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REVENUE AND SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2024
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) | 2024 |  | 2023 |  | 2022
Net Sales |  |  |  |  |
Wholegoods | $ | 1,287,596 |  |  | $ | 1,347,264 |  |  | $ | 1,185,885 |
Parts | 279,071 |  |  | 286,164 |  |  | 280,261 |
Other * | 61,846 |  |  | 56,223 |  |  | 47,470 |
Consolidated | $ | 1,628,513 |  |  | $ | 1,689,651 |  |  | $ | 1,513,616 |
*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’s Chief Operating Decision Maker (CODM) is the Chief Executive Officer. The CODM is responsible for evaluating the performance of the Company’s operating segments. This evaluation of operating segments supports the allocation of resources, both financial and human, to optimize income from operations as the measure of segment profit and loss. Our reportable segments are our two Divisions: Vegetation Management and Industrial Equipment. The CODM focuses heavily on operating performance and reviews mainly non-GAAP measures, such as bookings and backlog, absorption, and headcount. However, a few GAAP measures used to assess segment performance and allocation resources are: •Division Net Sales •Division Cost of Sales •Division Operating Expenses •Division Income from Operations
| Vegetation |  | Industrial |  |
December 31, 2024 (in thousands) | Division |  | Division |  | Consolidated
Net Sales | $ | 785,199 |  |  | $ | 843,314 |  |  | $ | 1,628,513 |
Less: |  |  |  |  |
Cost of Sales | (589,759) |  |  | (626,266) |  |  | (1,216,025) |
Operating Expenses | (138,883) |  |  | (108,797) |  |  | (247,680) |
Income from Operations | 56,557 |  |  | 108,251 |  |  | 164,808 |
Interest Income |  |  |  |  | 2,637 |
Other Income (Expense) |  |  |  |  | 2,731 |
Interest Expense |  |  |  |  | (20,548) |
Income Before Taxes |  |  |  |  | 149,628 |
Taxes |  |  |  |  | 33,698 |
Net Income |  |  |  |  | $ | 115,930 |
| Vegetation |  | Industrial |  |
December 31, 2023 (in thousands) | Division |  | Division |  | Consolidated
Net Sales | $ | 979,040 |  |  | $ | 710,611 |  |  | $ | 1,689,651 |
Less: |  |  |  |  |
Cost of Sales | (699,573) |  |  | (536,434) |  |  | (1,236,007) |
Operating Expenses | (157,383) |  |  | (98,294) |  |  | (255,677) |
Income from Operations | 122,084 |  |  | 75,883 |  |  | 197,967 |
Interest Income |  |  |  |  | 1,485 |
Other Income (Expense) |  |  |  |  | 1,761 |
Interest Expense |  |  |  |  | (26,093) |
Income Before Taxes |  |  |  |  | 175,120 |
Taxes |  |  |  |  | 38,959 |
Net Income |  |  |  |  | $ | 136,161 |
| Vegetation |  | Industrial |  |
December 31, 2022 (in thousands) | Division |  | Division |  | Consolidated
Net Sales | $ | 937,065 |  |  | $ | 576,551 |  |  | $ | 1,513,616 |
Less: |  |  |  |  |
Cost of Sales | (686,669) |  |  | (450,429) |  |  | (1,137,098) |
Operating Expenses | (141,888) |  |  | (86,038) |  |  | (227,926) |
Income from Operations | 108,508 |  |  | 40,084 |  |  | 148,592 |
Interest Income |  |  |  |  | 752 |
Other Income (Expense) |  |  |  |  | (673) |
Interest Expense |  |  |  |  | (14,361) |
Income Before Taxes |  |  |  |  | 134,310 |
Taxes |  |  |  |  | 32,382 |
Net Income |  |  |  |  | $ | 101,928 |
The following table presents the goodwill and total identifiable assets by reporting segment for the years ended December 31, 2024 and 2023:
| December 31,
(in thousands) | 2024 |  | 2023
Goodwill
Vegetation Management | $ | 126,729 |  |  | $ | 128,899 |
Industrial Equipment | 76,298 |  |  | 77,637 |
Consolidated | $ | 203,027 |  |  | $ | 206,536 |
Identifiable Assets
Vegetation Management | $ | 852,007 |  |  | $ | 893,582 |
Industrial Equipment | 598,272 |  |  | 515,804 |
Consolidated | $ | 1,450,279 |  |  | $ | 1,409,386 |

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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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