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SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Financial Information Regarding Company's Segments

The following table sets out financial information related to the Company's segments excluding amortization (in thousands):

			Three Months Ended June 30,
			2022																								2021
			SC						IPS						SCS						Total						SCa						IPS						SCS						Total
Product sales1			$	232,851					$	—					$	52,975					$	285,826					$	198,030					$	—					$	35,068					$	233,098
Inventory services2			—						—						5,951						5,951						—						—						4,263						4,263
Staffing services3			18,247						—						—						18,247						11,603						—						—						11,603
Pump production and delivery4			—						57,788						—						57,788						—						36,727						—						36,727
Total Revenue			$	251,098					$	57,788					$	58,926					$	367,812					$	209,633					$	36,727					$	39,331					$	285,691
Income from operations5			$	32,368					$	8,726					$	4,958					$	46,052					$	26,300					$	4,803					$	3,488					$	34,591

			Six Months Ended June 30,
			2022																											2021
			SC						IPS						SCS						Total									SCa						IPS						SCS						Total
Product sales1			$	438,220					$	—					$	95,365					$	533,585								$	371,685					$	—					$	66,845					$	438,530
Inventory services2			—						—						11,118						11,118									—						—						8,459						$	8,459
Staffing services3			31,674						—						—						31,674									24,317						—						—						$	24,317
Pump production4			—						110,846						—						110,846									—						59,972						—						$	59,972
Total Revenue			$	469,894					$	110,846					$	106,483					$	687,223								$	396,002					$	59,972					$	75,304					$	531,278
Income from operations 5			$	59,719					$	15,795					$	8,978					$	84,492								$	48,437					$	5,751					$	5,810					$	59,998

1Product sales that are recognized at a point in time.

2 Inventory management services that are recognized over the contract life.

3Staffing services that are invoiced on a day-rate basis.

4Custom pump production and delivery is recognized over time.

5Income from operations excludes amortization of intangibles and corporate expenses.

a During Q2 2022, we identified an error related to service revenue which resulted in a reclassification between product sales and service revenue. We assessed the materiality of the error on prior period financial statements in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 99, Materiality, codified in Accounting Standards Codification (ASC) 250, Presentation of Financial Statements. We concluded that the error was not material to our prior period consolidated financial statements and therefore, amendments of previously filed consolidated financial statements are not required. In accordance with ASC 250, we have corrected the error by revising the consolidated financial statements presented herein. Prior periods not presented herein will be revised, as applicable, in future filings.

Schedule of Reconciliation of Operating Income for Reportable Segments to Consolidated Income Before Taxes

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,
			2022						2021						2022						2021
Operating income for reportable segments			$	46,052					$	34,591					$	84,492					$	59,998
Adjustment for:
Amortization of intangible assets			4,591						4,306						8,826						8,452
Corporate expenses			15,541						15,439						28,186						30,467
Income from operations			$	25,920					$	14,846					47,480						21,079
Interest expense			5,615						5,337						10,777						10,580
Other (income) expense, net			839						(105)						1,377						(535)
Income before income taxes			$	19,466					$	9,614					$	35,326					$	11,034

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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