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Revenue and Segment Reporting

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

REVENUE AND SEGMENT REPORTING

REVENUE AND SEGMENT REPORTING

Disaggregation of revenue is presented in the tables below by product type. Management has determined that this level of disaggregation would be beneficial to users of the financial statements.

Revenue by Product Type
			December 31,
(in thousands)			2019						2018						2017
Net Sales
Wholegoods			$	875,805					$	802,403					$	714,862
Parts			207,766						186,979						182,412
Other			35,567						19,440						15,106
Consolidated			$	1,119,138					$	1,008,822					$	912,380

Other includes rental sales, extended warranty sales and service sales as it is considered immaterial.

Effective for the fourth quarter of 2019, the Company began reporting its operating results on the basis of two segments, the Industrial Division and Agricultural Division. Prior to the fourth quarter of 2019, the Company had been reporting its operating results on the basis of three segments which included the Company's European Division. The Company's European Division was a mixture of industrial and agricultural products similar to those within the other two segments. The Company's prior period segment information has been retrospectively adjusted to reflect the current segment presentation.

The Company has included a summary of the financial information by reporting segment. The following table presents the revenue and income from operations by reporting segment for the years ended December 31, 2019, 2018, and 2017:

			December 31,
(in thousands)			2019						2018						2017
Net Revenue
Industrial			$	768,454					$	638,198					$	563,599
Agricultural			350,684						370,624						348,781
Consolidated			$	1,119,138					$	1,008,822					$	912,380
Income from Operations
Industrial			$	65,262					$	65,077					$	55,752
Agricultural			29,386						36,011						32,986
Consolidated			$	94,648					$	101,088					$	88,738

The following table presents the goodwill and total identifiable assets by reporting segment for the years ended December 31, 2019 and 2018:

			December 31,
(in thousands)			2019						2018
Goodwill
Industrial			$	183,307					$	68,672
Agricultural			14,715						14,571
Consolidated			$	198,022					$	83,243
Identifiable Assets
Industrial			$	922,738					$	440,729
Agricultural			290,025						280,904
Consolidated			$	1,212,763					$	721,633

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- References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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