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v3.24.3

Segment Information | 3 Months Ended
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Sep. 30, 2024
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 $1,976 and $4,591 in the three months ended September 30, 2024 and 2023, respectively, is recorded in cost of sales in the condensed statements of income, and is included in operating income for the related reportable segment, as the Company allocates LIFO expense between the segments. Intercompany sales, primarily from the Engineered Solutions segment to the Service Center Based Distribution segment, of $13,299 and $12,318, in the three months ended September 30, 2024 and 2023, respectively, have been eliminated in the Segment Financial Information tables below.
Three Months Ended |  | Service Center Based Distribution |  | Engineered Solutions |  | Total
September 30, 2024 |  |  |  |  |  |
Net sales |  | $ | 749,739 |  |  | $ | 349,205 |  |  | $ | 1,098,944 |
Operating income for reportable segments |  | 94,627 |  |  | 48,145 |  |  | 142,772 |
Assets used in the segment |  | 1,894,467 |  |  | 1,108,744 |  |  | 3,003,211 |
Depreciation and amortization of property |  | 4,419 |  |  | 1,505 |  |  | 5,924 |
Capital expenditures |  | 4,435 |  |  | 1,114 |  |  | 5,549 |
September 30, 2023 |  |  |  |  |  |
Net sales |  | $ | 746,533 |  |  | $ | 348,655 |  |  | $ | 1,095,188 |
Operating income for reportable segments |  | 96,881 |  |  | 49,595 |  |  | 146,476 |
Assets used in the segment |  | 1,749,309 |  |  | 1,001,202 |  |  | 2,750,511 |
Depreciation and amortization of property |  | 4,436 |  |  | 1,281 |  |  | 5,717 |
Capital expenditures |  | 3,634 |  |  | 706 |  |  | 4,340 |
A reconciliation of operating income for reportable segments to the condensed consolidated income before income taxes is as follows:
|  | Three Months Ended |  |
|  | September 30, |  |
|  | 2024 |  | 2023 |  |  |  |
Operating income for reportable segments |  | $ | 142,772 |  |  | $ | 146,476 |  |  |  |  |
Adjustment for: |  |  |  |  |  |  |  |
Intangible amortization—Service Center Based Distribution |  | 802 |  |  | 677 |  |  |  |  |
Intangible amortization—Engineered Solutions |  | 6,798 |  |  | 6,716 |  |  |  |  |
Corporate and other expense, net |  | 22,000 |  |  | 18,403 |  |  |  |  |
Total operating income |  | 113,172 |  |  | 120,680 |  |  |  |  |
Interest (income) expense, net |  | (627) |  |  | 1,320 |  |  |  |  |
Other (income) expense, net |  | (2,281) |  |  | 431 |  |  |  |  |
Income before income taxes |  | $ | 116,080 |  |  | $ | 118,929 |  |  |  |  |
Corporate and other expense, net reflect expenses being allocated to the segments including corporate charges for working capital, logistics support, and other items.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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