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SEGMENT REPORTING | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
SEGMENT REPORTING | 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, industrial supply, safety products and safety services categories. The Innovative Pumping Solutions segment fabricates and assembles custom-made pump packages, re-manufactures 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 inter-segment eliminations. The following table sets out financial information related to the Company's segments excluding amortization (in thousands):
| Three Months Ended September 30,
| 2020 |  | 2019
| SC |  | IPS |  | SCS |  | Total |  | SC |  | IPS |  | SCS |  | Total
Product sales 1 | $ | 143,767 |  |  | $ | — |  |  | $ | 29,360 |  |  | $ | 173,127 |  |  | $ | 178,841 |  |  | $ | — |  |  | $ | 46,998 |  |  | $ | 225,839 |
Inventory services 2 | — |  |  | — |  |  | 4,057 |  |  | $ | 4,057 |  |  | — |  |  | — |  |  | 4,284 |  |  | $ | 4,284 |
Staffing services 3 | 21,133 |  |  | — |  |  | — |  |  | $ | 21,133 |  |  | 14,886 |  |  | — |  |  | — |  |  | $ | 14,886 |
Pump production 4 | — |  |  | 21,876 |  |  | — |  |  | $ | 21,876 |  |  | — |  |  | 82,169 |  |  | — |  |  | $ | 82,169 |
Total Revenue | $ | 164,900 |  |  | $ | 21,876 |  |  | $ | 33,417 |  |  | $ | 220,193 |  |  | $ | 193,727 |  |  | $ | 82,169 |  |  | $ | 51,282 |  |  | $ | 327,178 |
Income (loss) from operations 5 | $ | 22,151 |  |  | $ | (2,913) |  |  | $ | 2,900 |  |  | $ | 22,138 |  |  | $ | 25,071 |  |  | $ | 10,097 |  |  | $ | 3,110 |  |  | $ | 38,278 |
| Nine Months Ended September 30,
| 2020 |  |  | 2019
| SC |  | IPS |  | SCS |  | Total |  |  | SC |  | IPS |  | SCS |  | Total
Product sales 1 | $ | 457,848 |  |  | $ | — |  |  | $ | 106,500 |  |  | $ | 564,348 |  |  |  | $ | 534,953 |  |  | $ | — |  |  | $ | 141,768 |  |  | $ | 676,721 |
Inventory services 2 | — |  |  | — |  |  | 12,368 |  |  | $ | 12,368 |  |  |  | — |  |  | — |  |  | 12,149 |  |  | $ | 12,149 |
Staffing services 3 | 43,485 |  |  | — |  |  | — |  |  | $ | 43,485 |  |  |  | 44,931 |  |  | — |  |  | — |  |  | $ | 44,931 |
Pump production 4 | — |  |  | 152,376 |  |  | — |  |  | $ | 152,376 |  |  |  | — |  |  | 237,920 |  |  | — |  |  | $ | 237,920 |
Total Revenue | $ | 501,333 |  |  | $ | 152,376 |  |  | $ | 118,868 |  |  | $ | 772,577 |  |  |  | $ | 579,884 |  |  | $ | 237,920 |  |  | $ | 153,917 |  |  | $ | 971,721 |
Income from operations 5 | $ | 52,742 |  |  | $ | 16,080 |  |  | $ | 10,008 |  |  | $ | 78,830 |  |  |  | $ | 67,281 |  |  | $ | 28,924 |  |  | $ | 10,980 |  |  | $ | 107,185 |
1 Product sales that are recognized at a point in time. 2 Inventory management services that are recognized over the contract life. 3 Staffing services that are invoiced on a day-rate basis. 4 Custom pump production that is recognized over time. 5 Excludes impairment expense and other charges of $26.2 million for IPS and $22.2 million for Service Centers. The following table presents reconciliations of operating income for reportable segments to the consolidated income before taxes (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Operating income for reportable segments | $ | 22,138 |  |  | $ | 38,278 |  |  | $ | 78,830 |  |  | $ | 107,185 |
Adjustment for: |  |  |  |  |  |  |
Amortization of intangible assets | 3,053 |  |  | 3,806 |  |  | 9,296 |  |  | 11,423 |
Impairment and other charges | 48,401 |  |  | — |  |  | 48,401 |  |  | — |
Corporate expenses | 11,530 |  |  | 12,755 |  |  | 44,311 |  |  | 36,382 |
Income (loss) from operations | $ | (40,846) |  |  | $ | 21,717 |  |  | (23,178) |  |  | 59,380 |
Interest expense | 3,752 |  |  | 4,986 |  |  | 12,059 |  |  | 14,911 |
Other (income) expense, net | 320 |  |  | (25) |  |  | (381) |  |  | 127 |
Income (loss) before income taxes | $ | (44,918) |  |  | $ | 16,756 |  |  | $ | (34,856) |  |  | $ | 44,342 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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