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Revenue and Segment Reporting | 12 Months Ended
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Dec. 31, 2023
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) | 2023 |  | 2022 |  | 2021
Net Sales |  |  |  |  |
Wholegoods | $ | 1,347,264 |  |  | $ | 1,185,885 |  |  | $ | 1,024,158 |
Parts | 286,164 |  |  | 280,261 |  |  | 262,432 |
Other * | 56,223 |  |  | 47,470 |  |  | 47,633 |
Consolidated | $ | 1,689,651 |  |  | $ | 1,513,616 |  |  | $ | 1,334,223 |
*Other includes rental sales, extended warranty sales and service sales as it is considered immaterial. The Company’s sales are principally within the United States, United Kingdom, France, Canada, Brazil, Netherlands and Australia. The Company sells its products primarily through a network of independent dealers and distributors to governmental end-users, related independent contractors, as well as to the agricultural and commercial turf markets. 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, 2023, 2022, and 2021:
| December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Net Revenue |  |  |  |  |
Vegetation Management | $ | 979,040 |  |  | $ | 937,065 |  |  | $ | 812,676 |
Industrial Equipment | 710,611 |  |  | 576,551 |  |  | 521,547 |
Consolidated | $ | 1,689,651 |  |  | $ | 1,513,616 |  |  | $ | 1,334,223 |
Income from Operations |  |  |  |  |
Vegetation Management | $ | 122,084 |  |  | $ | 108,508 |  |  | $ | 78,917 |
Industrial Equipment | 75,883 |  |  | 40,084 |  |  | 38,021 |
Consolidated | $ | 197,967 |  |  | $ | 148,592 |  |  | $ | 116,938 |
The following table presents the goodwill and total identifiable assets by reporting segment for the years ended December 31, 2023 and 2022:
| December 31,
(in thousands) | 2023 |  | 2022
Goodwill
Vegetation Management | $ | 128,899 |  |  | $ | 127,562 |
Industrial Equipment | 77,637 |  |  | 68,296 |
Consolidated | $ | 206,536 |  |  | $ | 195,858 |
Identifiable Assets
Vegetation Management | $ | 893,582 |  |  | $ | 866,974 |
Industrial Equipment | 515,804 |  |  | 441,534 |
Consolidated | $ | 1,409,386 |  |  | $ | 1,308,508 |

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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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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