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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2016
SEGMENT REPORTING [Abstract] |
SEGMENT REPORTING | NOTE 14 - SEGMENT REPORTING The Company’s reportable business segments are: Service Centers, Innovative Pumping Solutions and Supply Chain Services. The Service Centers segment is engaged in providing maintenance, MRO products, equipment and integrated services, including logistics capabilities, to industrial customers. The Service Centers segment provides a wide range of MRO products in the rotating equipment, bearing, power transmission, hose, fluid power, metal working, fastener, industrial supply, safety products and safety services categories. The Innovative Pumping Solutions segment fabricates and assembles custom-made pump packages, remanufactures pumps and manufactures branded private label pumps. The Supply Chain Services segment provides a wide range of MRO products and manages all or part of a customer's supply chain, including warehouse and inventory management. The high degree of integration of the Company’s operations necessitates the use of a substantial number of allocations and apportionments in the determination of business segment information. Sales are shown net of intersegment eliminations. The following table sets out financial information related to the Company’s segments (in thousands):
|  | For the Three Months Ended June 30, |
|  | 2016 |  |  | 2015 |
|  | SC |  |  | IPS |  |  | SCS |  |  | Total |  |  | SC |  |  | IPS |  |  | SCS |  |  | Total |
Sales |  | $ | 161,832 |  |  | $ | 54,353 |  |  | $ | 40,030 |  |  | $ | 256,215 |  |  | $ | 214,116 |  |  | $ | 66,905 |  |  | $ | 42,667 |  |  | $ | 323,688 |
Amortization |  |  | 2,284 |  |  |  | 1,955 |  |  |  | 271 |  |  |  | 4,510 |  |  |  | 2,928 |  |  |  | 2,107 |  |  |  | 274 |  |  |  | 5,309 |
Operating income |  |  | 10,313 |  |  |  | 3,532 |  |  |  | 3,931 |  |  |  | 17,776 |  |  |  | 18,191 |  |  |  | 3,805 |  |  |  | 3,462 |  |  |  | 25,458 |
Operating income, excluding amortization |  | $ | 12,597 |  |  | $ | 5,487 |  |  | $ | 4,202 |  |  | $ | 22,286 |  |  | $ | 21,119 |  |  | $ | 5,912 |  |  | $ | 3,736 |  |  | $ | 30,767 |
|  | For the Six Months Ended June 30, |
|  | 2016 |  |  | 2015 |
|  | SC |  |  | IPS |  |  | SCS |  |  | Total |  |  | SC |  |  | IPS |  |  | SCS |  |  | Total |
Sales |  | $ | 329,334 |  |  | $ | 101,784 |  |  | $ | 78,658 |  |  | $ | 509,776 |  |  | $ | 439,907 |  |  | $ | 141,169 |  |  | $ | 84,206 |  |  | $ | 665,282 |
Amortization |  |  | 4,579 |  |  |  | 3,917 |  |  |  | 542 |  |  |  | 9,038 |  |  |  | 5,904 |  |  |  | 4,215 |  |  |  | 548 |  |  |  | 10,667 |
Operating income |  |  | 17,555 |  |  |  | 1,876 |  |  |  | 7,140 |  |  |  | 26,571 |  |  |  | 38,081 |  |  |  | 10,324 |  |  |  | 6,466 |  |  |  | 54,871 |
Operating income, excluding amortization |  | $ | 22,134 |  |  | $ | 5,793 |  |  | $ | 7,682 |  |  | $ | 35,609 |  |  | $ | 43,985 |  |  | $ | 14,539 |  |  | $ | 7,014 |  |  | $ | 65,538 |
The following table presents reconciliations of operating income for reportable segments to the consolidated income before taxes (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Operating income for reportable segments, excluding amortization |  | $ | 22,286 |  |  | $ | 30,767 |  |  | $ | 35,609 |  |  | $ | 65,538 |
Adjustment for: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of intangibles |  |  | 4,510 |  |  |  | 5,309 |  |  |  | 9,038 |  |  |  | 10,667 |
Corporate expense |  |  | 8,927 |  |  |  | 11,463 |  |  |  | 19,724 |  |  |  | 22,777 |
Total operating income |  |  | 8,849 |  |  |  | 13,995 |  |  |  | 6,847 |  |  |  | 32,094 |
Interest expense |  |  | 3,951 |  |  |  | 2,592 |  |  |  | 7,360 |  |  |  | 5,275 |
Other expense (income), net |  |  | 9 |  |  |  | (145 | ) |  |  | (146 | ) |  |  | (394 | )
Income before income taxes |  | $ | 4,889 |  |  | $ | 11,548 |  |  | $ | (367 | ) |  | $ | 27,213 |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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