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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Note 6 - Segment Information Since all of our sales centers have similar operations and share similar economic characteristics, we aggregate our sales centers into a single reportable segment and one reportable revenue stream. These similarities include (i) the nature of our products and services, (ii) the types of customers served and (iii) the distribution methods we use. Our chief operating decision maker (CODM) is our president and chief executive officer. Our CODM evaluates each sales center based on individual performance that includes both financial and operational measures. These measures include operating income, accounts receivable and inventory management criteria. The accounting policies for our segment are the same as those described in Note 1 of our “Notes to Consolidated Financial Statements,” included in Part II, Item 8 in our 2024 Annual Report on Form 10-K and in Note 1 above. The table below presents segment revenue, operating expenses and operating income and reconciles segment operating income to consolidated income before taxes and equity in earnings (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net sales |  | $ | 1,451,131 |  |  | $ | 1,432,879 |  |  | $ | 4,307,187 |  |  | $ | 4,323,474 |
Cost of sales |  |  | 1,021,948 |  |  |  | 1,016,476 |  |  |  | 3,030,474 |  |  |  | 3,038,370 |
Gross profit |  |  | 429,183 |  |  |  | 416,403 |  |  |  | 1,276,713 |  |  |  | 1,285,104 |
Compensation expenses |  |  | 127,737 |  |  |  | 119,855 |  |  |  | 383,921 |  |  |  | 370,019 |
Freight out expenses |  |  | 24,801 |  |  |  | 27,109 |  |  |  | 70,573 |  |  |  | 73,334 |
Other selling and administrative expenses |  |  | 98,658 |  |  |  | 93,086 |  |  |  | 294,024 |  |  |  | 285,197 |
Operating income |  |  | 177,987 |  |  |  | 176,353 |  |  |  | 528,195 |  |  |  | 556,554 |
Reconciliation: |  |  |  |  |  |  |  |  |  |  |  |
Interest and other non-operating expenses, net |  |  | 12,004 |  |  |  | 12,355 |  |  |  | 35,387 |  |  |  | 39,818 |
Income before income taxes and equity in earnings |  | $ | 165,983 |  |  | $ | 163,998 |  |  | $ | 492,808 |  |  | $ | 516,736 |
The tables below present supplemental information for our segment (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Depreciation |  | $ | 10,634 |  |  | $ | 9,257 |  |  | $ | 30,438 |  |  | $ | 26,848 |
Amortization |  |  | 2,286 |  |  |  | 2,313 |  |  |  | 6,598 |  |  |  | 6,514 |
|  | September 30, |
|  | 2025 |  |  | 2024 |
Receivables, net |  | $ | 138,072 |  |  | $ | 119,538 |
Receivables pledged under receivables facility |  |  | 305,537 |  |  |  | 306,155 |
Product inventories, net |  |  | 1,223,809 |  |  |  | 1,180,491 |

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- Definition The entire disclosure for reporting segments including data and tables. 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