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Segment Information
 9 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The accounting policies of the Company’s reportable segments are generally the same as those used to prepare the condensed consolidated financial statements. LIFO expense of $781 and $1,950 in the three months ended March 31, 2021 and 2020, respectively, and $2,777 and $4,237 in the nine months ended March 31, 2021 and 2020, respectively, is recorded in cost of sales in the condensed statements of income, and is included in operating income for the Service Center Based Distribution segment. The Company allocates LIFO expense between the segments in the fourth quarter of its fiscal year. Intercompany sales, primarily from the Fluid Power & Flow Control segment to the Service Center Based Distribution segment, of $8,835 and $7,685, in the three months ended March 31, 2021 and 2020, and $23,773, respectively, and $22,434 in the nine months ended March 31, 2021 and 2020, respectively, have been eliminated in the Segment Financial Information tables below.
Three Months EndedService Center Based DistributionFluid Power & Flow ControlTotal
March 31, 2021
Net sales$572,892 $268,045 $840,937 
Operating income for reportable segments65,553 30,829 96,382 
Depreciation and amortization of property4,230 850 5,080 
Capital expenditures3,150 578 3,728 
March 31, 2020
Net sales$574,368 $256,429 $830,797 
Operating income for reportable segments53,014 26,449 79,463 
Depreciation and amortization of property4,373 1,007 5,380 
Capital expenditures3,588 670 4,258 
Nine Months EndedService Center Based DistributionFluid Power & Flow ControlTotal
March 31, 2021
Net sales$1,601,866 $738,165 $2,340,031 
Operating income for reportable segments158,108 83,337 241,445 
Assets used in business1,385,648 919,740 2,305,388 
Depreciation and amortization of property12,877 2,764 15,641 
Capital expenditures10,680 1,497 12,177 
March 31, 2020
Net sales$1,753,316 $767,260 $2,520,576 
Operating income for reportable segments167,279 82,755 250,034 
Assets used in business1,310,754 978,775 2,289,529 
Depreciation and amortization of property12,831 3,166 15,997 
Capital expenditures14,022 2,201 16,223 


A reconciliation of operating income for reportable segments to the condensed consolidated income before income taxes is as follows:
Three Months EndedNine Months Ended
March 31,March 31,
2021202020212020
Operating income for reportable segments$96,382 $79,463 $241,445 $250,034 
Adjustment for:
Intangible amortization—Service Center Based Distribution944 3,811 4,507 9,697 
Intangible amortization—Fluid Power & Flow Control
7,293 7,291 21,731 21,974 
Impairment—Service Center Based Distribution— — 49,528 — 
Goodwill Impairment—Fluid Power & Flow Control— 131,000 — 131,000 
Corporate and other expense, net13,678 15,311 41,326 45,402 
Total operating income (loss)74,467 (77,950)124,353 41,961 
Interest expense, net7,608 8,805 22,919 28,447 
Other income, net(1,657)(1,428)(1,746)(1,643)
Income (loss) before income taxes$68,516 $(85,327)$103,180 $15,157 

The change in corporate and other expense, net is due to changes in corporate expenses, as well as in the amounts and levels of certain expenses being allocated to the segments. The expenses being allocated include corporate charges for working capital, logistics support, and other items.