000	341,000	733,000
Number of Options, Granted	0	0	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

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+ Details

Acquisitions - Additional Information (Detail) $ in Thousands, € in Millions				3 Months Ended		9 Months Ended
	Jul. 29, 2024 USD ($)	Aug. 23, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 USD ($)	Jan. 10, 2023 USD ($)
Business Acquisition Contingent Consideration [Line Items]
Earn out, Fair value					$ 2,700
Revenues \| €						€ 750
Revolving Credit Loan [Member]
Business Acquisition Contingent Consideration [Line Items]
Deferred cash consideration			$ 2,400
EnviroCare International [Member]
Business Acquisition Contingent Consideration [Line Items]
Company Received Working Capital	$ 4,400
Purchase Price	13,000
Fair value	15,700
Net assets acquired	13,008
Revenues				$ 2,400			$ 2,400
Net income				300			300
Promissory note	$ 1,700
EnviroCare International [Member] \| Customer Lists [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets				$ 800			$ 800
Intangible assets, Useful Life				10 years			10 years
EnviroCare International [Member] \| Tradename [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets				$ 5,700			$ 5,700
Intangible assets, Useful Life				10 years			10 years
EnviroCare International [Member] \| Technology [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets				$ 800			$ 800
Intangible assets, Useful Life				7 years			7 years
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
Fair value of noncontrolling interest equity				$ 400
Installments Paid		1,700
Additional consideration		4,000
Earn out, Fair value		2,200
Accounts payable and accrued expenses				1,500			$ 1,500
Net assets acquired		$ 26,329
Kemco Systems Co Llc [Member] \| Customer Lists [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets				$ 8,700			$ 8,700
Intangible assets, Useful Life				10 years			10 years
Kemco Systems Co Llc [Member] \| Tradename [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets				$ 1,500			$ 1,500
Intangible assets, Useful Life				10 years			10 years
Kemco Systems Co Llc [Member] \| Technology [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets				$ 1,400			$ 1,400
Intangible assets, Useful Life				7 years			7 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] \| Customer Lists [Member]
Business Acquisition Contingent Consideration [Line Items]
Intangible assets, Useful Life				10 years			10 years
Net assets acquired				$ 7,600			$ 7,600
Transcend Solution [Member] \| Tradename [Member]
Business Acquisition Contingent Consideration [Line Items]
Intangible assets, Useful Life				10 years			10 years
Net assets acquired				$ 700			$ 700
Transcend Solution [Member] \| Technology [Member]
Business Acquisition Contingent Consideration [Line Items]
Intangible assets, Useful Life				7 years			7 years
Net assets acquired				$ 600			$ 600
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
Net assets acquired								$ 5,128
Malvar Engineering Limited [Member] \| Customer Lists [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets				1,500			1,500
DS21 Co., Ltd. \| Tradename [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets				$ 300			$ 300
DS21 Co., Ltd. \| Customer Lists and Tradename [Member]
Business Acquisition Contingent Consideration [Line Items]
Intangible assets, Useful Life				10 years			10 years

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 (loss)	766				766
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, 2022	218,148	$ 344	250,174	(19,298)	(17,996)	4,924
Beginning Balance, Shares at Dec. 31, 2022		34,382
Net income	$ 10,172
Common stock repurchase and retirement, Shares	0
Translation gain (loss)	$ (255)
Ending Balance at Sep. 30, 2023	230,142	$ 347	253,613	(10,266)	(18,251)	4,699
Ending Balance, Shares at Sep. 30, 2023		34,811
Beginning Balance at Mar. 31, 2023	222,182	$ 346	250,971	(17,320)	(17,230)	5,415
Beginning Balance, Shares at Mar. 31, 2023		34,557
Net income	3,990			3,724		266
Exercise of stock options	317		317
Exercise of stock options, Shares		25
Restricted stock units issued	(270)	$ (1)	(271)
Restricted stock units issued, Shares		132
Share based compensation earned	1,389		1,389
Share based compensation earned, Shares		24
Translation gain (loss)	139				139
Noncontrolling interest distribution	(599)					(599)
Ending Balance at Jun. 30, 2023	227,148	$ 347	252,406	(13,596)	(17,091)	5,082
Ending Balance, Shares at Jun. 30, 2023		34,738
Net income	3,712			3,330		382
Exercise of stock options	281		281
Exercise of stock options, Shares		25
Restricted stock units issued	(203)		(203)
Restricted stock units issued, Shares		48
Share based compensation earned	$ 1,129		1,129
Common stock repurchase and retirement, Shares	0
Translation gain (loss)	$ (1,160)				(1,160)
Noncontrolling interest distribution	(765)					(765)
Ending Balance at Sep. 30, 2023	230,142	$ 347	253,613	(10,266)	(18,251)	4,699
Ending Balance, Shares at Sep. 30, 2023		34,811
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	(3,001)	$ (1)	(3,000)
Common stock repurchase and retirement, Shares		(144)
Translation gain (loss)	654				654
Noncontrolling interest distribution	(804)					(804)
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
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	9,561
Common stock repurchase and retirement	$ (5,000)
Common stock repurchase and retirement, Shares	230,000
Translation gain (loss)	$ 1,900
Ending Balance at Sep. 30, 2024	245,881	$ 349	253,590	1,692	(14,374)	4,624
Ending Balance, Shares at Sep. 30, 2024		34,979
Beginning Balance at Mar. 31, 2024	236,152	$ 349	251,673	(4,879)	(15,620)	4,629
Beginning Balance, Shares at Mar. 31, 2024		34,908
Net income	4,930			4,485		445
Exercise of stock options	161		161
Exercise of stock options, Shares		10
Restricted stock units issued	(465)	$ 1	(466)
Restricted stock units issued, Shares		92
Share based compensation earned	2,191		2,191
Common stock repurchase and retirement	(2,000)	$ (1)	(1,999)
Common stock repurchase and retirement, Shares		(86)
Translation gain (loss)	(856)				(856)
Noncontrolling interest distribution	(301)					(301)
Ending Balance at Jun. 30, 2024	239,812	$ 349	251,560	(394)	(16,476)	4,773
Ending Balance, Shares at Jun. 30, 2024		34,924
Net income	2,539			2,086		453
Exercise of stock options	94		94
Exercise of stock options, Shares		8
Restricted stock units issued	(340)		(340)
Restricted stock units issued, Shares		27
Share based compensation earned	2,276		2,276
Share based compensation earned, Shares		20
Common stock repurchase and retirement	$ 0
Common stock repurchase and retirement, Shares	0
Translation gain (loss)	$ 2,102				2,102
Noncontrolling interest distribution	(602)					(602)
Ending Balance at Sep. 30, 2024	$ 245,881	$ 349	$ 253,590	$ 1,692	$ (14,374)	$ 4,624
Ending Balance, Shares at Sep. 30, 2024		34,979

Income Taxes

9 Months Ended

Sep. 30, 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 September 30, 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 September 30, 2024 and December 31, 2023, the Company recorded deferred income taxes of approximately $0.9 million and $0.7 million, respectively, on the undistributed earnings of its foreign subsidiaries.

Income tax expense was $1.6 million and $0.6 million for the three months ended September 30, 2024 and 2023, respectively, and $2.7 million and $1.6 million for the nine months ended September 30, 2024 and 2023, respectively. The effective income tax rate for the three months ended September 30, 2024 was 38.7% compared with 13.6% for the three months ended September 30, 2023, and the effective income tax rate for the nine months ended September 30, 2024 was 21.8% compared with 13.4% for the nine months ended September 30, 2023. The effective income tax rates for the three and nine months ended September 30, 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. Additionally, the Company received a tax indemnification payment of $0.5 million, related to a prior year acquisition, in the second quarter of 2024.

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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: 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)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 8: 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))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: 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

Pension and Employee Benefit Plans - Components of Pension and Employee Benefit Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	$ 53	$ 107	$ 166	$ 322
Health Care Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	304	318	912	955
Expected return on plan assets	(308)	(285)	(915)	(856)
Amortization of net actuarial loss	$ 57	$ 74	$ 169	$ 223

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and 2023 are as follows:


	Three months ended September 30,
(in thousands)	2024		2023
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	2,086	$	3,330

Denominator
Basic weighted-average shares outstanding		34,967		34,772
Common stock equivalents arising from stock options and restricted stock awards		1,522		529
Diluted weighted-average shares outstanding		36,489		35,301

The computational components of basic and diluted earnings per share for the nine months ended September 30, 2024 and 2023 are as follows:


	Nine months ended September 30,
(in thousands)	2024		2023
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	8,079	$	9,032

Denominator
Basic weighted-average shares outstanding		34,910		34,612
Common stock equivalents arising from stock options and restricted stock awards		1,413		604
Diluted weighted-average shares outstanding		36,323		35,216

Subsequent Events (Additional Information) (Details) $ in Thousands, € in Millions	Oct. 07, 2024 USD ($)	Oct. 02, 2024 EUR (€)	Oct. 02, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of Credit				$ 20,900	$ 17,300
Subsequent Event [Member]
Subsequent Event [Line Items]
Line of Credit Maturity Date	Oct. 07, 2029
Interest Rate	1.00%
Subsequent Event [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Credit Facility Interest Rate	2.25%
Fluctuating Annual Rate	3.25%
Subsequent Event [Member] \| Minimum [Member]
Subsequent Event [Line Items]
Credit Facility Interest Rate	0.75%
Interest Rate	1.00%
Fluctuating Annual Rate	1.75%
Subsequent Event [Member] \| Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Purchase Price		€ 10.8	$ 11,900
Subsequent Event [Member] \| Amended Credit Agreement [Member]
Subsequent Event [Line Items]
Line of Credit	$ 125,000
Aggregate Consideration	$ 15,000
Subsequent Event [Member] \| Amended Credit Agreement [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Net Leverage Ratio	0.03
Specified Percent of Consolidated Net Leverage Ratio	0.04
Fixed Charge Coverage Ratio	1.25%
Increase and Decrease of Net Leverage Ratio	0.045
Subsequent Event [Member] \| Amended Credit Agreement [Member] \| Minimum [Member]
Subsequent Event [Line Items]
Net Leverage Ratio	1
Specified Percent of Consolidated Net Leverage Ratio	0.01
Fixed Charge Coverage Ratio	1.00%
Increase and Decrease of Net Leverage Ratio	0.01
Subsequent Event [Member] \| Amended Credit Agreement [Member] \| Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of Credit	$ 400,000
Subsequent Event [Member] \| Amended Credit Agreement [Member] \| Fiscal Quarter [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Specified Percent of Consolidated Net Leverage Ratio	0.03
Increase and Decrease of Net Leverage Ratio	0.035
Subsequent Event [Member] \| Amended Credit Agreement [Member] \| Fiscal Quarter [Member] \| Minimum [Member]
Subsequent Event [Line Items]
Specified Percent of Consolidated Net Leverage Ratio	0.01
Increase and Decrease of Net Leverage Ratio	1
Subsequent Event [Member] \| SOFR [Member] \| Amended Credit Agreement [Member]
Subsequent Event [Line Items]
Interest Rate	0.10%
Subsequent Event [Member] \| Canadian Dollar [Member] \| Amended Credit Agreement [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Interest Rate	0.32138%
Subsequent Event [Member] \| Canadian Dollar [Member] \| Amended Credit Agreement [Member] \| Minimum [Member]
Subsequent Event [Line Items]
Interest Rate	0.29547%
Subsequent Event [Member] \| Pounds Sterling [Member] \| Amended Credit Agreement [Member]
Subsequent Event [Line Items]
Interest Rate	0.0326%

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Segment Reporting Information [Line Items]

Net sales

$ 135,513

$ 149,390

$ 399,367

$ 391,134

Income from operations

7,187

7,853

24,129

21,917

Engineered Systems Segment [Member]

Segment Reporting Information [Line Items]

Net sales

91,277

105,540

278,018

267,516

Income from operations

15,837

15,759

51,444

39,601

Industrial Process Solutions Segment [Member]

Segment Reporting Information [Line Items]

Net sales

44,236

43,850

121,349

123,618

Income from operations

8,065

5,586

20,834

15,769

Corporate And Other [Member]

Segment Reporting Information [Line Items]

Income from operations

^[1]

$ (16,715)

$ (13,492)

$ (48,149)

$ (33,453)

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

- Definition

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

+ References

Reference 1: 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-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 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-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 6: 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 7: 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 8: 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 9: 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 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: 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 13: 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

Earnings per Share

9 Months Ended

Sep. 30, 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 September 30, 2024 and 2023 are as follows:


	Three months ended September 30,
(in thousands)	2024		2023
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	2,086	$	3,330

Denominator
Basic weighted-average shares outstanding		34,967		34,772
Common stock equivalents arising from stock options and restricted stock awards		1,522		529
Diluted weighted-average shares outstanding		36,489		35,301

The computational components of basic and diluted earnings per share for the nine months ended September 30, 2024 and 2023 are as follows:


	Nine months ended September 30,
(in thousands)	2024		2023
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	8,079	$	9,032

Denominator
Basic weighted-average shares outstanding		34,910		34,612
Common stock equivalents arising from stock options and restricted stock awards		1,413		604
Diluted weighted-average shares outstanding		36,323		35,216

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 September 30, 2024 and 2023, zero and zero, respectively, and for the nine months ended September 30, 2024 and 2023, 0.1 million and 0.7 million, respectively, of outstanding options and restricted stock units were excluded from the computation of diluted earnings per share due to their having an anti-dilutive effect.

Once a restricted stock unit vests, it is included in the computation of weighted average shares outstanding for purposes of basic and diluted earnings per share.

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 and nine months ended September 30, 2024, the Company repurchased approximately zero and 230,000 shares under the program, respectively, for a cost of zero and $5.0 million, respectively. There were no shares repurchased under the program during the three or nine months ended September 30, 2023.

Contract Assets and Liabilities (Additional Information) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Jan. 01, 2023
Contract Assets and Liabilities [Line Items]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 68,500	$ 66,574	$ 71,000
Billings in excess of costs and estimated earnings on uncompleted contracts	$ 64,801	56,899	32,700
Contract liabilities	80.00%
Accrued Liabilities [Member]
Contract Assets and Liabilities [Line Items]
Accrued expenses	$ 8,300	$ 7,900	$ 4,500

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Segment Reporting Information [Line Items]

Property and equipment additions

$ 4,004

$ 1,591

$ 11,237

$ 5,511

Depreciation and amortization

3,563

3,119

10,536

8,769

Identifiable assets

621,512

$ 600,291

Engineered Systems Segment [Member]

Segment Reporting Information [Line Items]

Property and equipment additions

645

392

2,672

1,081

Depreciation and amortization

1,817

1,462

5,416

3,948

Identifiable assets

413,069

432,098

Industrial Process Solutions Segment [Member]

Segment Reporting Information [Line Items]

Property and equipment additions

690

570

1,725

2,281

Depreciation and amortization

1,148

1,109

3,398

3,217

Identifiable assets

166,933

147,740

Corporate Segment and Other Operating Segment [Member]

Segment Reporting Information [Line Items]

Property and equipment additions

2,669

629

6,840

2,149

Depreciation and amortization

598

$ 548

1,722

$ 1,604

Identifiable assets

^[1]

$ 41,509

$ 20,453

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

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

5. Inventories

Inventories as of September 30, 2024 and December 31, 2023 consisted of the following:


(in thousands)	September 30, 2024			December 31, 2023
Raw materials	$	27,871		$	25,819
Work in process		11,041			9,710
Finished goods		2,855			2,368
Obsolescence allowance		(4,007	)		(3,808	)
Total inventories	$	37,760		$	34,089

Amounts credited to the allowance for obsolete inventory and charged to cost of sales amounted to $0.2 million and zero for the three months ended September 30, 2024 and 2023, respectively, and $0.8 million and $0.5 million for the nine months ended September 30, 2024 and 2023, respectively.

Earnings per Share - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	May 10, 2022
Earnings And Dividends Per Share [Abstract]
Anti-dilutive options and restricted stock units outstanding	0			0	100,000	700,000
Purchase of outstanding shares of common stock							$ 20,000
Repurchase of common stock (in shares)	0			0	230,000	0
Repurchase of common stock	$ 0	$ 2,000	$ 3,001		$ 5,000

- 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

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories as of September 30, 2024 and December 31, 2023 consisted of the following:


(in thousands)	September 30, 2024			December 31, 2023
Raw materials	$	27,871		$	25,819
Work in process		11,041			9,710
Finished goods		2,855			2,368
Obsolescence allowance		(4,007	)		(3,808	)
Total inventories	$	37,760		$	34,089

New Financial Accounting Pronouncements (Policies)	9 Months Ended
New Financial Accounting Pronouncements (Policies)	Sep. 30, 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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

Goodwill and Intangible Assets - Goodwill / Tradename (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, beginning balance	$ 211,326	$ 183,197
Goodwill, Acquisitions	7,689	27,152
Goodwill, foreign currency translation	1,011	977
Goodwill, ending balance	220,026	211,326
Tradename, beginning balance	9,570	9,508
Tradename, Acquisitions	0	0
Tradename, foreign currency translation	28	62
Tradename, ending balance	$ 9,598	$ 9,570

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Acquisitions - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Jul. 29, 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	$ 24,690		$ 16,256
Goodwill	220,026		$ 211,326				$ 183,197
EnviroCare International [Member]
Business Acquisition [Line Items]
Current assets		$ 3,111
Property and equipment		17
Intangible - finite life		7,250
Goodwill	$ 7,600	7,579
Total assets acquired		17,957
Current liabilities assumed		(4,949)
Net assets acquired		$ 13,008
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

Pension and Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 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 September 30,						Nine months ended September 30,
(in thousands)	2024			2023			2024			2023
Interest cost	$	304		$	318		$	912		$	955
Expected return on plan assets		(308	)		(285	)		(915	)		(856	)
Amortization of net actuarial loss		57			74			169			223
Net periodic benefit cost	$	53		$	107		$	166		$	322

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Raw materials	$ 27,871	$ 25,819
Work in process	11,041	9,710
Finished goods	2,855	2,368
Obsolescence allowance	(4,007)	(3,808)
Total inventories	$ 37,760	$ 34,089

Accounts Receivable (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Summary of Accounts Receivable

Accounts receivable as of September 30, 2024 and December 31, 2023 consisted of the following:


(in thousands)	September 30, 2024			December 31, 2023
Accounts receivable	$	107,325		$	119,193
Provision for credit losses		(7,214	)		(6,460	)
Total accounts receivable, net	$	100,111		$	112,733

Accounts Receivable

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Accounts Receivable

3. Accounts Receivable

Accounts receivable as of September 30, 2024 and December 31, 2023 consisted of the following:


(in thousands)	September 30, 2024			December 31, 2023
Accounts receivable	$	107,325		$	119,193
Provision for credit losses		(7,214	)		(6,460	)
Total accounts receivable, net	$	100,111		$	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 $5.3 million and $3.2 million as of September 30, 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 charged to the provision for credit losses was $0.1 million and $0.2 million for the three months ended September 30, 2024 and 2023, respectively, and $0.4 million and $0.2 for the nine months ended September 30, 2024 and 2023, respectively.

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill / Tradename

Goodwill activity for the nine months ended September 30, 2024 and the year ended December 31, 2023 was as follows:


(in thousands)	Nine months ended September 30, 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		7,689		—		27,152		—
Foreign currency translation		1,011		28		977		62
Balance at end of period	$	220,026	$	9,598	$	211,326	$	9,570

Intangible Assets - Finite Life

Finite life intangible assets as of September 30, 2024 and December 31, 2023 consisted of the following:


	September 30, 2024						December 31, 2023
(in thousands)	Cost			Accum. Amort.			Cost			Accum. Amort.
Technology	$	17,248		$	14,552		$	16,517		$	14,061
Customer lists		109,151			68,380			103,471			63,420
Tradenames		14,914			6,030			14,094			5,001
Foreign currency adjustments		(1,396	)		(592	)		(1,083	)		56
Total intangible assets – finite life	$	139,917		$	88,370		$	132,999		$	82,538

Summary of Finite Lived Intangible Assets Activities

Finite life intangible asset activity for the nine months ended September 30, 2024 and 2023 was as follows:


	Nine months ended September 30,
(in thousands)	2024			2023
Intangible assets – finite life, net at beginning of period	$	50,461		$	35,251
Amortization expense		(6,478	)		(5,306	)
Acquisitions		7,250			22,318
Foreign currency adjustments		314			77
Intangible assets – finite life, net at end of period	$	51,547		$	52,340

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Compensation and related benefits	$ 10,829	$ 11,278
Accrued warranty	5,224	5,105
Contract liability	8,313	7,875
Short-term operating lease liability	4,402	4,278
Other	14,994	15,765
Total accrued expenses	$ 43,762	$ 44,301

Commitments and Contingencies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2024 USD ($) Case	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Cumulative settlement payments for cases involving asbestos-related claims	$ 7,000,000
Average cost per settled claim excluding legal fees	$ 33,000
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.
Accrued expenses	$ 43,762,000	$ 44,301,000
Asbestos Issue [Member]
Other Commitments [Line Items]
Accrued expenses	$ 200,000	$ 0

Financial Instruments

9 Months Ended

Sep. 30, 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 September 30, 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 $134.3 million and $138.6 million at September 30, 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 September 30, 2024 and December 31, 2023, the Company had cash and cash equivalents of $38.7 million and $54.8 million, respectively, of which $25.3 million and $38.5 million, respectively, was held outside of the United States, principally in the Netherlands, India, United Kingdom, and China.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net allowances	$ 7,214	$ 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	34,979,018	34,835,293
Common Stock, shares outstanding	34,979,018	34,835,293

Senior Debt - Additional Information (Detail) € in Millions	3 Months Ended		9 Months Ended
Senior Debt - Additional Information (Detail) € in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Oct. 07, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 07, 2022 USD ($)
Line Of Credit Facility [Line Items]
Credit facility principal payments 2024	$ 2,600,000			$ 2,600,000
Credit facility principal payments 2025	11,300,000			11,300,000
Credit facility principal payments 2026	116,500,000			116,500,000
Credit facility principal payments 2027	3,900,000			3,900,000
Credit facility principal payments 2028	$ 0			$ 0
Debt Instrument, Interest Rate, Effective Percentage	8.09%			8.09%			7.70%
Weighted average interest rate on outstanding borrowings	7.33%			7.33%			8.29%
Assets Current	$ 276,266,000			$ 276,266,000			$ 281,437,000
Liabilities	375,631,000			375,631,000			$ 362,800,000
Revenues \| €			€ 750
Net income (loss)	$ 2,086,000	$ 3,330,000		$ 8,079,000	$ 9,032,000
EFM JV [Member]
Line Of Credit Facility [Line Items]
Weighted average interest rate on outstanding borrowings	7.96%			7.96%			8.70%
Assets Current	$ 16,900,000			$ 16,900,000			$ 14,500,000
Assets, Noncurrent	25,800,000			25,800,000			26,700,000
Liabilities	31,300,000			31,300,000			12,500,000
Revenues	10,700,000	9,000,000		34,600,000	28,300,000
Net income (loss)	1,200,000	$ 1,000,000		3,900	$ 3,000
Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Unused credit availability under credit facility	$ 82,700,000			$ 82,700,000			109,400,000
Secured Debt						$ 400,000,000
Credit Agreement [Member] \| EFM JV [Member]
Line Of Credit Facility [Line Items]
Secured Debt									$ 11,000,000
Subsidiary, Ownership Percentage, Parent									63.00%
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%			3.50%
Minimum [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line Of Credit Facility [Line Items]
Maximum 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%			4.00%
Maximum [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line Of Credit Facility [Line Items]
Maximum consolidated leverage ratio	0.25%			0.25%
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	$ 13,800,000			$ 13,800,000			13,300,000
Letters of Credit [Member] \| EFM JV [Member]
Line Of Credit Facility [Line Items]
Aggregate principal amount outstanding under the credit facilities	7,700,000			7,700,000			8,900,000
Bank Guarantees [Member]
Line Of Credit Facility [Line Items]
Bank guarantee issuance under bilateral lines and collateral								$ 80,000,000
Bank guarantee agreement outstanding amount	46,300,000			46,300,000			45,800,000
Bank Guarantees [Member] \| Euro Denominated Bank Guarantee [Member]
Line Of Credit Facility [Line Items]
Bank guarantee agreement outstanding amount	1,700,000			1,700,000			1,300,000
Netherlands Facility [Member] \| Euro Denominated Bank Guarantee [Member]
Line Of Credit Facility [Line Items]
Bank guarantee agreement outstanding amount	$ 2,400,000			$ 2,400,000			$ 2,300,000

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 135,513	$ 149,390	$ 399,367	$ 391,134
Cost of sales	90,247	106,269	259,921	273,303
Gross profit	45,266	43,121	139,446	117,831
Selling and administrative expenses	34,262	30,439	105,636	86,082
Amortization and earnout expenses	2,617	1,968	7,036	5,988
Acquisition and integration expenses	1,210	1,386	1,876	2,210
Executive transition expenses	0	1,258	0	1,417
Restructuring expenses	(10)	217	544	217
Asbestos litigation expenses	0	0	225	0
Income from operations	7,187	7,853	24,129	21,917
Other expense, net	(398)	(216)	(2,589)	(670)
Interest expense	(2,648)	(3,340)	(9,315)	(9,498)
Income before income taxes	4,141	4,297	12,225	11,749
Income tax expense	1,602	585	2,664	1,577
Net income	2,539	3,712	9,561	10,172
Noncontrolling interest	(453)	(382)	(1,482)	(1,140)
Net income attributable to CECO Environmental Corp.	$ 2,086	$ 3,330	$ 8,079	$ 9,032
Earnings per share:
Basic	$ 0.06	$ 0.1	$ 0.23	$ 0.26
Diluted	$ 0.06	$ 0.09	$ 0.22	$ 0.26
Weighted average number of common shares outstanding:
Basic	34,966,625	34,771,742	34,910,165	34,612,163
Diluted	36,488,788	35,301,429	36,322,690	35,215,843

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jul. 29, 2024	Aug. 23, 2023	Dec. 31, 2022
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Goodwill Increase				$ 7,689		$ 27,152
Goodwill	$ 220,026			220,026		$ 211,326			$ 183,197
Amortization expense of finite life intangible assets	2,200		$ 1,900	6,478	$ 5,306
Amortization expense of finite life intangibles for 2024	2,200			2,200
Amortization expense of finite life intangibles for 2025	8,400			8,400
Amortization expense of finite life intangibles for 2026	7,300			7,300
Amortization expense of finite life intangibles for 2027	7,100			7,100
Amortization expense of finite life intangibles for 2028	6,700			6,700
Kemco Systems Co Llc [Member]
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Goodwill Increase		$ 100
Goodwill								$ 11,115
EnviroCare International [Member]
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Goodwill	$ 7,600			$ 7,600			$ 7,579

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses as of September 30, 2024 and December 31, 2023 consisted of the following:


(in thousands)	September 30, 2024		December 31, 2023
Compensation and related benefits	$	10,829	$	11,278
Accrued warranty		5,224		5,105
Contract liability		8,313		7,875
Short-term operating lease liability		4,402		4,278
Other		14,994		15,765
Total accrued expenses	$	43,762	$	44,301

Acquisitions - Schedule of Unaudited Pro Forma Financial Information (Details) - General Rubber LLC [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Net sales	$ 136,533	$ 156,503	$ 406,507	$ 420,078
Net income attributable to CECO Environmental Corp.	$ 2,838	$ 4,257	$ 9,910	$ 11,881
Earnings per share:
Basic	$ 0.08	$ 0.12	$ 0.28	$ 0.34
Diluted	$ 0.08	$ 0.12	$ 0.27	$ 0.34

- Definition

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

+ References

+ Details

- 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.

+ References

+ Details

Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Net Sales and Income from Operation by Business Segment

The financial segment information is as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Net sales (less intra-, inter-segment sales)
Engineered Systems segment	$	91,277	$	105,540	$	278,018	$	267,516
Industrial Process Solutions segment		44,236		43,850		121,349		123,618
Total net sales	$	135,513	$	149,390	$	399,367	$	391,134


	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2024			2023			2024			2023
Income from operations
Engineered Systems segment	$	15,837		$	15,759		$	51,444		$	39,601
Industrial Process Solutions segment		8,065			5,586			20,834			15,769
Corporate and Other(1)		(16,715	)		(13,492	)		(48,149	)		(33,453	)
Total income from operations	$	7,187		$	7,853		$	24,129		$	21,917

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 September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Property and equipment additions
Engineered Systems segment	$	645	$	392	$	2,672	$	1,081
Industrial Process Solutions segment		690		570		1,725		2,281
Corporate and Other		2,669		629		6,840		2,149
Total property and equipment additions	$	4,004	$	1,591	$	11,237	$	5,511


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Depreciation and amortization
Engineered Systems segment	$	1,817	$	1,462	$	5,416	$	3,948
Industrial Process Solutions segment		1,148		1,109		3,398		3,217
Corporate and Other		598		548		1,722		1,604
Total depreciation and amortization	$	3,563	$	3,119	$	10,536	$	8,769


(in thousands)	September 30, 2024		December 31, 2023
Identifiable assets
Engineered Systems segment		413,069	$	432,098
Industrial Process Solutions segment		166,933		147,740
Corporate and Other(2)		41,509		20,453
Total identifiable assets	$	621,512	$	600,291

(2)

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

Goodwill


(in thousands)	September 30, 2024		December 31, 2023
Goodwill
Engineered Systems segment	$	142,616	$	142,229
Industrial Process Solutions segment		77,410		69,097
Total goodwill	$	220,026	$	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 September 30, 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	$	98,527	$	(6,952	)	$	(298	)	$	—		$	91,277
Industrial Process Solutions segment		51,379		(6,918	)		—			(225	)		44,236
Total net sales	$	149,906	$	(13,870	)	$	(298	)	$	(225	)	$	135,513


	Three months ended September 30, 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	$	114,605	$	(8,639	)	$	(426	)	$	—		$	105,540
Industrial Process Solutions segment		49,264		(5,231	)		—			(183	)		43,850
Total net sales	$	163,869	$	(13,870	)	$	(426	)	$	(183	)	$	149,390


	Nine months ended September 30, 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	$	293,186	$	(14,587	)	$	(581	)	$	—		$	278,018
Industrial Process Solutions segment		135,631		(13,893	)		—			(389	)		121,349
Total net sales	$	428,817	$	(28,480	)	$	(581	)	$	(389	)	$	399,367


	Nine months ended September 30, 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	$	286,575	$	(18,173	)	$	(886	)	$	—		$	267,516
Industrial Process Solutions segment		132,946		(8,871	)		—			(457	)		123,618
Total net sales	$	419,521	$	(27,044	)	$	(886	)	$	(457	)	$	391,134

- Definition

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

+ References

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+ Details

Senior Debt - Summary of Debt (Parenthetical) (Detail) - Term Loan [Member] $ in Thousands	9 Months Ended
	Sep. 30, 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.

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+ Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 17, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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	5080 Spectrum Drive
Entity Address, Address Line Two	Suite 800E
Entity Address, City or Town	Addison
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75001
City Area Code	214
Local Phone Number	357-6181
Entity Common Stock, Shares Outstanding		34,979,018
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

Pension and Employee Benefit Plans

9 Months Ended

Sep. 30, 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 September 30,						Nine months ended September 30,
(in thousands)	2024			2023			2024			2023
Interest cost	$	304		$	318		$	912		$	955
Expected return on plan assets		(308	)		(285	)		(915	)		(856	)
Amortization of net actuarial loss		57			74			169			223
Net periodic benefit cost	$	53		$	107		$	166		$	322

The Company made contributions to its defined benefit plan of $0.9 million and $1.1 during the three and nine months ended September 30, 2024, respectively. No contributions were made to the plan during the three and nine months ended September 30, 2023. No additional contributions are expected for the remainder of 2024. The unfunded liability of the plan of $3.0 million and $4.1 million as of September 30, 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
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

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Reference 3: 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 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Accrued Expenses

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses

7. Accrued Expenses

Accrued expenses as of September 30, 2024 and December 31, 2023 consisted of the following:


(in thousands)	September 30, 2024		December 31, 2023
Compensation and related benefits	$	10,829	$	11,278
Accrued warranty		5,224		5,105
Contract liability		8,313		7,875
Short-term operating lease liability		4,402		4,278
Other		14,994		15,765
Total accrued expenses	$	43,762	$	44,301

Commitments and Contingencies

9 Months Ended

Sep. 30, 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 September 30, 2024 for cases involving asbestos-related claims were $7.0 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 $33,000. As of September 30, 2024 and December 31, 2023, the amount recorded within "Accrued expenses" on the Condensed Consolidated Balance Sheets was $0.2 million and zero, respectively, related to asbestos litigation.

Based upon the most recent information available to the Company regarding such claims, there were a total of 343 cases pending against the Company as of September 30, 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 nine months ended September 30, 2024, 136 new cases were filed against the Company, and the Company was dismissed from 71 cases and settled 35 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 Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined benefit plan contributions	$ 0.9	$ 0.0	$ 1.1	$ 0.0
Unfunded liability plans	$ 3.0		$ 3.0		$ 4.1

Business Segment Information - Goodwill (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Goodwill	$ 220,026	$ 211,326	$ 183,197
Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Goodwill	142,616	142,229
Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Goodwill	$ 77,410	$ 69,097

- Definition

+ References

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 9,561	$ 10,172
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	10,536	8,769
Unrealized foreign currency gain (loss)	201	(138)
Fair value adjustment to earnout liabilities	400	296
Gain on sale of property and equipment	135	43
Debt discount amortization	357	271
Share-based compensation expense	5,790	3,096
Bad debt expense	404	154
Inventory reserve expense	850	526
Other	77	0
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	9,653	(25,961)
Costs and estimated earnings in excess of billings on uncompleted contracts	(1,498)	6,006
Inventories	(4,305)	(10,395)
Prepaid expense and other current assets	(18,059)	(8,228)
Deferred charges and other assets	(2,755)	(268)
Accounts payable	15,387	21,162
Accrued expenses	(550)	7,868
Billings in excess of costs and estimated earnings on uncompleted contracts	7,286	19,330
Income taxes payable	(1,140)	261
Other liabilities	(9,330)	(3,473)
Net cash provided by operating activities	23,000	29,491
Cash flows from investing activities:
Acquisitions of property and equipment	(11,237)	(5,511)
Net cash paid for acquisitions	(14,954)	(48,102)
Net cash used in investing activities	(26,191)	(53,613)
Cash flows from financing activities:
Borrowings on revolving credit lines	58,400	94,200
Repayments on revolving credit lines	(54,800)	(63,200)
Repayments of long-term debt	(7,843)	(2,478)
Payments on finance leases and financing liability	(692)	(680)
Deferred consideration paid for acquisitions	(2,050)	(1,247)
Earnout payments	(1,672)	(1,496)
Proceeds from employee stock purchase plan and exercise of stock options	846	1,435
Noncontrolling interest distributions	(1,707)	(1,364)
Common stock repurchase	(5,000)	0
Net cash (used in) provided by financing activities	(14,518)	25,170
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,187	703
Net (decrease) increase in cash, cash equivalents and restricted cash	(16,522)	1,751
Cash, cash equivalents and restricted cash at beginning of period	55,448	46,585
Cash, cash equivalents and restricted cash at end of period	38,926	48,336
Cash paid during the period for:
Interest	9,714	8,531
Income taxes	$ 6,779	$ 8,633

Senior Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total outstanding borrowings under the Credit Facility	$ 133,398	$ 137,283
Less: current portion	(10,580)	(10,488)
Total debt, less current portion	122,818	126,795
Term Loan [Member]
Debt Instrument [Line Items]
Total outstanding borrowings under the Credit Facility	105,727	112,424
Revolving Credit Loan [Member]
Debt Instrument [Line Items]
Line of Credit	20,900	17,300
Senior Debt [Member]
Debt Instrument [Line Items]
Total outstanding borrowings under the Credit Facility	126,627	129,724
Line Of Credit [Member]
Debt Instrument [Line Items]
Outstanding borrowing under the joint venture term debt	7,710	8,855
Term Debt [Member]
Debt Instrument [Line Items]
Unamortized debt discount	$ (939)	$ (1,296)

Income Taxes - Additional Information (Detail) $ in Thousands, € in Millions	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Income Taxes [Line Items]
Liability for uncertain tax positions	$ 200				$ 200		$ 200
Income tax expense	$ 1,602		$ 585		$ 2,664	$ 1,577
Tax indemnification received		$ 500
Effective income tax rate	38.70%		13.60%	21.80%	21.80%	13.40%
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Percent				15.00%	15.00%
Revenues \| €				€ 750
Foreign Subsidiaries [Member]
Income Taxes [Line Items]
Deferred income taxes on undistributed earnings					$ 900		$ 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

Goodwill and Intangible Assets - Intangible Assets - Finite Life (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Cost	$ 139,917	$ 132,999
Accumulated Amortization	88,370	82,538
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	17,248	16,517
Accumulated Amortization	14,552	14,061
Customer Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	109,151	103,471
Accumulated Amortization	68,380	63,420
Tradename [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	14,914	14,094
Accumulated Amortization	6,030	5,001
Foreign Currency Adjustments [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	(1,396)	(1,083)
Accumulated Amortization	$ (592)	$ 56

- 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 + Details

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

EnviroCare International [Member]

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

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


(in thousands)
Current assets (including cash of $374 and accounts receivable of $405)	$	3,111
Property and equipment		17
Intangible - finite life		7,250
Goodwill		7,579
Total assets acquired		17,957
Current liabilities assumed		(4,949	)
Net assets acquired	$	13,008

General Rubber LLC [Member]

Schedule of Unaudited Pro Forma Financial Information


	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2024		2023		2024		2023
Net sales	$	136,533		156,503	$	406,507		420,078
Net income attributable to CECO Environmental Corp.		2,838		4,257		9,910		11,881
Earnings per share:
Basic	$	0.08	$	0.12	$	0.28	$	0.34
Diluted	$	0.08	$	0.12	$	0.27	$	0.34

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

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

Senior Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of Debt

Debt as of September 30, 2024 and December 31, 2023 consisted of the following:


(in thousands)	September 30, 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	$	105,727		$	112,424
Revolving credit facility		20,900			17,300
Total outstanding borrowings under the Credit Facility		126,627			129,724
Outstanding borrowings under the joint venture term debt		7,710			8,855
Unamortized debt discount		(939	)		(1,296	)
Total outstanding borrowings		133,398			137,283
Less: current portion		(10,580	)		(10,488	)
Total debt, less current portion	$	122,818		$	126,795

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 38,700	$ 54,779
Restricted cash	226	669
Accounts receivable, net of allowances of $7,214 and $6,460	100,111	112,733
Costs and estimated earnings in excess of billings on uncompleted contracts	68,500	66,574
Inventories, net	37,760	34,089
Prepaid expenses and other current assets	27,143	11,769
Prepaid income taxes	3,826	824
Total current assets	276,266	281,437
Property, plant and equipment, net	32,306	26,237
Right-of-use assets from operating leases	24,690	16,256
Goodwill	220,026	211,326
Intangible assets – finite life, net	51,547	50,461
Intangible assets – indefinite life	9,598	9,570
Deferred income taxes	287	304
Deferred charges and other assets	6,792	4,700
Total assets	621,512	600,291
Current liabilities:
Current portion of debt	10,580	10,488
Accounts payable	92,316	87,691
Accrued expenses	43,762	44,301
Billings in excess of costs and estimated earnings on uncompleted contracts	64,801	56,899
Notes payable	1,700	2,500
Income taxes payable	0	1,227
Total current liabilities	213,159	203,106
Other liabilities	10,336	12,644
Debt, less current portion	122,818	126,795
Deferred income tax liability, net	9,622	8,838
Operating lease liabilities	19,696	11,417
Total liabilities	375,631	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, 34,979,018 and 34,835,293 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	349	348
Capital in excess of par value	253,590	254,956
Retained earnings (accumulated loss)	1,692	(6,387)
Accumulated other comprehensive loss	(14,374)	(16,274)
Total CECO shareholders' equity	241,257	232,643
Noncontrolling interest	4,624	4,848
Total shareholders' equity	245,881	237,491
Total liabilities and shareholders' equity	$ 621,512	$ 600,291

Inventories - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inventory Disclosure [Abstract]
Amounts credited to the allowance for obsolete inventory	$ 0.2	$ 0.0	$ 0.8	$ 0.5

Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Jan. 01, 2023
Receivables [Abstract]
Accounts receivable	$ 107,325	$ 119,193
Provision for credit losses	(7,214)	(6,460)
Total accounts receivable, net	$ 100,111	$ 112,733	$ 83,100

Business Segment Information - Intra-Segment and Inter-Segment Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 135,513	$ 149,390	$ 399,367	$ 391,134
Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Net sales	91,277	105,540	278,018	267,516
Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Net sales	44,236	43,850	121,349	123,618
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	149,906	163,869	428,817	419,521
Operating Segments [Member] \| Intra-Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	(13,870)	(13,870)	(28,480)	(27,044)
Operating Segments [Member] \| Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Net sales	98,527	114,605	293,186	286,575
Operating Segments [Member] \| Engineered Systems Segment [Member] \| Intra-Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	(6,952)	(8,639)	(14,587)	(18,173)
Operating Segments [Member] \| Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Net sales	51,379	49,264	135,631	132,946
Operating Segments [Member] \| Industrial Process Solutions Segment [Member] \| Intra-Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	(6,918)	(5,231)	(13,893)	(8,871)
Inter-Segment Elimination [Member] \| Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Net sales	(225)	(183)	(389)	(457)
Inter-Segment Elimination [Member] \| Engineered Systems Segment [Member] \| Intra-Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	(298)	(426)	(581)	(886)
Inter-Segment Elimination [Member] \| Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Net sales	(298)	(426)	(581)	(886)
Inter-Segment Elimination [Member] \| Industrial Process Solutions Segment [Member] \| Intra-Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	$ (225)	$ (183)	$ (389)	$ (457)

- Definition

+ References

+ Details

Goodwill and Intangible Assets - Finite Lived Intangible Assets Amortization Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets – finite life, net at beginning of period			$ 50,461	$ 35,251
Amortization expense	$ (2,200)	$ (1,900)	(6,478)	(5,306)
Acquisition			7,250	22,318
Foreign currency adjustments			314	77
Intangible assets – finite life, net at end of period	$ 51,547	$ 52,340	$ 51,547	$ 52,340

Contract Assets and Liabilities

9 Months Ended

Sep. 30, 2024

Disclosure Text Block [Abstract]

Contract Assets and Liabilities

4. Contract Assets and Liabilities

Contract assets and liabilities as of September 30, 2024 and December 31, 2023 consisted of the following:


(in thousands)	September 30, 2024		December 31, 2023
Costs and estimated earnings in excess of billings on uncompleted contracts	$	68,500	$	66,574
Billings in excess of costs and estimated earnings on uncompleted contracts		64,801		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 $8.3 million, $7.9 million and $4.5 million as of September 30, 2024, December 31, 2023 and January 1, 2023, respectively. Approximately 80% of the Company's contract liabilities as of December 31, 2023 were recognized as revenue in the nine months ended September 30, 2024.

Earnings per Share - Number of Shares Outstanding for Calculation of Earnings Per Share (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator (for basic and diluted earnings per share)
Net Income (Loss)	$ 2,086	$ 3,330	$ 8,079	$ 9,032
Denominator
Basic weighted-average shares outstanding	34,966,625	34,771,742	34,910,165	34,612,163
Common stock equivalents arising from stock options and restricted stock awards	1,522,000	529,000	1,413,000	604,000
Diluted weighted-average shares outstanding	36,488,788	35,301,429	36,322,690	35,215,843

- 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

Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value Of Financial Instruments [Line Items]
Cash and cash equivalents	$ 38,700	$ 54,779
Cash held outside United States, principally in Netherlands, United Kingdom, China, and Canada	25,300	38,500
Credit Facility [Member]
Fair Value Of Financial Instruments [Line Items]
Fair value of debt issued	$ 134,300	$ 138,600

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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+ Details

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Events

On October 29, 2024, the Company announced that it has entered into an Agreement and Plan of Merger (the “Merger Agreement”) to acquire for cash all of the shares of Profire Energy, Inc. (Nasdaq: PFIE) ("Profire"), with the transaction expected to be completed in first quarter of 2025. Profire is a leader in burner management technology and combustion control systems that provide mission-critical combustion automation and control solutions and services to improve environmental efficiency, safety and reliability for industrial thermal applications globally. Profire is headquartered in Lindon, Utah and has locations in Texas, Pennsylvania, Colorado, Ohio and Alberta, Canada.

Under the terms of the Merger Agreement, a subsidiary of the Company will commence a tender offer to acquire all issued and outstanding shares of Profire’s common stock at a price of $2.55 per share, in cash, without interest and subject to applicable withholding tax. The tender offer will initially remain open for 20 business days from the date of commencement of the tender offer, subject to extension under certain circumstances. The transaction implies an equity value of

approximately $125 million and a total enterprise value for Profire of approximately $108 million. The tender offer is subject to customary closing conditions, including that at least a majority of the outstanding shares of Profire’s common stock are tendered and not withdrawn in the tender offer and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Upon completion of the transaction, Profire will become a wholly-owned subsidiary of CECO and shares of Profire’s common stock will no longer be listed on any public market.

The impact of this pending transaction is not included in the Company's financial results for the three or nine months ended September 30, 2024 and is not expected to impact financial results for the fourth quarter of 2024.

On October 2, 2024, the Company completed the acquisition of WK Germany KG, GmbH and WK Asia-Pacific Pte. Ltd. (collectively, "WK Group"). WK Group, with locations in Germany, Singapore, China and India, designs and engineers a broad range of cutting-edge technical equipment and systems for process and environmental and surface technology applications, as well as innovative sustainable solutions. This acquisition advances the Company's footprint and capabilities within the industrial processing solutions segment. The purchase price paid at closing was €10.8 million, inclusive of net cash at close, (approximately $11.9 million), financed using borrowings under the Company's existing Credit Facility. There is also an earnout arrangement based on the achievement of specified financial targets through September 30, 2025, as defined in the purchase agreement. The impact of this acquisition is not included in the Company's results for the three or nine months ended September 30, 2024. The initial accounting for the acquisition was not complete at the time the financial statements were issued due to the timing of the acquisition and filing of this Quarterly Report on Form 10-Q. As a result, complete disclosures as required under ASC 805, Business Combinations cannot be made at this time.

On October 7, 2024, the Company entered into the Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”), among the Company, its subsidiaries from time to time party thereto, the lenders from time to time party thereto (the “Lenders”) and Bank of America, N.A., as administrative agent (the “Agent”), which amended and restated in its entirety the Company’s Second Amended and Restated Credit Agreement, dated as of June 11, 2019, among the Company, its subsidiaries from time to time party thereto, the lenders from time to time party thereto and the Agent. The Amended Credit Agreement provides for a senior secured revolving credit facility in an initial aggregate principal amount of up to $400.0 million (the “Amended Credit Facility”). At the Company’s option, the Company may increase the aggregate principal amount of the Amended Credit Facility from time to time by an additional aggregate principal amount of up to (a) $125.0 million plus (b) such additional amount, if any, as would not cause the Consolidated Secured Net Leverage Ratio (as defined in the Amended Credit Agreement) to exceed 3.00 to 1.00 after giving pro forma effect to such increased amount, in additional revolving credit and/or one or more tranches of term loans, subject to certain conditions, including the consent of the Agent and any increasing or additional lenders.

The Amended Credit Facility will mature on October 7, 2029. The Credit Facility will accrue interest (a) with respect to base rate loans, at an annual rate equal to an applicable rate of between 0.75% and 2.25% (fluctuating based on the Company’s Consolidated Net Leverage Ratio), plus a rate equal to the highest of (1) the Agent’s prime rate, (2) the federal funds rate plus one-half of 1.00%, (3) Daily Simple SOFR (as defined in the Credit Agreement) plus 1.00% and (4) 1.00%, (b) for all other loans, at an annual rate equal to an applicable rate of between 1.75% and 3.25% (fluctuating based on the Company’s Consolidated Net Leverage Ratio), plus a rate determined based on the denominated currency and, as applicable pursuant to the Amended Credit Agreement, whether the Company has elected for interest on such loans to accrue at a daily rate or a term rate: (a) for term rate loans, if denominated (1) in U.S. Dollars, Term SOFR (as defined in the Amended Credit Agreement inclusive of a 0.10% per annum adjustment), (2) in euros, EURIBOR, (3) in Canadian dollars, the Term CORRA Rate (as defined in the Credit Agreement) plus 0.29547% for a one-month interest period and 0.32138% for a three-month interest period or (4) in a currency other than (1)-(3), the rate per annum as designated with respect to such currency at the time such currency was approved by the Agent and the other Lenders or, if such rate is unavailable on any date of determination for any reason, a comparable or successor rate approved by the Agent, and (b) for daily rate loans, if denominated (1) in U.S. dollars, Daily Simple SOFR (as defined in the Credit Agreement inclusive of a 0.10% per annum adjustment), (2) in pounds sterling, a rate per annum equal to SONIA (as defined in the Credit Agreement) plus 0.0326% per annum or (3) in a currency other than (1) or (2), the rate per annum as designated with respect to such currency at the time such currency was approved by the Agent and the other Lenders or, if such rate is unavailable on any date of determination for any reason, a comparable or successor rate approved by the Agent.

The Amended Credit Facility contains covenants and representations and warranties that are usual and customary for similar transactions. With respect to financial covenants, the Company is required to maintain a Consolidated Net Leverage Ratio not greater than 4.00 to 1.00 and a Consolidated Secured Net Leverage Ratio (as defined in the Credit Agreement) not greater than 3.00 to 1.00, in each case as of the last day of each fiscal quarter of the Company. At the election of the Company and subject to certain restrictions contained in the Amended Credit Agreement, following the occurrence of a Permitted Acquisition (as defined in the Credit Agreement) involving aggregate consideration of $15.0 million or more, such maximum

Consolidated Net Leverage Ratio and Consolidated Secured Net Leverage Ratio may be increased to 4.50 to 1.00 and 3.50 to 1.00, respectively, for the fiscal quarter in which such Permitted Acquisition is consummated and the subsequent three fiscal quarters of the Company. The Company is also required to maintain a Consolidated Fixed Charge Coverage Ratio (as defined in the Amended Credit Agreement) as of the last day of each fiscal quarter of the Company of not less than 1.25 to 1.00.

Accounts Receivable - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jan. 01, 2023
Receivables [Abstract]
Amount billed but not received under retainage provisions in contracts	$ 5,300		$ 5,300		$ 3,200
Accounts receivable, net allowances	100,111		100,111		$ 112,733	$ 83,100
Provision for credit losses	$ 100	$ 200	$ 400	$ 200

Contract Assets and Liabilities - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 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	$ 68,500	$ 66,574	$ 71,000
Billings in excess of costs and estimated earnings on uncompleted contracts	$ 64,801	$ 56,899	$ 32,700

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,086	$ 3,330	$ 8,079	$ 9,032

- Definition

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

+ References

+ Details

Acquisitions - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - USD ($) $ in Thousands					9 Months Ended
	Jul. 29, 2024	Aug. 23, 2023	Mar. 31, 2023	Jan. 10, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Accounts Receivable, Net Current Assets					$ (9,653)	$ 25,961
EnviroCare International [Member]
Business Acquisition [Line Items]
Cash, Current assets	$ 374
Accounts Receivable, Net Current Assets	$ 405
Kemco Systems Co Llc [Member]
Business Acquisition [Line Items]
Accounts Receivable, Net Current Assets		$ 2,328
Transcend Solution [Member]
Business Acquisition [Line Items]
Cash, Current assets			$ 52
Accounts Receivable, Net Current Assets			$ 1,493
Malvar Engineering Limited [Member]
Business Acquisition [Line Items]
Accounts Receivable, Net Current Assets				$ 2,467

Business Segment Information

9 Months Ended

Sep. 30, 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 September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Net sales (less intra-, inter-segment sales)
Engineered Systems segment	$	91,277	$	105,540	$	278,018	$	267,516
Industrial Process Solutions segment		44,236		43,850		121,349		123,618
Total net sales	$	135,513	$	149,390	$	399,367	$	391,134


	Three months ended September 30,						Nine months ended September 30,
(in thousands)	2024			2023			2024			2023
Income from operations
Engineered Systems segment	$	15,837		$	15,759		$	51,444		$	39,601
Industrial Process Solutions segment		8,065			5,586			20,834			15,769
Corporate and Other(1)		(16,715	)		(13,492	)		(48,149	)		(33,453	)
Total income from operations	$	7,187		$	7,853		$	24,129		$	21,917

(1)

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


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Property and equipment additions
Engineered Systems segment	$	645	$	392	$	2,672	$	1,081
Industrial Process Solutions segment		690		570		1,725		2,281
Corporate and Other		2,669		629		6,840		2,149
Total property and equipment additions	$	4,004	$	1,591	$	11,237	$	5,511


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Depreciation and amortization
Engineered Systems segment	$	1,817	$	1,462	$	5,416	$	3,948
Industrial Process Solutions segment		1,148		1,109		3,398		3,217
Corporate and Other		598		548		1,722		1,604
Total depreciation and amortization	$	3,563	$	3,119	$	10,536	$	8,769


(in thousands)	September 30, 2024		December 31, 2023
Identifiable assets
Engineered Systems segment		413,069	$	432,098
Industrial Process Solutions segment		166,933		147,740
Corporate and Other(2)		41,509		20,453
Total identifiable assets	$	621,512	$	600,291

(2)

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


(in thousands)	September 30, 2024		December 31, 2023
Goodwill
Engineered Systems segment	$	142,616	$	142,229
Industrial Process Solutions segment		77,410		69,097
Total goodwill	$	220,026	$	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 September 30, 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	$	98,527	$	(6,952	)	$	(298	)	$	—		$	91,277
Industrial Process Solutions segment		51,379		(6,918	)		—			(225	)		44,236
Total net sales	$	149,906	$	(13,870	)	$	(298	)	$	(225	)	$	135,513


	Three months ended September 30, 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	$	114,605	$	(8,639	)	$	(426	)	$	—		$	105,540
Industrial Process Solutions segment		49,264		(5,231	)		—			(183	)		43,850
Total net sales	$	163,869	$	(13,870	)	$	(426	)	$	(183	)	$	149,390


	Nine months ended September 30, 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	$	293,186	$	(14,587	)	$	(581	)	$	—		$	278,018
Industrial Process Solutions segment		135,631		(13,893	)		—			(389	)		121,349
Total net sales	$	428,817	$	(28,480	)	$	(581	)	$	(389	)	$	399,367


	Nine months ended September 30, 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	$	286,575	$	(18,173	)	$	(886	)	$	—		$	267,516
Industrial Process Solutions segment		132,946		(8,871	)		—			(457	)		123,618
Total net sales	$	419,521	$	(27,044	)	$	(886	)	$	(457	)	$	391,134

- Definition

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

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+ Details

Share-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

10. Share-Based Compensation

The Company accounts for share-based compensation in accordance with Accounting Standards Codification (“ASC”) Topic 718, “Compensation – Stock Compensation,” which requires the Company to recognize compensation expense for share-based awards, measured at the fair value of the awards at the grant date. The Company recognized $1.9 million and $1.2 million of share-based compensation related expense during the three months ended September 30, 2024 and 2023, respectively, and $5.8 million and $3.1 million of share-based compensation related expense during the nine months ended September 30, 2024 and 2023, respectively.

The Company granted approximately zero and 345,000 restricted stock units during the three months ended September 30, 2024 and 2023, respectively, and approximately 341,000 and 733,000 restricted stock units during the nine months ended September 30, 2024 and 2023, respectively. In addition, the Company granted approximately 25,000 and zero stock options

during the nine months ended September 30, 2024 and 2023, respectively. No stock options were granted during the three months ended September 30, 2024 and 2023.

There were approximately 8,000 and 25,000 options exercised during the three months ended September 30, 2024 and 2023, respectively, for which the Company received $0.1 million and $0.3 million in cash, respectively, from employees and directors. The intrinsic value of options exercised was $0.1 million for each of the three months ended September 30, 2024 and 2023. There were approximately 28,000 and 101,000 options exercised during the nine months ended September 30, 2024 and 2023, respectively, for which the Company received $0.4 million and $1.2 million in cash, respectively, from employees and directors. The intrinsic value of options exercised was $0.3 million and $0.1 million for the nine months ended September 30, 2024 and 2023, respectively.

Contract Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Table Text Block [Abstract]

Summary of Contract Assets and Liabilities

Contract assets and liabilities as of September 30, 2024 and December 31, 2023 consisted of the following:


(in thousands)	September 30, 2024		December 31, 2023
Costs and estimated earnings in excess of billings on uncompleted contracts	$	68,500	$	66,574
Billings in excess of costs and estimated earnings on uncompleted contracts		64,801		56,899

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 2,539	$ 3,712	$ 9,561	$ 10,172
Other comprehensive income, net of tax:
Foreign currency translation gain (loss)	2,102	(1,160)	1,900	(255)
Comprehensive income	$ 4,641	$ 2,552	$ 11,461	$ 9,917

- 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

Basis of Reporting for Consolidated Financial Statements

9 Months Ended

Sep. 30, 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 September 30, 2024 and the results of operations, cash flows and shareholders’ equity for the three and nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 30, 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.

Senior Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Senior Debt

8. Senior Debt

Debt as of September 30, 2024 and December 31, 2023 consisted of the following:


(in thousands)	September 30, 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	$	105,727		$	112,424
Revolving credit facility		20,900			17,300
Total outstanding borrowings under the Credit Facility		126,627			129,724
Outstanding borrowings under the joint venture term debt		7,710			8,855
Unamortized debt discount		(939	)		(1,296	)
Total outstanding borrowings		133,398			137,283
Less: current portion		(10,580	)		(10,488	)
Total debt, less current portion	$	122,818		$	126,795

Scheduled principal payments under the Credit Facility and joint venture term debt are $2.6 million for the remainder of 2024, $11.3 million in 2025, $116.5 million in 2026, $3.9 million in 2027, and zero in 2028.

Credit Facility

As of September 30, 2024 and December 31, 2023, $13.8 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 $82.7 million and $109.4 million at September 30, 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 7.33% and 8.29% at September 30, 2024 and December 31, 2023, respectively. The effective interest rate was 8.09% and 7.70% at September 30, 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 decreased 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 September 30, 2024 and December 31, 2023, the Company was in compliance with all related financial and other restrictive covenants under the Credit Facility.

On October 7, 2024, the Company entered into the Third Amended and Restated Credit Agreement which amends and restates in its entirety the Company’s Credit Facility. The amended credit agreement provides for a senior secured revolving credit facility in an initial aggregate principal amount of up to $400.0 million. See Note 17 for further information.

Joint Venture Debt

On March 7, 2022, the Company's 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 September 30, 2024 and December 31, 2023, $7.7 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 September 30, 2024 and December 31, 2023 was 7.96% and 8.70%, respectively. As of September 30, 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 September 30, 2024, there were $16.9 million in current assets, $25.8 million in long-lived assets, and $31.3 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 September 30, 2024 and 2023, the EFM JV accounted for $10.7 million and $9.0 million in revenue, respectively, included in the Company's results. For the nine months ended September 30, 2024 and 2023, the EFM JV accounted for $34.6 million and $28.3 million in revenue, respectively, included in the Company's results. For the three months ended September 30, 2024 and 2023, the EFM JV accounted for $1.2 million and $1.0 million in net income, respectively, included in the Company's results. For the nine months ended September 30, 2024 and 2023, the EFM JV accounted for $3.9 million and $3.0 million in net income, 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 September 30, 2024 and December 31, 2023, $46.3 million and $45.8 million in bank guarantees were outstanding, respectively, inclusive of $1.7 million and $1.3 million in outstanding bank guarantees as of September 30, 2024 and December 31, 2023, respectively, under a Euro-denominated bank guarantee agreement held by a subsidiary of the Company located in the Netherlands and secured by local assets, as well as $2.4 million and $2.3 million in outstanding bank guarantees as of September 30, 2024 and December 31, 2023, respectively, under Yuan-denominated bank guarantee agreements held by a subsidiary of the Company located in China and 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.

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+ Details

New Financial Accounting Pronouncements	9 Months Ended
New Financial Accounting Pronouncements	Sep. 30, 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